Accrual method

The procedure for determining the annual amount of depreciation charges

Calculation example

1. Linear

Based on the original cost of the object and the depreciation rate calculated on the basis of its life beneficial use in equal shares throughout the entire period of use of the object - in equal shares

The cost of the object is 100 thousand rubles, the useful life is 5 years, the annual depreciation rate is 20%. The annual amount of depreciation deductions is 20 thousand rubles. (100·20:100)

2. Reduced balance

Based on the residual value of the object at the beginning of the year and the depreciation rate calculated on the basis of its useful life and acceleration factor, established by law RF (the amount of depreciation is reduced in accordance with the decrease in residual value)

The cost of the object is 100 thousand rubles, the useful life is 5 years, the annual depreciation is 20%, the acceleration factor is 2. The annual amount of depreciation charges:
in 1 year 40 thousand rubles. (100·40%:100);
in year 2 240 thousand rubles.
(100·40 - 40%:100);
in year 3 14.4 thousand rubles.
(60 - 24·40%):100;
in the 4th year 8.64 thousand rubles.
(36 - 14·4·40%):100.

3. Write-off of cost based on the sum of the number of years of useful life

Based on the initial cost of the object and the annual ratio, where the numerator is the number of years remaining until the end of the object’s service life, and the denominators are the sum of the number of years of the object’s service life (the depreciation period of the object can increase during its repair, modernization or conservation)

The same object. The sum of the numbers of years of service life of the object = 15 years (1+2+3+4+5). Annual depreciation amount:
in 1 year 33.3 thousand rubles.
(100·5/15:100);
in year 2 26.6 thousand rubles.
(100·4/15:100);
in year 3 20 thousand rubles.
(100·3/15:100);
in the 4th year 13.3 thousand rubles.
(100·2/5:100).

4. Write-off of cost in proportion to the volume of products (works)

Based on the natural indicator of the volume of production (work) in the reporting period. period and the ratio of the initial cost of the object and the expected volume of products (work) for the entire useful life of it (physical wear and operating mode of the equipment is taken into account - the intensity of its use)

A car with a carrying capacity of more than 2 tons, a standard mileage of 500 thousand km, costs 100 thousand rubles. During the reporting period, the mileage was 5 thousand km. The annual depreciation amount will be 1 thousand rubles. (5·100:500).

Characteristics

JSC - commercial organizations whose authorized capital is divided into a certain number of shares

open (JSC)

closed (closed joint-stock company)

1. Founders

One or more physical and/or legal entities based on agreement
cannot have one participant - another company consisting of 1 person
the number of participants is not limited, but cannot exceed the number of shares

One or more individuals and (or) legal entities
the number of participants should not exceed 50, otherwise transformation into an OJSC or liquidation through the court must be carried out

Is a legal entity

Is a legal entity

3. Sources of funds

From free sale of shares potential buyers
income received
authorized capital of at least 1000 minimum wages (minimum wages)

From the sale of shares to the founders or a predetermined circle of persons. Cannot conduct open subscription for shares. Authorized capital of at least 100 minimum wages

4. Ownership

The property belongs to OJSC
shareholders can freely alienate their shares to any person without the consent of other shareholders
the shareholder does not have the right to return the contribution (property, money, etc.) made through payment for shares

The property belongs to the JSC
shareholders have a preemptive right to purchase shares sold by other shareholders of this CJSC
shareholders cannot demand a refund in payment for shares

5. Special conditions liquidation

Can transform into a limited liability company or a production cooperative

With an increase in participants above the norm, it will be transformed into an OJSC

6. Use of property

To carry out any business activity not prohibited by law or licensed

For any business activity not prohibited by law or licensed

7. Number of participants

Can be created by one person

May consist of one person

Limits of participation in the authorized capital

The nature of the influence on the decisions made by “DO”

Little influence without the ability to influence transactions performed

From 5% to 25%

Minority participation, limited influence

From 25% to 50%

Blocking minority (25% + 1 share) prevents decisions of the “DO” when 3/4 votes are required

Parity participation

From 50% to 75%

Simple majority, the ability to influence many decisions “BEFORE”

From 75% to 100%

Qualified majority, determination of decisions on all issues of the activities of “subsidiaries”

100% authorized capital"BEFORE"

Full ownership of the organization

Characteristics

Companies are commercial organizations with an authorized capital divided into shares (capital pool)

with limited liability (ХООО) - art. 87-94 Civil Code of the Russian Federation

with additional responsibility (HODO) - art. 95 Civil Code of the Russian Federation

