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conclusions

To the basic results of dissertational research it is possible to carry the following:
System research of productivity of the basic production assets of transport within the limits of acting structure of management by railway transportation and recommendations about perfection of an investment policy of branch for the purpose of optimisation of necessary level of costs is carried out.
The estimation of expediency of application of leasing technologies as the effective tool of increase of investment appeal of the enterprises of transport is made.
Recommendations about increase of efficiency of updating of a rolling stock at the expense of application of leasing technologies on a railway transportation are given.
Offers on the organisation of leasing activity a railway transportation are given.
The executed research allows to draw following conclusions and to formulate following recommendations:
The analysis of tendencies of development of rail transportation has shown, that the strategic orientation of activity of railways is focused on preservation and increase in volumes of carriages. Maintenance of increasing requirements for carriages (both on volume, and on quality) will require updating and increase in park of a rolling stock and increase of efficiency of its use.
Necessity of updating of park of a rolling stock is stipulated also by its high level physical and an obsolescence. In the conditions of the developed economic conjuncture, insufficient budgetary financing, a seller's price of a long-term loan capital, and also in view of limitation of possibilities of mobilisation of own sources of financing the urgency of application of the leasing mechanism on a railway transportation is reasonable.
During research it is established, that efficiency of application of leasing for rolling stock updating in many respects depends on a choice and an order of the organisation of activity of the leasing company. Use of leasing technologies through the branch leasing companies allows to have direct access to the investment market without any intermediary structures.
The technique of an estimation of productivity of leasing developed during research for rolling stock updating includes: definition of a variant of account of leasing payments and a method of their payment, the most comprehensible to all participants of the leasing bargain; an estimation of alternative variants of acquisition of a rolling stock on which basis the optimum area of the conclusion of the leasing agreement is graphically defined; an estimation of expediency of investment of means in the bargain lizingodatelem, and also definition of productivity of leasing at rolling stock updating simultaneously for lizingopoluchatelja and lizingodatelja.
On the basis of the algorithms developed in the dissertation and the software the economic estimation of efficiency of updating of a rolling stock with use of leasing on the basis of various variants of leasing payments, the pure discounted income by alternative variants of investment financing is executed at change of terms of transaction and the choice of the optimum decision is carried out.
Results of an estimation of efficiency and accounts CHDD by variants of acquisition of a rolling stock testify to productivity of leasing in comparison with the credit:
Leasing supplies reduction of costs at purchase and use of a subject of leasing in comparison with the credit;
Leasing does accessible long-term financing of updating of a rolling stock in comparison with the credit; the leasing scheme supplies flexibility of accounts for a leasing subject.
The researches executed in the dissertation have shown, that a principal cause constraining development of leasing on a railway transportation, insufficient investment appeal of the enterprises of transport is now, therefore the decision of a problem of scale attraction of investments should be carried out at realisation of the subsequent stages of structural transformations to branches.
Thus, application of results of research will promote increase of efficiency of investment activity and increase of investment appeal of branch
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A source: FILIN ALEXANDER EVGENEVICH. THE ECONOMIC ESTIMATION OF EFFICIENCY OF UPDATING OF THE ROLLING STOCK WITH USE OF LEASING. 2003

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