National Interests: Priorities and Security

Organizational and economic aspects of substantiating the development concept of sale and leaseback in the Russian Federation

Vol. 13, Iss. 7, JULY 2017

PDF  Article PDF Version

Received: 6 June 2017

Received in revised form: 22 June 2017

Accepted: 15 July 2017

Available online: 27 July 2017


JEL Classification: G31, G38, M21

Pages: 1320–1332

Fedulova E.A. Kemerovo State University, Kemerovo, Russian Federation

Vakutin N.A. Kemerovo State University, Kemerovo, Russian Federation

Importance Being an advanced investment tool, sale and leaseback is an important part of corporate finance governance. The research focuses on organizational and economic aspects substantiating the development concept of sale and leaseback.
Objectives The research sets forth the concept for developing the practice of sale and leaseback. We analyze the existing definitions of leaseback and respective laws, identify signs of real/sham leaseback, characterize legislative and fiscal aspects of such deals.
Methods The research relies upon general scientific methods (retrospective and comparative analysis, synthesis, induction and deduction), thus providing accurate and reliable findings.
Results We present our own definition of sale and leaseback as an economic construct, determine signs of real or sham leaseback. We also describe legislative and fiscal mechanisms for sale and leaseback. The article shows the existing concepts of leaseback, its components that influence the choice and the reasonableness of leaseback as a financing option. Based on the organizational and economic aspects, we provide the rationale for concepts to be further implemented in Russia so to activate and develop sale and leaseback as a type of finance lease.
Conclusions and Relevance Depending on the sale-and-leaseback concept chosen for the Russian Federation, law-makers will decide what should be undertaken to refine regulations on lease, as a whole, and sale and leaseback, in particular. It will boost corporate finance based on the leaseback mechanism. The findings can be used to take informed managerial and investment decisions on corporate finance, and to amend the lease legislation.

Keywords: finance lease, lease, leaseback, development concept, investment decision


  1. Gainetdinov M. [Leasing is a beneficial form of entrepreneurship]. Khozyaistvo i pravo = Economy and Law, 1994, no. 5, pp. 30–40. (In Russ.)
  2. Weidner J. Synthetic Leases: Structured Finance, Financial Accounting and Tax Ownership. Journal of Corporation Law, 2000, vol. 25, pp. 445–487.
  3. Zotova Yu.A. [Results, trends and prospects of development of leasing relations in the Russian Federation]. Rossiskii ekonomicheskii internet-zhurnal, 2014, no. 1, pp. 12–19. (In Russ.) URL:
  4. Dolgushina Yu.B. [Sale and leaseback]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2003, no. 2, pp. 103–105. (In Russ.)
  5. Ivanchenko M.O. [The essence of return leasing]. Gumanitarnye, sotsial'no-ekonomicheskie i obshchestvennye nauki = Humanities, Social-Economic and Social Sciences, 2015, no. 10-2, pp. 37–39. (In Russ.)
  6. Rudkov A.V. [The issue of the possible use of leaseback by industrial enterprises to raise funds]. Vestnik Omskogo universiteta. Seriya Ekonomika =Herald of Omsk University. Series Economics, 2007, no. 4, pp. 35–36. (In Russ.)
  7. Kokurin A.V. [Problems of using leasing-back in Russia]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2010, no. 2-1, pp. 61–66. (In Russ.)
  8. Savinkova T.A. [Sale and leaseback: The specifics, advantages and risks]. Institutsional'nye i infrastrukturnye aspekty razvitiya razlichnykh ekonomicheskikh system: materialy mezhdunarodnoi nauchno-prakticheskoi konferentsii [Proc. Int. Sci. Conf. Institutional and Infrastructure Aspects of the Development of Various Economic Systems]. Nizhny Novgorod, Aeterna Publ., 2016, pp. 88–90.
  9. Sal'kova O.S. [Tax burden and opportunities for fiscal optimization]. Finansy = Finance, 2015, no. 10, pp. 37–41. (In Russ.)
  10. Smirnov K.A., Nikitina T.E. [Leaseback as a mechanism of indirect internal funding]. Bankovskoe delo = Banking, 2011, no. 12, pp. 60–62. (In Russ.)
  11. Krivtsov A.I., Naumkina N.A. [Specifics of recognizing leaseback transactions in financial and tax accounting records]. Uchet i statistika = Accounting and Statistics, 2012, no. 25, pp. 20–27. (In Russ.)

View all articles of issue


ISSN 2311-875X (Online)
ISSN 2073-2872 (Print)

Journal current issue

Vol. 14, Iss. 8
August 2018