I. Founders

The number of participants must not exceed the norm, otherwise the company will be transformed into a joint stock company or liquidated
Cannot have one participant - another company from the same person
Government agencies cannot participate in the public limited liability company

One or more persons under an agreement and charter
If one person, then founding document is the charter

Is a legal entity
Has a brand name indicating OPF

Is a legal entity
Company name indicating “with additional responsibility”

3. Sources of funds

Cost of participants' deposits Income received

Cost of participants' contributions
Income received

4. Ownership

When leaving the enterprise, a part of the value of the property is issued, corresponding to its share in the authorized capital
Transfer of a share or part thereof to third parties is permitted according to the charter. Preemptive right of participants to purchase the share of the retiring

Property belongs to society
Deposits are possible in any size and are divisible
It is not permitted to exempt a participant from making a contribution, including by offsetting claims against the company

5. Management

Supreme body - general meeting of participants
The executive body is collegial and (or) sole, which can be elected from non-participants
Control body - audit committee
No public reporting required

Similar to HOOO
At the request of any participant, an audit can be carried out
Reduction of authorized capital after notification of creditors

6. Responsibility

Participants are not liable for the obligations of the LLC and risk their deposits
Joint and several liability for the unpaid portion of deposits

Solidary subsidiary in the same multiple of the value of their contribution for everyone
In case of bankruptcy of one of the participants, his liability is distributed in proportion to the contributions of the remaining

7. Creditworthiness

In the amount of property of the enterprise, it is not less than the amount of authorized capital established by law

In the amount of property of the holding and participants in a multiple of the value of each contribution

8. Profit distribution

Proportional to deposits

Proportional to deposits

9. Relationships between participants

The right to participate in the management of the activities of a limited liability company, to part of the property after the liquidation of the company, to transfer a share or part thereof to other participants

Similar to HOOO

10. Special conditions for reorganization

By unanimous decision of the participants, it is liquidated or transformed into a JSC or PT

Similar to HOOO

11. Number of participants

One participant possible

One participant possible

Characteristics

Partnership - a contractual association of persons for entrepreneurial activities

full (PT)

on faith (limited partnership) (CT)

1. Founders (participants)

Individual entrepreneurs and (or) commercial organizations based on an agreement
A person can be a member of only one PT
A PT participant cannot be a full comrade in a CT
The law may prohibit or limit the participation of certain categories of citizens

General partners - individual entrepreneurs and (or) commercial organizations
Also includes one or more investors (commanders) - citizens and legal entities
Government agencies and MS bodies do not have the right to be investors
A PT participant cannot be a general partner in a PT, and a general PT partner cannot be a participant in a PT
A person can be a full companion in only one CT

Is a legal entity
Has a corporate name indicating the OPF and the name of all, several or one participant

Is a legal entity
Has a company name indicating the OPF and the name of at least one general partner and the words “and company”
The investor included in the company name becomes a general partner

3. Sources of funds

Contributions of participants to the authorized (share) capital without the right to issue shares
Income received

Contributions of general partners and investors in share capital
Income received

4. Ownership

The property belongs to the partnership
The retiring person may receive part of the value of the PT property in accordance with his share in the share capital
No common shared ownership is formed

The property belongs to KT
The investor can receive his contribution at the end of the year upon leaving CT
Depositors have a preferential right over general partners to receive deposits upon liquidation of a CT

5. Management

Carried out by each participant by common agreement, or on behalf of the PT or on behalf of individual participants

Carried out by full comrades
Investors are by proxy and cannot challenge the actions of general partners

6. Responsibility for obligations

Full subsidiary joint and several with all your property for 2 years from the time of disposal
Elimination or limitation of liability is void

General partners bear full liability with all their property
Depositors - within the amount of the deposit
CT is not liable for the property obligations of investors

7. Creditworthiness

To the extent of the property of the PT and each (all) participant(s)

To the extent of the property of the joint venture, and if insufficient - the property of general partners

8. Distribution of profits and losses

Proportional to shares in share capital
It is not allowed to exclude a participant from participating in profits (losses)

In the manner prescribed by the constituent agreement for a share in the share capital

9. The nature of the relationships between the participants

Trust relationships under a contract (one for all, all for one)

The right of each participant to exit, to share profits, information, management of PT

Trust relationships constituent agreement between complete comrades
Depositors do not participate in the conduct of business of the CT; they have the right to a portion of the profit, information and exit from the CT upon receipt of their contribution

