Aleksandr Mikhaylovich Batkovskiy ¹, Elena Georgievna Semenova ², Valeriy Yaroslavovich Trofimets ³, Elena Nikolaevna Trofimets ³, Alena Vladimirovna Fomina ¹

Affiliations
1 Joint Stock Company, Central Research Institute of Economy, Management and Information Systems, Electronics, Moscow, RU
2 Institute of Innovation and Basic Postgraduate Training, St. Petersburg State University of Aerospace Instrumentation, St. Petersburg, RU
3 The Department of Higher Mathematics and Systems Modeling of Complex Processes, Saint-Petersburg University of State Fire Service of Emercom of Russia, St. Petersburg, RU

Abstract

Objectives: The article covers the role of leasing as a financial tool which ensures modernization of scientific and production technical bases of industrial enterprises. Methods: The similarity of long-term crediting conditions and financial leasing underlies the efficiency analysis of the leasing operations, which are carried out by the two main parties of the leasing transaction – the lessee and the lessor. A number of provisions on cash flow management were formulated starting from different types of taxes and considering the time factor. The formulated provisions were taken into account when developing a comparison model of leasing and loan. Findings: The authors have provided a brief overview of leasing schemes and a more detailed outline of the financial leasing scheme underlying the suggested computer models. The basic components of the leasing payments are considered in the context of the general guidelines which were formulated in "Methodical Recommendations on the Calculation of Lease Payments", elaborated by the Ministry of Economy of the Russian Federation. The basic components are supplemented with specific ones that affect the calculation of the lease payments. The two computer models were elaborated with the help of MS Excel spreadsheet processor based on financial models under consideration: the model for calculating the lease payments and the comparison model of leasing and loan. The suggested models are practically tested in relation to the implementation of the financial leasing scheme. It is shown that in addition to the organizational advantages in some cases, leasing can be more effective than a loan from the economic point of view as well, which is far from being obvious at first glance. Application/Improvements: Increased use of leasing is expected, which is determined by the import substitution policy and the need for companies to receive budget funds, to switch to new domestic equipment.

Keywords

Computer Modeling, Leasing, Financial Modeling, Modernization of Enterprises, MS Excel Spreadsheet Processor.

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