On the question of choice leasing as instrument of investment policy

• Yachmeneva A.S.

  Vladivostok State University of Economics and Service
  Vladivostok. Russia
  Magistrand, chair of economics

• Vasilenko M.E.

  Vladivostok State University of Economics and Service
  Vladivostok. Russia
  СЃandidate of economic sciences, senior lecturer

In conditions of market rivalry, the availability of modern equipment takes on enormous importance not only for аn individual business entity, but also for country in general, in the context of its internationally viable. Concurrently there is a problem of renewal of fixed production assets in Russian Federation. Firstly, it has connected with high cost of capital assets. The current situation governs domestic economy’s demand for accessible source of financing, one of that is leasing. However commercial efficiency of this sector is understudied just as source of financing, so from the perspective of investment policy.

There are basic advantages of finance lease by way of source of funds in this paper. To estimate leasing efficiency as investment policy we have used the modify criterion of net present value and made post evaluation of leasing deal. This criterion is based on comparison between base amount to be invested and discounted cash earnest extent. At the same time, it is possible to use interest on bank loans or needful rate of return by way of discounting rate. From this perspective, it is possible to calculate cost effectiveness of invested in finance lease capital when investment project is only evaluated. Calculations can be made also with provision for the level of anticipated rate of inflation, which is especially on the front burner for today.

Keywords: finance lease, leasing industry in Russia, efficiency of leasing, leasing industry, investment policy, return on investment.