10. Special conditions for liquidation

When there is only one participant left in the PT, if he has not transformed the PT into a business company within 6 months
If one of the participants leaves the PT, the rest do not decide to continue their activities

Upon the departure of all investors, if the general partners have not converted CT into PT
If the only remaining participant has not converted KT into a business entity within 6 months

11. Use of property

In accordance with the purposes and purpose of the property

12. Disposal of property

With the consent of all participants

With the consent of full comrades

13. Number of participants

At least two

Khizirieva D.I.,
legal adviser
JSC "Mustang"

The issue of organizing a leasing business, as is known, depends on the organizational structure and organizational forms of leasing management correctly formed by the head of the leasing company. This issue is relevant due to the fact that the correct formation of the company’s structure in accordance with the business goals and strategic objectives of the company is one of the main factors in the competitiveness of a leasing company.

A leasing company, as a representative of a legal entity that has the right to carry out commercial activities, begins its activities in the same way as other representatives of legal entities, namely, from the moment state registration with the tax and registration authorities.

The founders of leasing companies, in accordance with clause 2 of Art. 5 of the Law on Financial Lease (Leasing), there may be legal entities and (or) individuals. Consequently, leasing companies, in accordance with the Civil Code of the Russian Federation and the Law on Financial Lease (Leasing), can have various organizational and legal forms. Therefore, we can say that any company engaged in commercial activities and renting out its property for financial or other lease can be called leasing, especially since it does not need to obtain a license for this.

Depending on the specific conditions, leasing companies can be distinguished according to two principles, first of which the division of leasing companies into six groups is provided depending on their founders: banks (Russian and foreign), production structures (enterprises, financial and industrial groups directly producing the leasing object), government agencies management, insurance companies, individuals and other founders. According to second principle a division of leasing companies into specialized and universal is provided.

From an analysis of the market for leasing companies in Russia, we can say that most of them were created with the participation of large banking, insurance or industrial holding companies, but companies created by large banks prevail among them. The spread of this practice is due to the existence of a certain pattern, that is, the need for leasing companies to be close to large financial and investment holdings or to be “under their wing.” This is understandable: leasing in its essence is a financial service, a reasonable alternative to a loan, and it is also a more convenient option for creating a leasing company, especially since the main problem of leasing companies is immediately resolved - the path to financial resources is simplified. In this case, two forms of bank participation in the leasing business are used:
- direct method, when the bank itself acts as a lessor, creating a special department or group of specialists in its structure;
- an indirect method, when the bank establishes an independent leasing company or acts as a creditor to the lessor.

Representatives direct method participation are such well-known Russian banks as the Bank for Small Business Lending (Bank KMB), Uniastrum Bank, etc.

Indirect participation in the activities of their leasing companies is taken by Alfa Bank, Raiffeisenbank, VTB Bank, Parex Bank, Moscow Business World Bank (MDM Bank), Moscow Credit Bank, NOMOS-Bank, Absolut Bank, etc.

The creation and operation of a leasing company within a commercial bank is due to the mutual advantages that these partnerships provide to their participants.

However, it should be noted that in the first years of operation of such leasing companies, they usually serve clients of the founding bank. For example, this is what happened with LLC “LK “RMB-Leasing”. In the first four years of its existence, this company served primarily clients of the Russian International Bank. Currently, an increasing percentage of the portfolio consists of transactions with independent clients. But this depends on the strategy and operating principles of the bank itself. There is also a practice of providing leasing services by a bank's subsidiary only to clients of this bank. The well-known representative of leasing companies, Raiffeisen-Leasing LLC, tries to maintain this position. For example, this company, expanding its regional network, simultaneously opens a branch of its founding bank there. However, leasing companies created under banks have greatest potential in order to become independent universal leasing companies, as well as the opportunity to gain experience in leasing transactions with trusted bank clients and at the same time build your credit history.

Leasing companies created by production structures also make it easier for themselves to find financing, since the founders sell the products they produce through them, expanding their sales network. However, not all production structures use this method. In the leasing market, such representatives are usually large and well-known industrial holdings; for example, in Russia these are LC KAMAZ, RAF-Leasing, and among foreign companies operating in Russia, BRUINSWICK RAIL LEASING, Daimler Chrysler Financial Services Russia, Scania Leasing, Volvo Finance Service, Caterpillar Financial are known , Hewlett Packard, etc.

