Alternative Types of Structuring of Leasing Transactions in the Russian Market

Abstract

The purpose of the work: to determine the most advantageous structure of a leasing transaction from the lessee's point of view. The author used empirical and analytical research methods, calculated an approximate schedule of leasing payments during restructuring, and constructed aggregated tables and diagrams based on Expert RA data. The result of the study is as follows: the payment burden, all other things being equal, is lower in leasing than in a loan, which is explained by the distribution of the risk balance: property risk, including a comfortable LTV level, the possibility of remarketing and a forecast of rates of return on property when leasing it; credit risk, including the financial condition of the lessee, the experience of business beneficiaries and management in the industry. Structuring a leasing transaction with the participation of a closed-end mutual fund is possible, but the lessee must be the management company of this closed-end mutual fund. This mechanism is interesting from the point of view of saving on income tax, since the profit of a closed-end mutual fund is not subject to it. Thus, during periods of crisis, leasing companies need to use the most effective and resource-saving methods of implementing transactions, as well as preventing the bankruptcy of lessees.