Management of developing the leasing sector of
entrepreneurialeconomy
Olga Aleksandrova, Oleg Burgonov , Elena Ivleva, *, NiShashina
Abstract
Contradictions in management of developing entrepreneurial economy, in the form of absent methods and mechanisms ofmanaging the structural sectors of growth economy, including leasing sector, are revealed. To investigate laws of formation and development of the leasing sector of entrepreneurial economy. To develop the mechanism of management of developing leasingentrepreneurship. The conceptual model is constructed with the use of methods of statistical and multifactorial correlationanalysis, optimisation and dynamic forecasting in estimation of leasing entrepreneurship results. The conceptual model ofmanagement of developing entrepreneurship in the leasing sector of economy is developed. Tendencies of developing the givensector of economy are defined, approaches to estimation of its productivity are offered. Leasing tools are considered as the cross-industry, being of interest not only for projects of development of the city subway.
Keywords: Leasing, tools, risks, barriers, financing, effectiveness, management
1. Introduction
The unique scheme of entrepreneurship is leasing which is becoming not only the instrument of activization ofentrepreneurial activity, but it also relates to one of the complicated forms of entrepreneurship. Leasingentrepreneurship combines some kinds of activities and demands a special approach to management organization atall levels of management. Entrepreneurship in the leasing sector of economy is characterised by specific conditionsof development, entrepreneurial functions, institutional infrastructure, scale and sphere of funds’ application.
Positions of the offered concept of management of developing entrepreneurship in the leasing sector of economyinclude:
?theoretical and methodological positions bringing the contribution to expansionof
notions of the essence andfunctions of leasing entrepreneurship;
?positions bringing the contribution to expansion of notions of the entrepreneurial
economy structure,presence of growth sectors in it, the essence, prospects and restrictions of their development; methods andmechanisms of management of developing entrepreneurship in the leasing sector of economy;
?positions bringing the contribution to expansion of notions of methodical
provision of process of acceptingadministrative decisions in the field of state
regulation and support of leasing entrepreneurship, discrepanciesand restrictions of management of developing entrepreneurship in the leasing sectorof economy.
The result of leasing entrepreneurship depends on economic results of the subjects taking part in the leasingprocess that assumes a multiplicative effect. At the heart of the control system of leasing entrepreneurshipdevelopment there should be a complex approach directed on optimisation of results of all participants of the leasing process.
2. Theory
The level of accumulated depreciation in the economy of Russia in 2014 is 49.4 %. Entrepreneurial structureshave to search for sources of financing, including in the leasing sector of economy. The leasing market is developingstably enough, that is confirmed by positive dynamics. During some periods the value increase of financial leasingcontracts advances the rate of gain of investments into fixed capital (Table 1).
The share of transactions of small-scale and medium-sized businesses is growing in the structure of leasingtransactions. In 2014 they made 47.2 % of the total of transactions, that is 65.6 % more than in 2011, among them37.5 % accounts for small-scale business. An average period of validity of financial leasing contracts is increasing,in 2014 it made 4.7 years. Leasing transactions are becoming more long-term. The big share of concluded contractsaccounts for the contracts for 1 to 3 years’ term, in 2014 - 68.2 %, that is 2.9 times more than in 2010 (23.7 %). Theshare of contracts for 3 to 6 years’ term in 2014 made 28.4 %, that is 19.3 % less than in 2010 (32.5 %) [7].
But the leasing sector, as well as any other sector of economy is subject to the
influence of cyclic fluctuationsoccurring in economy. For the first time in seven years the leasing portfolio in 2015 showed negative dynamics (-20%). First of all it is connected with the decrease in business activity of managing subjects. The enterprises stoppedprojects on updating of fixed capital. Investments into fixed capital were reduced to 8.4 % in comparison with 2014[8].
As a result of the macroeconomic situation deterioration leasing companies have to operate in the conditions ofuncertainty that cannot but affect their activity results.
Credit price rise, complexity of credit obtaining, lack of financial assets, low demand for leasing, all that leads tothe leasing market reduction [6]. The complicated macroeconomic situation can cause a considerable damage toleasing companies both in the current and long-term period. Decrease in the solvency of leasing service consumersreduces the leasing portfolio quality and leads to the growth of problem assets.
Economic sanctions concerning a number of strategic branches of Russia have promoted working out of theprograms directed on development of import substitution businesses. The leasing sector has not taken the last role indeveloping import substitution of national equipment that can serve as a point of growth for the given sector ofeconomy. Leasing entrepreneurship is defined as a set of independent organizations co-operating with each other,engaged in various entrepreneurial activities including rent, investment, commercial relations and connected bytreaty obligations concerning purposeful use of financial assets for acquisition of leasing subject for the purpose ofprofit earning. Research of the leasing process structure has inevitably led to revealing of barriers in the leasingmarket and to defining of the system overcoming effect.
To the laws of formation and development of the leasing sector of economy we refer: