№ 4/2016

Fìnansi Ukr. 2016 (4): 114–0

MARKET OF FINANCIAL SERVICES

BRUS Svitlana , BUBLYK Ievgen ¹

¹SІ “Institute for Economics and Forecasting of NAS of Ukraine”
OrcID ID : https://orcid.org/0000-0002-6080-9341

RECAPITALIZATION OF UKRAINIAN LEASING MARKET PARTICIPANTS AS A PREREQUISITE OF ITS RECOVERY

The article is dedicated to the problem of alternative sources of funding for production and capital assets upgrading in Ukraine. The most promising of such sources is leasing. Using leasing to finance production growth and capital assets upgrading has proved its efficiency with successful experience of application in many foreign countries, especially under conditions of limited equity and bank loans. The article analyzes factors that impede the development of the domestic leasing services market. It is established that, in current circumstances, low capitalization of leasing companies and limited sources of their external and internal financing are principal reasons of a decline in leasing activities. The analysis conducted is used to make a conclusion that, to ensure the further development of the leasing market in Ukraine, it is necessary to tighten requirements for leasing companies, in particular, introduce a licensing requirement and set a required minimum amount of authorized capital and sources of financing. Given foreign experience under conditions of economic stagnation and declining bank lending of the real sector, to improve financing of the operations of leasing companies, it is advisable to pay attention to financial instruments, such as the securitization of leased assets, and government guarantees for projects in strategically important sectors. This will help raise funds from international financial organizations to finance leasing agreements. In the future, government policies should be focused on the improvement of national legislation, strengthening of institutional structure of leasing market regulation, continuing professional education of relevant specialists and active efforts to intensify the work of professional associations in the field of leasing services.

Keywords:financial sector, capitalization, leasing services market, leasing companies, decapitalization.

JEL: G20, G21, G23.

BRUS S. . RECAPITALIZATION OF UKRAINIAN LEASING MARKET PARTICIPANTS AS A PREREQUISITE OF ITS RECOVERY / S. . BRUS, I. Bublyk // Фінанси України. - 2016. - № 4. - C. 114-0.

Article original in Ukrainian (pp. 114 - 127)

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