Credit Risk of Leasing Assets

The following paper investigates credit risk of leasing assets. The foundation of the work is to test hypotheses about influence of various factors on the degree of realization of the leasing credit risk contracts between the lessor and the lessee. Among such factors the author singled out three groups - internal, relating to the conditions of leasing contracts; financial, related to the financial and economic status of companies; and external factors indirectly affecting the probability of credit risk. Leasing contracts were chosen as modeling data of the company "Rosagroleasing", for the basis of the model discussed in the article Gholamreza (2016). An econometric method is selected for assessing the influence of factors on credit risk of leasing assets; a number of dependent variables, such as the balance of unliquidated obligations, the number of days of delay, the proportion of unpaid liabilities, the share of overdue days. The author confirmed the conclusions of Gholamreza about importance and impact of macroeconomic stability and economic growth on minimization of credit risk and default of the lessee. Besides, confirmed the hypothesis that the amount of obligations under the lease agreement directly proportionally affects the unpaid debt in the future; while the amount of the collateral paid in inversely affects credit risk. Assessment of the influence of the internal financial factors of the lessee at odds with the estimates of some other authors in their writings. So, the analysis shows that if a company generates more gross margins, then it increases the ability to cover interest and principal on a leasing contract, and reduces credit risk of leasing assets.