Development of Vehicle Leasing in Logistics Operations

The master's thesis is aimed at studying the leasing financing scheme for the purchase of vehicles in the implementation of logistics operations. The relevance of the research topic is due to the fact that the logistics market demonstrates a high need for attracting external financing. This is due to the high capital intensity of logistics activities, the specifics of the main asset of logistics companies - vehicles. The object of research in the thesis is the investment activity of domestic transport companies to update the fleet of vehicles. The purpose of the thesis is to analyze the leasing operations of domestic logistics companies and develop recommendations for its development. The scientific and practical significance of the study is as follows: - the features and problems of leasing vehicles in the implementation of logistics operations are systematized, an author's interpretation of the essence of leasing is given; - The author’s correlation-regression model for forecasting the amount of new leasing agreements in the Russian Federation was developed. The high quality of the model is confirmed by the calculation of the relevant statistical criteria. - the results are brought up to the level of specific methods and recommendations suitable for use in leasing activities of transport companies. Structurally, the work consists of introduction, three chapters, conclusion, list of references, applications. The first chapter discusses the theoretical aspects of leasing, vehicle lending in the implementation of logistics operations. Namely: the concept, essence and classification of leasing operations are disclosed; reflected the features of leasing vehicles in the implementation of logistics operations; describes the concept, essence and classification of vehicle lending as an alternative to leasing. The second chapter reflects the prospects for the use of vehicle leasing in the implementation of logistics operations. The classification and basic characteristics of vehicles used in the logistics activities of Russian transport companies were given; a comparative analysis of credit and leasing operations was carried out, the main risks, advantages and disadvantages were identified. An analysis was made of the leasing market of the Russian Federation in 2010-2019. and an empirical analysis of leasing volumes in Russia. In the third chapter, an analysis was made of the leasing operations of Russian companies using the example of JSC First Freight Company, Soyuz TC and PJSC UTair. The main disadvantages of vehicle leasing and prospects for its development are considered. The results of the dissertation confirmed the relevance of the chosen research topic - leasing plays an important role in the investment activities of the logistics companies of the Russian Federation, acting more affordable and comparable in cost of borrowing in comparison with traditional bank loans. The largest volume of leasing operations in Russia falls on the purchase of vehicles.