Leasing ?finansal kiralama?
Leasing
Yazar: SİM F. ALTINOĞLU
Danışman: PROF. DR. RAMAZAN EVREN
İstanbul Teknik Üniversitesi / Fen Bilimleri Enstitüsü
Derece: Yüksek Lisans, 1993
Konu: İşletme = Business Administration
Dizin: Amerika Birleşik Devletleri = United States of America ; Brezilya = Brazil ; Finansal kiralama = Financial leasing ; Fransa = France ; Güney Kore = South Korea ; Japonya = Japan ; Türkiye = Turkey ; İngiltere = England

Özet:
ÖZET Bu çalışmada, ülkemizde 1986 yılından beri uygulanmakta olan, ancak geçmişi çok eskilere dayanan leasing faaliyeti incelenmiştir. Leasing'in tanımı verilmiş; leasing'e konu olan mallar sınıflandırılmıştır. Daha sonra, ülkemizde ve diğer ülkelerde görülen leasing türlerine değinilmiştir. Leasing'in tarihçesi ilk uygulamalarından günümüze kadar olan gelişimim kapsayacak şekilde anlatılmıştır. Leasing'in, leasing alan ve leasing veren açısından diğer finansman yöntemlerine kıyasla avantaj ve dezavantajları belirlenmiştir.Genel hatlarıyla finansal kiralama prosedürü açıklandıktan sonra leasing ve satın alma opsryonlanmn birbirlerine olan üstünlükleri ve eksiklikleri belirtilmiştir. Leasing hakkında verilen genel bilgilerin ardından, leasing'in Türkiye açısından önemi vurgulanmış; ülkemizdeki gelişimi, hangi alanlarda yoğunlaştığı ve sıklıkla uygulanan leasing türleri belirtilerek iki sektör, otomotiv ve bilgisayar sektörleri incelenmiştir. Diğer ülkelerdeki leasing uygulamaları, gerek kıta ve ülkeleri toplu olarak gösteren istatistiksel verilerle, gerekse ülke bazında rakamlarla irdelenmiştir. Gelişmiş ve gelişmekte olan ülkelerde uygulanmakta olan leasing anlatılmıştır. Ayrıca belli başlı leasing birlikleri tanıtılmaya çalışılmıştır. Vlll

Abstract:
SUMMARY LEASING The leasing method was firstly used to finance investment in 1930s as a result of the economic crisis in the USA. The leasing method was widely used by means of renewals and development effort after the Second World War. It was used in European countries since 1970s. European Leasing Association has stated the most definite and the clearest definition for leasing : "Leasing is a contract signed between lessor and lessee for a certain period. In a leasing contract, lessee selects the property, and the lessor buys it. It's the lessee who uses the property for his own purposes in spite of that, it's the lessor who possesses the goods." We can classify the properties which are subject of leasing contracts into three groups : 1) Every kind of machinery and equipment, 2) Land, air and sea wehicles, 3) Immovable dams, buildings and estates. International Accounting Standarts Committee states that there must be one of the following four criteria in a leasing contract in order to be accepted as a leasing contract : a) The possession of the propert will be trasfered to the lessee at the maturity date of the contract. b) At the end of lease term, the lessee has the right to buy the property under the market value on that date. c) The lease term must be at least 75% of property's economic life. d) The present value of cost must be 90% or more of the property's fan- market value. From the various view points, leasing can be subdivided into many types. One of the most important classification is "Classification, according to aim, the lease term and cancellation alternatives". This group has three types : 1) Operational leasing 2) Financial leasing 3) Sale and lease-back Operational leasing, sometimes called servise leasing, provides for both financing and maintenance. Ordinarily, these leases require the lessor to maintain and service of the leased equipment, and the cost of the maintenance is built into the lease payments. Another important characteristic of operational leasing is the fact that they are generally not fully amortized. The lease contract is written for a period considerably less than the expected economic life of the leased ixequipment. Operational leases frequently contain a cancellation clauses which gives the lessee the right to cancel the lease and to return the equipment before the expiration of the basic lease aggrement. It means that the equipment can be returned if it is rendered absolete by technical developments or if it is no longer needed because of decline in the lessee's business. Financial leasing, sometimes called capital leasing, is differentiated from operational leasing in that : 1) They do not provide for maintenance service, 2) They are not cancellable, 3) They are fully amortized. The main characteristics of a Financial leasing are as follows : 1) The lessee choses the property and make an aggrement for price and delivery conditions with the manufacturer or distributor of such equipment. 2) The lessee makes an aggrement with a leasing company (the lessor) so that the leasing company sales the goods from its owner. 3) The leasing company buys the properties from the manufacturer or distributor. So, the lessor retains ownership of the equipment. 4) The property is delivered to the lessee. 5) The lessee has the right to use the property during whole period of the lease. The lessee is generally given an option to renew the lease at a reduced rate upon expiration of the basic lease. The lessee generally pays the property taxes and insurance on the leased property. The major difference between financial leasing and sales and lease-back aggrements being that the leased equipment is new and the lessor buys it from a manufacturer or distributor istead of from the user-lessee. The thidr type of them is sales and lease-back agreements. In this case, the owner of the property sells it to another firm and simultaneously make an agreement to lease the property back for a specified period under specific terms. The capital supplier could be an insurance company, a commercial bank, a specialized leasing company, the finance arm of an industrial firm, or an individual investor. The sales and lease-back plan is an alternative to a mortgage. The leessee-seller retains the use of the property. Leasing has had long history. The Sumerians leased goods before 2000BC. The term of "leasing" was firstly used by the American Bell Telephone Co. in 1877. They rent telephones to their customers. After that, The United Shoe Company rent shoe-machineries in 1880. The most important development inleasing sector