When creating a leasing company with the participation of government bodies, budget funds are largely used, which are provided to lessors at a cost of 1/2 or 1/4 of the refinancing rate of the Bank of Russia, which also eliminates the problem of finding sources of financing for leasing transactions. However, this also has its downside, for example, the founders may require the leasing company to participate in projects that are not always economically profitable for it. The representative of such a leasing company is the Moscow Leasing Company (MLK), established by the Moscow Small Business Support Fund and operating with the organizational and financial support of the Moscow Government. In the agro-industrial complex, the functions of a lessor are performed by decision of the Government of the Russian Federation by OJSC Rosagrosnab, as well as Akkor-Leasing.

Regarding leasing companies created under insurance companies, we can say that this is one of the ways for them to diversify their business. Having temporarily free financial resources, they decide to invest them in reliable leasing projects. Thus, leasing allows them to significantly expand the scope of their own insurance business and receive significant additional income. Such companies in the leasing market are “RESO-Leasing”, “Renaissance-Leasing”, “Progress-Neva Leasing”.

Lessors can also be individuals those engaged in individual entrepreneurial activities without forming a legal entity. In practice, there are such cases. For example, until February 2002, that is, before the abolition of licensing for leasing activities, entrepreneurs in Kaliningrad, Omsk, Seversk, Almetyevsk received a license for three years. Of course, such lessors may encounter big problems in their activities, but, as current practice shows, they are more ambitious and proactive, and the majority of interesting and diverse leasing products and programs are created in their companies.

The division of leasing companies into specialized and universal is based on the object specialization of the company. In particular, specialized leasing companies usually work with one type of goods (passenger cars, computers, containers, trucks, aircraft, etc.) or with goods of one group standard types(construction equipment, printing equipment, telecommunications equipment, etc.).

Universal leasing companies lease various types of Vehicle, equipment and real estate. They give lessees the right to choose the supplier of the equipment they need. Maintenance carried out by the supplier or lessee himself. In this case, the lessor, as the owner, has the right to inspect the property and check its completeness. After putting the facility into operation, he is required to sign the facility acceptance protocol.

Specialized leasing companies already have their own fleet of machinery or equipment and provide them to the lessee upon his request. In this case, maintenance and repairs are carried out by the lessors themselves. Representatives of specialized Russian leasing companies are: Leasingstroymash, RTK-Leasing, GEO-Leasing, Global Rent, RusLeasingSvyaz, Medleasing. Representatives of specialized leasing companies with foreign capital participation are: large manufacturers machinery and equipment, such as: BRUINSWICK RAIL LEASING, Daimler Chrysler Financial Services Russia, Scania Leasing, Volvo Finance Service, Caterpillar Financial, Hewlett Packard, etc. For these companies, the share of one type of equipment is usually close to or equal to 100 % in the total volume of their leasing activities.

An analysis of the practice of Russian leasing companies shows that at this time universal leasing companies prevail in the leasing market. However, the Russian leasing market is characterized by a process of gradual reduction in the level of universalization and, accordingly, an increase in the number of leasing companies specializing in leasing certain types of property.

Depending on the level of division of labor in society and enterprises, the size and type of commercial organizations, the stage of development of leasing and established practice, three main concepts for managing leasing activities can be distinguished: production, marketing and specialized (industry).

First concept provides for the implementation of leasing operations by a manufacturer of any specific equipment (leasing object). Then all work on the preparation and implementation of leasing operations is concentrated in the production departments of equipment manufacturing companies, which makes it possible to improve the sales of new equipment, organize its repair and maintenance directly at the point of use at the lessees. After all, it is in the production departments that there are qualified personnel with experience in the production and servicing of manufactured equipment. But as the leasing share of manufactured products develops and increases, this organizational form ceases to correspond to the economic interests of both parties, and at a certain stage there is a need to move to a new, higher level of management.

Second concept provides for the separation of management of leasing operations into independent divisions or as part of the marketing service of an enterprise (bank, industrial company), which makes it possible to promote manufactured products on the leasing services market with a large degree of professionalism.

And finally third concept provides for a situation where leasing activity, due to the law of social division of labor, goes beyond the boundaries of manufacturing enterprises and is concentrated in a special specialized industry, represented by various types of leasing companies.

In accordance with specific conditions, the forms of management of leasing activities under consideration exist in time and space simultaneously, in parallel, forming various combinations in relation to any type of leasing.

Further development of organizational forms of leasing management is determined by trends caused by the laws of cooperation and concentration of production.

