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Development of the Leasing Business in the Russia and Its Concentration

русская версия

Опубликовано на портале: 31-12-2010
Экономический журнал ВШЭ. 2005.  Т. 9. № 4. С. 451–478. 
The results of the scheduled seventh annual analysis undertaken by author’s to  survey  the  activities  of  leasing  companies  in  the  Russia  indicate  that  the year 2004 was most successful for the leasing business. According to my evaluation, the privileges obtained by the users of the leased equipment enable them to eventually reduce  the  expenditures  by  10–20%  as  compared  to  other  funding  arrangements used for technical upgrading of Russian enterprises. The survey undertaken by me the most important trends in the change of the leasing market structure, and made it possible to determine the sources of funding the leasing operations and the most essential changes in the leasing financing structure. Securitization of finance leases may soon become an attractive business. However, appropriate laws and regulations should be approved to reduce such securitization to practice. Growth of sales of lease contracts became the first step in that direction. In 2003–2004, several major Russian leasing companies issued securities to increase financing for their leasing projects. In Russia, like anywhere in the world, leasing is done by people with fantasy.
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.
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