Polish Journal of Management Studies
 ISSN 2081-7452
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Abstracts > Vol 6

Wysłocka E., Szczepaniak W.

Abstract: Leasing is one of the most popular methods of financing of fixed assets in companies, both in the big  and  quite small ones. While making the decision concerning the method of financing of an investment, one needs to assess, using discount methods, which of the financing options available is the most effective one. The work aims at presenting, on the basis of the legislation in force in Poland, types of leasing and differences between them. Moreover, the methods of measuring effectiveness of financial decisions are discussed. Additionally, on the example of ATM S.A. the author focuses on the presentation of benefits possible to obtain with the use of leasing as a method of financing fixed assets.

Keywords: fixed assets, financing, leasing


One of the alternative forms of financing of fixed assets, both in relation to own assets and a bank loan, is leasing. The development of leasing in Poland started together with the economic transformation, which took place after 1989. Already in 1991 the first companies offering leasing as a method of acquisition of fixed assets started to operate on the market. Currently,   leasing services are offered not only  by  specialized   leasing companies   but also  by  many banks , and interest in  leasing  of  assets   increases [ For more look at  9, p. 23-36] .   According to the Polish   Association of   Leasing   total value of   real estate and movables leasing   in Poland in   2011 amounted to   31.1 billion   PLN and   recorded a   14%   increase   compared to 2010 ( Regulations concerning these forms of leasing can be found in many acts; the basic documents to be discussed are: Civil Code, Natural Persons' Income Tax Act and Legal Persons' Income Tax Act and Value-Added Tax Act.)  [cf. 2, p.100; 11, p.92-93].
While making the decision about signing a leasing agreement, an entity needs to take into account the current legislation in force. It is the regulations that will have an impact on the rights and obligations of the parties to the agreement, their tax charges and the requirements to be met by them. Therefore from the fiscal and legal point of view of an entity, the classification into operating and financial leasing is of the biggest importance (Regulations concerning these forms of leasing can be found in many acts; the basic documents to be discussed are: Civil Code, Natural Persons' Income Tax Act and Legal Persons' Income Tax Act and Value-Added Tax Act.) [2, p.100; 11, p.92-92].
The definition of a leasing agreement given in art. 709 of the Polish Civil Code (Act of 23 April 1964 Civil Code (Journal of Laws of 2005,  No. 172, item 1438), Art. 709). clearly states that the financing entity needs to conduct a business activity. Therefore, natural persons acting as lessors became excluded from a leasing. The lack of requirements to be met by lessees indicates that any entity can act as a lessee, including consumers, in a broad sense of the word. The next condition involves the statement that the total amount of instalments must at least amount to the price or consideration borne by the lessor for the purchase of an asset. This confirmed the Polish practice of repaying the total of amount of a leased asset by the lessee. Such an assumption differentiates Polish leasing from the American one, where the equipment is used sometimes consecutively by many users, and is closer to European solutions, where the repayment of leased equipment is made through the duration of the contract.

... more in full version


All the entities operating on the today
s market, especially in the situation of the economic crisis, do their best to obtain capital at the lowest expense possible and to guarantee the stability of an entity. The minimisation of the cost of capital necessary for financing fixed assets is one of the key tasks for the management of an entity. Their decisions need to take into consideration both balance sheet consequences and fiscal consequences of a chosen form of financing. The traditional forms of financing of fixed assets, in the times of economic recession, are difficult to obtain. Therefore, there is a bigger interest in leasing, which is a modern and flexible source of financing characterised by bigger availability. Moreover, the universal nature of leasing as a source of financing needs to be emphasised. It is available to all the entities, independently of the scale of their activity.
The leasing-related issues are reflected in many legal acts. However, there is no uniform definition or classification of leasing. Therefore, there are many arising problems connected with balance sheet and fiscal classification of leasing agreements.
The popularity of leasing and its big effectiveness as a source of funding results from its specifics as well as from the benefits available for the entity choosing this method of financing. The biggest of them include the lack of necessity of establishing big collateral as the leased object constitutes a collateral itself as well as tax benefits connected with the use of tax shield effect.
To conclude, one can state that leasing constitutes a modern, and in given cases, an effective source of financing fixed assets. It can be used by all the entities, no matter how big they are and what their activity is. It is of special importance in the times of global financial crisis when the growth of companies is limited; by obstructed access to the external sources of financing among others.


Streszczenie: Leasing jest jedną z najbardziej popularnych metod finansowania środków trwałych w przedsiębiorstwach, zarówno tych dużych, jak i całkiem małych. Przy podejmowaniu decyzji w sprawie sposobu finansowania inwestycji, trzeba ocenić, przy użyciu metod dyskontowych, która z opcji finansowania dostępnych jest najskuteczniejsza.Praca ma na celu przedstawienie, na podstawie ustawodawstwa obowiązującego w Polsce, rodzaje leasingu i różnic między nimi. Ponadto, metody pomiaru skuteczności decyzji finansowych omówiono. Dodatkowo na przykład ATM SA. Autor skupia się na prezentacji korzyści możliwych do uzyskania z wykorzystaniem leasingu jako metody finansowania środków trwałych.

Słowa kluczowe
: aktywa trwałe, finansowanie, leasing


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