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ИД «Финансы и кредит»






Finance and Credit

Determining the impact of leaseback on the financials of the company

Vol. 27, Iss. 1, JANUARY 2021

Received: 5 November 2020

Received in revised form: 19 November 2020

Accepted: 3 December 2020

Available online: 28 January 2021

Subject Heading: INVESTING

JEL Classification: G11, G32, G39

Pages: 189–210


Nikita A. VAKUTIN Kemerovo State University (KemSU), Kemerovo, Russian Federation

ORCID id: not available

Elena A. FEDULOVA Kemerovo State University (KemSU), Kemerovo, Russian Federation

ORCID id: not available

Subject. Being a progressive investment mechanism, leaseback is a part of financial management. It is supposed to optimize the financial position of the entity. The article discusses financial and economic indicators (ratios) that help analyze how the financial position of the company changes due to the leaseback scheme.
Objectives. We herein determine how leaseback influences the financial position of the entity. For this, we describe key financial and economic indicators (ratios) by evaluating the feasibility of investment in leaseback. The study is also intended to observe how financial flows change due to the leaseback mechanism. We also examine changes in financial and economic ratios of the financial position due to leaseback mechanism.
Methods. We resort to general methods of research, such as comparative analysis, synthesis, induction and deduction, thus deriving reliable and reasonable results.
Results. We found out that the leaseback feasibility evaluation technique is indispensable without observing changes in financial flows and financial and economic indicators (ratios) that show the financial position and performance of a business. The article indicators key aspects to evaluate the financial feasibility of investment in leaseback, describe how it changes due to the leaseback mechanism. We also produce model assessments, referring to the leaseback deal of a certain company operating in coal mining, thus revealing the positive effect of leaseback on the financial position of the company.
Conclusions and Relevance. The construction and use of the leaseback feasibility study technique justifies the choice of leaseback as an investment mechanism, which has positive effects on the financial position. Having assessed financial and economic indicators (ratios), we revealed the efficiency and feasibility of leaseback for a company that needs to replenish its working capital. The findings can be used to make reasonable investment decisions, when pondering on an appropriate corporate financing mechanism.

Keywords: leaseback, corporate finance, financial flows, financials, investment decisions


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