Методика сравнительного анализа эффективности лизинга и альтернативных источников финансирования капитальных вложений
The methodology of comparative efficiency analysis of leasing and alternative sources of capital investments

Summary/Abstract: The necessity of comparative efficiency analysis of leasing and alternative sources of capital investments was substantiated. The developed technique of analysis is based on the comparison of discounted cash flows for investments by leasing, bank credit and own sources. More attractive is operation with the lowest discounted value of payments. The basic principles of making decision to choose leasing or bank credit are following: 1) the amount of leasing payments is not comparable with the amount of bank credit payments; bank credit interest is not comparable with the percentage on leasing companies’ services; 2) all possible expenses connected with every source of funds are taken into account; 3) tax advantages are taken into account; 4) the period of cash flows is considered equal to the term of the complete amortization of assets and is not limited by the term of leasing or bank credit. It is advised to conduct the analysis on the sequential basis.

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