Cooperation of large financial holders represented by banks and insurance companies with enterprises producing machinery and equipment, as well as repair enterprises with direct consumers, will help overcome the inevitable difficulties of developing a leasing system for technical equipment in the current difficult conditions. It is possible, for example, to have equity participation of interested parties in the formation of specialized leasing companies with the involvement of the material and technical base of each of the participants and their receipt of profit in proportion to the invested capital.

Increased demand for technical equipment in the conditions of market formation leads to an increase in the volume of transactions carried out by leasing companies. More and more new technical equipment is being included in the leasing business. Hence the need arises for the consolidation of companies, their specialization, the creation of legally independent companies, in the contributions of which this joint-stock company will have a controlling stake. That is, we are talking about a transition to holding-type companies. It is the use of the holding model of building a company that the management of the BALTLEEZ association, now the NOMOS-Bank Group of Leasing Companies, considers to be a promising organizational form.

The functional structure of leasing associations and companies based on holding-type firms will significantly reduce the costs of leasing operations. For example, issues of advertising and publishing may well be the responsibility of the company that holds the controlling stake. The holding company may have a general customer research service. Issues of insurance of leasing transactions can also be resolved at the holding company level, subject to a contract with an insurance company.

New areas of activity of leasing companies will undoubtedly entail a complication of the organizational structure. A general principle emerges here - the organizational structure must be rebuilt taking into account the needs of the market, ensuring progress in the leasing business. Therefore we can say that
The organizational structure depends on the ownership of the parties involved, the scope of application of services, types of contracts, geographical area of ​​activity and other factors.

In general, it must always be remembered that an adequate organizational structure is an essential factor in the success of any leasing company.

When forming an organizational structure, it is necessary to resolve the issue of creating and proper organization leasing company, which means finding a normal composition of managers, creating a strong accounting service, etc. And for this it is necessary to find financial resources, select the right equipment and deliver it to the lessee, and then correctly account for it in the accounting documentation. In turn, in order to implement all of the above actions, it is necessary to properly organize the structure of the company.

As the leasing market formed in our country shows, large leasing companies existing on the market most often have an organizational form in the form of joint-stock companies, both open and closed, which are characterized by a list of management bodies, including:
- General Meeting of Shareholders;
- board of directors (supervisory board);
- sole executive body (general director, board);
- collegial executive body (executive directorate, executive director);
- liquidation and audit commissions;
- the counting commission is a permanent body of the general meeting.

Representatives of such companies are: OJSC RTK-Leasing, OJSC Avangard-Leasing, OJSC Glavleasing, OJSC Yugra Leasing Company, OJSC KAMAZ Leasing Company, OJSC Rosdorleasing, OJSC VTB-Leasing. , CJSC Atlant-M Leasing, CJSC KMB-Leasing, CJSC Lokat Leasing Russia, CJSC Goznak-Leasing, CJSC LK Medved, etc.

At the same time, the Law on Joint Stock Companies provides for the possibility of choosing various options for forming management bodies and their combination.

The practice of leasing companies indicates the existence of several options for organizational structure, the differences between which are as follows.

Option 1. Provides for the presence of two executive bodies. Along with the sole executive body, a collegial body (executive directorate, board) is formed, which is appointed by the board of directors at the proposal of the general director.

The main functions for the current management of the company's affairs are assumed by the executive bodies, with the role of the general director strengthened. The executive bodies may be delegated part of the powers of the general meeting, the delegation of which is permitted by law.

The functions of the chairman of the collegial executive body of the company are performed by the sole executive body of the company. This option allows the traditional status of a “strong” CEO to be maintained.

Option 2. Providing for a sole executive body, this option is more consistent with joint stock companies created during the privatization process, in which a controlling stake is in the hands of administration officials, that is, when the largest shareholders are executive directors.

The option retains the status of a “strong” general director, but involves the abandonment of a collegial executive body, which allows one to bypass the restriction contained in paragraph 2 of Art. 66 of the Law on Joint Stock Companies, regarding the fact that members of this body cannot constitute a majority on the board of directors. In the proposed scheme, any number of company officials can join the board of directors.

The Board of Directors assumes the functions not only of developing strategic decisions, but also of current operational management. There is no need to form a special collegial executive body. To strengthen his power, the General Director can use his traditional right to hold production meetings.

Option 3. Provides for the management of leasing companies by a hired manager. This option is typical and most popular among companies existing in countries with developing market economies. It was also common in Russia. As a rule, large joint-stock companies newly created with the participation of state capital hired foreign managers who were involved in business not for the first time and had highly qualified and vast experience in this field. However, hiring managers usually involves an expensive cost of their services, and these costs would be inadequate for a start-up leasing company. Under this option, the general meeting of shareholders elects the board of directors and its chairman. The Board of Directors appoints a sole and, if necessary, a collegial executive body.

