ANALYSIS OF FACTORS AFFECTING THE EFFICIENCY OF UKRAINIAN LEASING COMPANIES
Abstract
In the article a number of econometric models for evaluating the performance of Ukrainian leasing companies for 2019-2020, in which the cost of sales, net profit, fixed assets, administrative expenses and other expenses were taken as explanatory variables were built. The regression models obtained in the work make it possible to determine the sets of both external and internal factors that have the most significant impact on the performance of leasing companies. The average values of the performance characteristics obtained using the Data Envelopment Analysis (DEA) approach were used as the explained variables. It was shown that in the case of Constant Returns to Scale (CRS) and Variable Returns to Scale (VRS) models, the increase in the cost of sales has a negative impact on the efficiency of the functioning of leasing companies. Efficiency based on the VRS assumption or BCC model, which takes into account the change in efficiency with changes in the scale of operations, is most sensitive to changes in administrative costs, the size of fixed assets and cost of goods sold. Efficiency based on the CRS assumption or the CCR model, which provides for a proportional increase in the input and initial performance indicators of companies, turned out to be the most sensitive to changes in net profit and cost of sales. The analysis showed that such variables as total assets, receivables, net income from sales of products, other operating income, current liquidity ratio turned out to be statistically insignificant for the constructed regression models for assessing the values of the new performance indicators proposed by the authors of leasing companies in Ukraine, obtained as average values of the corresponding performance of each company. Thus, most often in regression models for evaluating the effectiveness of the functioning of leasing companies, the cost of sales and profit act as explanatory variables. In other words, according to the constructed regression models, the efficiency of the lessor's activity in most cases depends on the value of the property transferred to them for financial lease and the net profit of such companies.
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