Finansal kiralama (leasing)

Abstract

Herhangi bir yatırımın gerçekleştirilmesinde yararlanı labilecek finansal araçlardan biride ilk çağlardan beri var olan ve 1950'lerden sonra sürekli < gelişen ve gelişmekte olan ülkelerde uygulama alanı bulan kiralama işlemleridir.Kiralama ile, yat ir im yapmayı düşünen işletmelere kredi veya diğer fi nansman yöntemleri ile finanse etmeyi planladıkları yatırım ların finansmanında bir çok kolaylıkları bulunan bir diğer seçenek sunulur. Kiralama kiralanacak mala, şirketin durumuna ve talebine göre çeşitli sınıflara ayrılır.Başlıca kiralama türleri fi nansal kiralama ve faaliyet kiralamasıdır. Kiracı bir kiralama işlemi yaparken kiralamanın sağlaya cağı, kredi şeklinde kullanım imkanı, demode olma riskinden ve bazı kısıtlardan kurtulmak gibi, yararları ortaya çıkarmak a macıyla değerlendirme yapar. Bu nedenle kiralama işlemi bazı durumlarda kredi ile satın almadan pahalı olsa bile tercih e- dilebilir.Kiraya veren ise mal sahibi olması nedeni ile teş vik ve vergi indirimlerinden yararlanabileceği gibi elindeki fonları bir cins krediye dönüştürmek veya aynı samanda üreti ci ise malını satma fırsatını bulur. Kiralamanın bilanço dışı bir kalem olması kiracının ya rarına olsa bile, bu şirkete kredi açan finansman şirketleri aç ısından, mal i analizlerin güçlüğü ve bazı hallerde imkansız lığı nedeni ile sorun teşkil eder. Ayrıca uluslararası kirala ma işlemlerinde vergi kanunlarının farklı olması da çeşitli sorunlar çıkarır. ülkemizde kiralama 1985 'de yürürlüğe giren kanunla eko nomik hayatımıza kazandırılmaya çalışılmıştır.Ancak kiralama nın ülkemizdeki gelişimi başlangıçta düşünülen düzeyde ger çekleşmemiştir.Bunun nedeni orta ve uzun vadeli kaynaklardaki yetersizliğin sonucu olarak işletmelerin uzun vadeli yatırım larını kısa vadeli kaynaklarla finanse etmesi ve riskli fi nansal yapıları nedeni ile para piyasasındaki değişiklikler den çok fasla etkilenerek fon darlığına düşebilmeleridir.Buna rağmen Türkiye ekonomisi yatırımlara müsait bir yapıya yeni den kavuşturulmadan kiralama başarısız olarak değerlendiril memel idir.