This option is more suitable for newly established joint stock companies, where one of the founders owns a controlling stake. It is relevant when establishing subsidiaries. The founder does not have the opportunity to deal with operational issues of managing the commercial organization he created, but at the same time wants to ensure fairly strict control over its executive bodies.

The place of the “strong” general director elected by the general meeting in this scheme is taken by the chairman of the board of directors. An executive director is, in essence, a hired manager appointed by the board of directors with an annual renewal of his powers. The need to create a collegial executive body is determined in each case individually.

However, in the management structure of a leasing company, the positions of financial director, director for commercial issues and director for general issues are required, which, as a rule, exist in the structure of the board (directorate) of the leasing company.

Therefore, the most common option for forming an organizational structure among leasing companies, especially among large leasing companies, is the first. For example, the RTK-Leasing Group of Companies has such a structure.

The structure of the governing bodies of RTK-Leasing is traditional for Russian legal entities and is three-level: the general meeting of shareholders, the board of directors, and the sole executive body represented by the general director. In accordance with the charter, the supreme management body of the company is the general meeting of shareholders. Determining the company’s development strategy and monitoring the activities of its executive body are carried out by the board of directors, which is elected at general meeting shareholders.

In accordance with the legislation and the charter of OJSC RTK-Leasing, the board of directors exercises general management of the company’s activities. It is also this body that determines the priority directions for the company’s development, thanks to which the main guidelines for the activities of OJSC RTK-Leasing for the long term are established. The sole executive body of RTK-Leasing OJSC - the General Director - is a key element in the structure of the company's management bodies, which, in accordance with the law and the charter, is entrusted with the current management of the company's activities, that is, the implementation of the company's goals, strategy and policies. In his subordination, the General Director has a well-selected team of highly qualified specialists, without which it would be impossible to carry out successful activities in the field of leasing.

The above system corporate governance, applied by OJSC RTK-Leasing, is no less successfully implemented in the activities of subsidiary leasing companies. Such a well-known leasing company as Independent Leasing LLC has a similar structure, but with its own specifics. It is shown in Fig. 1 .

As can be seen from the figure, the corporate governance structure of the Independent Leasing company consists of two governing bodies: the board of directors and the management board. In particular, the board of directors determines the priority areas of activity of Independent Leasing and exercises control over the company’s activities. The Management Board provides direct operational management of the company.

The competence of the commercial director includes issues of marketing research of the leasing market, commercial intermediary operations, execution of contracts for leasing of technical equipment, study of foreign trade and leasing practice. An integral part of the commercial service of a leasing company is a staff of experts capable of conducting analysis and preparing conclusions about the technical level, development prospects, consumer properties and market opportunities of the company. (The neglect of these analytical services was, in most cases, the reason for the ineffectiveness of many established leasing companies.) It is advisable to include in the competence of the financial director issues related to the financial support of leasing operations, research of the market for borrowed funds, financial examination of contracts, as well as the determination of economic indicators of the leasing company’s activities and studying the clientele.

LK Element Leasing LLC has a similar structure, but with the specifics inherent in this company. Led by the General Director, who is directly subordinate to Commercial Director, executive director (who is not a deputy general director, unlike the structure of LK Independent Leasing LLC), manager of the general director’s office, financial director, legal support service and security adviser to the general director.

It should be noted that due to the growth in the volume of leasing transactions and the simultaneous growth in the number of leasing companies, leasing companies that are already established and enjoy great authority among lessees are actively working to expand the Russian regions. For example, all large leasing companies have at least 20 branches in various regions of Russia and the CIS countries. However, if the structure of the company's head office is not properly organized, this circumstance can lead to great difficulties. Therefore, their organizational structure must have appropriate structural units regulating the company's activities in the regions. This method was followed by the Interleasing Group of Companies (Interleasing LLC). Thus, in 2006, the Interleasing Group of Companies took measures to reorganize the company structure, which were required in connection with the dynamic development of the companies. The company presents a divisional-matrix structure shown in Fig. 2.

Thus, the organizational structure of a leasing company depends on the type of founders (shareholders) (banks, insurance companies, private organizations, etc.), the economic sphere of activity (industry, agriculture, trade, etc.), the type of contracts and goods (equipment , transport, mini-factories, real estate, etc.), areas of activity. Therefore, the construction of a leasing company must meet the goals and objectives of it and its founders, and we should not forget that the successful activity of a leasing company is determined by the rational construction of its internal organizational structure and the formation of an adequate system of management bodies.