is to be established the United Leasing Corporation in San Francisco. The first leasing company in German which is called "Deutsche Leasing GmbH" was established by American-German partners in Düsseldorf in 1962. In a leasing process, firstly the process is introduced to the customers, and talked about payment,delivery and all the other conditions. Then, the customers apply to the leasing company by an application form. The application is evaluated. In fact, there are two ways for evaluation: Evaluation by the lessee and evaluation by the lessor. The lessee must determine whether leasing an asset is less costly than buying the asset, and the lessor must decide what the lease payments must be to produce a reasonable rate of return. The lessor evaluates it two different ways : Technical evaluation and financial evaluation. After these procedures are completed, the next step is to make the contract. After all the conditions are agreed, the contract is signed by lessee and the lessor. The lessor buys the property. The property can be procured by local or import. In leasing contracts, it's very important to set the following information clearly : 1) Leased equipments and properties, 2) Lease term, 3) Lease payment and payment periods, 4) Maintenance of the leased properties, 5) Insurance, 6) Penalty conditions against the risk of cancelling by the lessee before the due date, 7) Gurantees, 8) The expiration of the contract. If "lease the property" or "buying it" alternatives are compared, the main differences are: 1) Lease the property make the leasing company needed. 2) The investors have all the rights if they buy the property. In Turkey, leasing activities has started as researchs and their reports. The first serious and scientific research was done in "Leasing" title, and the results of this research was pressed by Türkiye Sınai Kalkınma Bankası Özel Araştırma Müdürlüğü, in February 1983. The second important research on this subject, was done in "Preliminary Issues on the Patential for Leasing in Turkey" title by International Finance Corporation,and was pressed April 1983. xiIn Turkey, the leasing contract must have the following conditions so that it's accepted as a lease : 1) The lessor is to be a "leasing company", 2) The lessor is to be the owner of the property or is to obtain the property from a third partner. 3) In cross border leasing, the annual lease value must be at least Turkish Lira value of 25.000 US dolars. 4) The lease term is to be at least 4 years. The leasing firm in Turkey should have the following conditions to build a leasing firm : 1) Leasing company 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. Foreign firm should have the following conditions to open a branch in Turkey : 1) They have an authority for leasing operation in their country. 2) Paid capital should be at least 2 million dolars. 3) The branch manager or vice manager should be Turkish citizen or have permanent resident in Turkey. 4) The firm should applied with the form which is prepared by the under secretary of treaning and foreign trade. In the World, the leasing has showed the different percentages for growth and world market shares from a continent to other. The Northern America had 15.50% growth percentage and 42.74% of world market share. Similarly. Europe had 24.05% growth percentage and 29.26% of world market share. The average market share of leasing differs from one continent to another, too. Australia had 33.30%, The Northern America had 30.14%, Europe had 15.52%, The Southern America had 9.40%, and Asia had 8.79%. The USA has the oldest and the must advanced leasing industry. The rate of leasing in all the capital investments is 20%. This rate is rather big. The American businessmen would rather to lease instead of obtaining the investments by financing them. There are many kind of leasing companies and leasing activities. The competition in the market is rather high. The prices are very low because of the competition. The tax policies affects US leasing industry. For example, if the lease is valid for out of the USA, the lessor looses his rigths for tax exemptions. xiiThe first leasing activities in Japan has commenced in 1963. The Japan Leasing Association which was established in November 1971, has helped the growth og leasing industry in Japan. At the beginning of the activities, a lot of Japan leasing companies was established by banks and commerce firms. There were 327 leasing companies in Japan in 1989. There is no restriction for the leased properties. The big share of leased properties market belongs to computers and telecommunication equipments. In England, leasing is considered as one of the most developed trade facilities in last twenty years. The leasing contracts in England do not include the purchasing right for the lessee. However, accept leasing, there is another alternative to purchase the property by the lessee that is called "Hire Purchase". In cross-border leasing, the tax exemptions for the lessor is getting lower. The lessor who lost this exemptions, couldn't help to the lessee about the price and the payment conditions. In France, leasing activities has commenced in 1961. "Credit-bail" is a hire agreement that has purchase alternative. The lessee could give the property back not to use this option or renew the agreement. The members of the Association Françoise des Societes Financieres make the 95% of credit-bail activities. The two sectors that have 50% of the market share are vehicles and office machines. The minimum paid capital of a leasing company must be 100.000 French Franc, and must be registered in Conceil National du Credit. The attractions of leasing are spreading worldwide. Althought developing countries are still limited to do something for this sector, establishment of leasing is considered an important step in modernising the credit systems and promoting investment. The leasing companies need to an organisation which helps spreading the leasing worldwide, modernizes the activities, and helps the country to use the other country's experiences. In this reason, Asia Leasing Association (AsiaLease- 1982), European Federation of Equipment Leasing Association (Leaseurope) and other associations were established. In last chapter, some opinions are given for leasing. X1U