Although leasing is not a well-known financing method and it has not completed its development period in period in Turkey, the first practices had begun in the 10 th century B.C and has showed a great improvement especially in the second half of our century. Its fundamentals are based on the fact, that not the ownershep of a property, but the ownershep of the right to use that property is profitable. Today leasing has become an undeniable method for many countries.principally the developed countries. The growth rate of independent leasing companies has reached 800%, only betwe en 1970-1979 In the developed countries, the assets gained by leas ing are increasing up to significant amounts within the total fixed asset investments. This rate is about 20% in the U.S.A., 10% in France, 12% in the U.K. Besides there are about 3000 leasing companies in the U.S.A., 300 in Germany, 100 in the U.K. and Canada. The amount of investment made by means of leasing throughout the world was estimated as 92 billion dollars from the 1982 figu res. As for the developing countries, the leasing companies are being founded and developed with the help and mediation of I.F.C. (International Finance Corporation) The term "leasing" is being used in a different meaning than its literal meaning, due to the changing conditions. A clear and single meaning has not yet been achieved. Despite the fact that they are basically similar to each other, when the details are considered, plenty of practices with differences, have come to be described as leasing. Never theless, we can divide leasing into two groups: - Financial Leasing - Operational Leasing The definition for financial leasing accepted by the Eu ropean Leasing Association, is as follows: It is an agreement in writing for a certain lessor with the ownership of a pro perty, which has been chosen by the lessee and bought by the lessor, and gives the right to use that property to the lessee in return for a certain amount of money as a rent. This definition is clear enough to explain financial le asing. But that is not enough to differentiate it from opera tional leasing. The American Financial Accounting Standards Committee and The International Financial Accounting Stan dards Committee together, determined 4 criteria for that sepa ration. l.At the end of the leasing period, the possession of the property must be transfered to the lessee. 2. The agreement must gives the lessee the right to buy the property at the aspected current price when the leasing period ends. 3. The leasing period must not be less than 75% of the profitable life of the property. 4. The current value of payments during leasing must not be less than 90% of the value of the property. If at least one of the criteria mentioned above exist in a leasing contract, that is satisfactory to classify it as le asing. Since the leasing period may not be very short in the operational leasing, the current value of the payments until the end of term, is not supposed to reach or excess the sel ling value of the property. But the lessor will not lose, as it is possible to lease the property respectively more than once. Apart from the financial leasing and the operational le asing, those listed below are the version of the two main kind -Non-Full Payout Lease -Full Payout Lease -Leveraged Lease -Specialized Service Lease -Cross Border Lease -Indirect International Lease -Sale and Lease Back -Swap Lease -Percentage Lease There may be other leasing kinds with different names. But leveraged leasing has a special importance. In that kind the lessor finds the finance by getting loans from various financing companies because the costs of the property bought, is too high. Thus it is also possible to lease proper ties with high costs. Any leasing operation, whatever it may be, must include the four elements listed below: a-The Lessee: The person who gains the right to use the asset by paying the rent. He usually does this to make profit by using the asset. b-The Lessor: The company who owns and leases the asset that has already been chosen by the lessee. These com panies fall into two groups. l.The Financial Firms 2. The leasing companies founded by the manu facturers, only with the aim to sell their goods with better conditions. Banks, insurance companies, service companies and mediator Banks generally do only the financial leasing operations.Ot her financing firms generally are helpers in leasing operati ons or they take up their role as r f inancers. c-The Asset which is used on leasing: Material asset like machinery or equipment, non-material assets like licence and even personnel may be subject for leasing. The asset is c- hosen by the lessee without the prior permission, the lessee can not lease it to. another person. d-The Rent: In the leasing of any asset, the lessee has to pay "certain amount of money to the lessor. That money or the rent is paid by equal and periodical payments, but it can be paid in different forms so as to fit the various pay ment capacities of the lessee, as well. Companies make some invetsments to continue their acti vities. Leasing is one of these invetments. Leasing looks like financing by getting loans as it causes the companies a long term liability and it must be evaluated. There are several evaluation approaches. 1. Capital Budgeting Approach Expected changes in company's cash flows due to leasing are subject to be reducted to present value by using average cost of capital. 2. Financial Approach in this approach, leasing is used as borrowing; Leasing and borrowing are compared. The cost of debt is used as reduc tion rate, while payments of rent are reducted to present va-' lue. 3. Investment and Financial Approach This method has been firstly improved by Schall.In this approach, leasing is accepted as a decision both of finance and investment. There are some factors which affect evaluation of lea sing agreements. a-Properties of lessee b-properties of asset which is used on leasing c-Properties of lessor d-Inflation Leasing is a useful financing method from the aspect of the national economy and companies. l.From the aspect of national economy -Financial leasing provides companies with finance in the periods which the financial possibilities are limited. -Because of the lack of suitable financial methods so me projects are rejected. Leasing provides like projects with finance, so investments and unemployment are reduced. -Leasing helps to get economical stabilization. -Leasing provides effectivenes to reserve the scarce financial resources to the new capital investments. 2. From the aspect of companies -It protects the lessee from inflation. -Companies get benefit from investment incentive cre dits and make tax saving by the help of depreciation. -Public enterprises pay the rents from their budget in stead of investment budget. -Leasing companies provide the other companies with fi nance easier than banks. -It provides 100% finance. -Since it does not take part in balance sheet, there se ems to be much profit by the help of the few investment. -Leasing protects the user from technological devalua tion. -There is a high elasticity in rent payments. The status of the leasing firm in Turkey is as follows: To built aleasing firm ; 1. Leasing firm must be established such as joint stock company. 2. Paid capital must be at least 1 billion TL. 3. Share certificate should issue in return of cash. 4. The founders should not judge with serious blames. Foreing firm should have following conditions to open a branch in Turkey. l.They have an authority for leasing operation in their country. 2. Paid capital should be at least 2 million dollars. 3. Branch manager or vice manager should be Turkisli ci tizen or have permanent resident in Turkey. 4. The firm should applied with the form which is pre pared by the under secretary of treaning and foreing trade. The investments of the leasing firms depend upon their own capital. They are deprived of some credits and the limita tion of the leasing agreements, having to be made for at least four years, and being unable to make use of some incentives, along with some other psychologicay factors, can be the rea sons explaining why leasing has not yet developed.