Literature
1. Civil Code of the Russian Federation. Part two. Chapter 34 “Rent”, paragraph 6 “Financial lease (leasing)” // Collection of legislation of the Russian Federation. - 1994. - No. 32.
2. About financial lease (leasing): the federal law dated October 29, 1998 No. 164-FZ // Collection of legislation of the Russian Federation. - 1998. - No. 44.
3. On joint stock companies: Federal Law of December 26, 1995 No. 208-FZ // Collection of legislation of the Russian Federation. - 1996. - No. 1.
4. Financial leasing: Textbook. manual for universities / V.D. Gazman. - 2nd ed. - M.: Publishing house. House of State University Higher School of Economics, 2005.
5. Website of LC "Rosagroleasing". - Access mode: http://rosagroleasing.ru.
6. Adamov N.A., Tilov A.A. Leasing. - 2nd ed. - St. Petersburg: Peter, 2006.
7. Informational portal about leasing. - Access mode: http://www.Leasing-Forum.ru.
8. Website of LC "RTK-Leasing". - Access mode: http://www.rtc-leasing.ru.
9. Website of LC "Independent Leasing". - Access mode: http://www.indep-leasing.ru.
10. Website of LC “Element Leasing”. - Access mode: http://www.elementleasing.ru.
11. Website of LC "Interleasing". - Access mode: http://www.ileasing.ru.

As a manuscript

VASILIEV KIRILL NIKOLAEVICH

IMPROVING THE ECONOMIC MECHANISM

MANAGEMENT OF LEASING ACTIVITIES IN INDUSTRY OF THE RF

The dissertation can be found in the library of the Moscow Humanitarian University.

Scientific Secretary

dissertation council of E. I. Suslov

Relevance of the research topic. Improving the economic mechanism for managing leasing activities in Russian industry is one of a number of conceptual tasks that determine the prospects for the development of the country's investment policy in this specific industry. The solution to this problem is due to the need to develop a set of goals, methods and means for its most effective implementation. In market conditions, a powerful financial instrument modern economy becomes a leasing investment. Currently, according to Federal service state statistics of the Russian Federation annual turnover leasing operations in our country amount to more than 3 billion dollars or more than 5% of the total investment in fixed production assets. These also determine the modernity of a comprehensive study and improvement of the economic mechanism for managing leasing activities in the industry of the Russian Federation.

Scientific novelty dissertation research consists in clarifying certain provisions of the existing economic mechanism for managing leasing activities in the industry of the Russian Federation on the basis of developing a new methodological approach to improve it, taking into account the specific features of leasing and streamlining the process of regulating the leasing transaction.

The most significant scientific results , obtained personally by the author, possessing scientific novelty and submitted for defense, are the following.

5. The methodological tools for assessing the effectiveness of leasing relationships have been clarified and supplemented. Along with the traditional quantitatively measurable assessment of the effectiveness of leasing relationships, a modern approach to determining the qualitative characteristics of leasing relationships is proposed. The author proposes to evaluate leasing relations from the standpoint of effectiveness, quality of management and efficiency, which, together with financial and volumetric (quantitative) indicators, allow us to obtain an integral assessment of the effectiveness of leasing relations.

Relatively cheaper financing of capital expenditures

Due to economies of scale and/or market position, the leasing company can obtain financing at lower rates or offer more favorable financial terms.

Often Russian leasing companies are created by financial and industrial groups or banks for the purpose of modernizing group companies or optimizing taxation. As a result, their credit rating may be inferior to that of potential lessees.

Relative flexibility as a medium- and long-term financing instrument

Leasing involves 100% financing of the investment project and does not require immediate start of payments. Lease payments usually begin upon delivery of the property to the lessee.

When financing an investment project, leasing companies often require additional security in the form of sureties, buy-back guarantees, deposits, and a significant increase in the advance payment.

Possibility of reducing currency risks by fixing leasing rates.

There are currency risks, significant for the national currency.

The risk of equipment obsolescence falls entirely on the lessor. The lessee has the opportunity to constantly update its equipment.

Risks associated with equipment, including its obsolescence, are entirely transferred by the lessor to the lessee.

International practice

Russian specifics

Relative inflexibility of leasing terms

A sharp increase in sales volumes on the investment market.

Increasing supply and demand for investment objects. Outpacing growth of demand by supply.

