Development of the Leasing Business in the Russia and Its Concentration
Опубликовано на портале: 31-12-2010
Экономический журнал ВШЭ. 2005. Т. 9. № 4. С. 451–478.
Presently, several dozens of various leasing schemes are used in the Russian market in compliance with the legal business rules. These permit using various combinations in the relations of the partners to reduce taxation and, therefore, the cost of leasing, and to attract cheaper funding. Russian leasing companies while implementing financial leasing transactions render about 40 additional services to their clients various in volume and importance. We believe this to be a very important distinguishing feature of the domestic leasing market. The leasing companies that work on projects related to the supply of large expensive process equipment provide to their clients a complex of logistical services aimed at ensuring an uninterrupted flow of commodities, including extremely complicated operations to deliver equipment to the lessees. Author worked up pricing strategies for leasing in Russia, i.e. lease service capacity or serviceability. As per my estimations, in 2004 half the cost of the national market of leasing services in Russia was distributed among 11 leasing companies. In a number of European countries, according to LESEUROPE, the similar indicator showing the level of oligopoly in leasing was higher as compared with the Russian one. I am thought it appropriate to check the leasing business concentration level in terms of the Herfindahl–Hirschman (HHI) index, too. The estimation undertaken by me indicated that overall in Russia HHI in 2004 was non-concentrated.
Экономические науки. 2009. № 9. С. 173-176.