Increase in prices for investment objects.

Increased income for investors and investment intermediaries.

Weakening

Relatively complete satisfaction of demand for investment objects with some excess supply.

Support for integration and cooperation at the municipal level.

Direct investment financing.

The development of JSC ShchLZ and, in general, the entire elevator construction industry in the Russian Federation is proposed to be carried out in accordance with the main directions of improving and implementing the economic mechanism for managing leasing activities in the country's industry. At the same time, it is especially recommended to pay attention to property repo (from the English repurchase agreement (REPO) - repurchase agreement), since it is a modern innovative leasing. He is able to solve the problems of short-term leasing financing of machinery enterprises construction industry. It is proposed to achieve this by using one of the main advantages of leasing over other financial instruments, namely, the title of ownership of the leased asset. Leasing (subleasing) with assignment of the contract will allow participants in leasing relations (enterprises in the engineering industry) to receive long-term cheap financing. This process will be provided with specific reliable tools that will allow optimizing leasing risks that arise when a large number of participants, including non-residents, participate in the leasing relationship.

In relation to the conditions of ShchLZ OJSC, the author has developed an innovative economic mechanism for managing leasing activities, operating on the basis of a synthesis of relevant and interrelated financial instruments, which are united by the conditions of urgency, payment and repayment Money. The introduction of this economic mechanism at JSC ShchLZ made it possible to put into operation new equipment supplied on lease in the amount of 38 million rubles, with a financing period of 3.5 years. Due to these activities, the plant in 2005 amounted to 21 million rubles. In the coming years, the company can successfully use the LP-6 series press for complex processing of complex contour products from various materials, including galvanized and, as well as guillotine production of the Dutch company "Darley", allowing for precise cutting of metal up to 6.5 mm thick. All this will ensure further growth of the net profit of JSC ShchLZ.

Thus, the developed scientific and methodological provisions and tools for their implementation when improving the existing economic mechanism for managing leasing activities in the industry of the Russian Federation can be used in Russian economy by all participants in the leasing market. This will expand and increase the attractiveness of leasing for new potential subjects of leasing relations.

IN conclusion Based on the results of the dissertation research, the main conclusions and proposals were formulated.

1. Using foreign and domestic leasing relations in the industry of the Russian Federation, the author sets out the essence, systematizes and main features of leasing relations.

2. In the dissertation research, the author analyzed the legislative Russian Federation regulating leasing relations. According to the author, at present a certain disadvantage of all legislative framework regarding leasing is the excessive laconicism of the Law “On Leasing”.

3. The author has proposed a modern description and structuring of leasing relations. The essence of this new concept consists in considering a leasing transaction from two positions: statically and dynamically. In general, this approach will, firstly, provide a clear understanding of the participants in leasing relations and the processes of interaction between them; secondly, it will make it possible to determine the effectiveness of the dynamic interaction of participants in leasing relations regarding the subject of the transaction.

The proposed concept of describing and structuring leasing relations is separately supplemented by the author with development methodological provisions sequence of implementation of the stages of the leasing transaction.

4. An important point dissertation research is to improve the risk management system of a leasing company. The research conducted by the author showed that in leasing terms, the initiator and main regulator of the leasing transaction should be the lessor. It is recommended that he be given responsibility for forecasting the risks of a leasing transaction.

5. The studies have shown that the currently implemented economic mechanism for managing leasing activities in the industry of the Russian Federation has a number of shortcomings. In connection with this, the author has separately developed new tools for its improvement. The proposed tools for improving the economic mechanism for managing leasing activities in Russian industry are divided into two categories.

The first category resolves issues of short-term lease financing. This includes property repo operations, which make it possible to provide lessees with financial resources. At the same time, here we use the main feature of leasing, namely, ownership of the subject of the transaction.

The second category addresses issues of long-term financing. At the same time, the participation of non-resident persons in the leasing transaction is assumed. These are foreign financiers, an equipment manufacturer, an export credit agency of the country of the equipment manufacturer. Despite the increase in the total number of participants, such a new economic management of leasing activities in the industry of the Russian Federation will make it possible, according to the author’s calculations, to obtain credit resources for a period of 5 to 10 years at an interest rate 3 times lower than the average market interest rate in Russia as a whole.

6. To improve the mechanism for managing leasing activities in the industry of the Russian Federation, the author separately proposes a system of qualitative and quantitative analysis. In general, this system is a toolkit for qualitative and quantitative assessment of any investment mechanism. Therefore, it can be implemented in other industries National economy Russia.

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