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Применение Реальных Опционов В Лизинговых Проектах // Using Of Real Options In Project Financing With Leased Assets

Author

Listed:
  • N. Nesterova I.

    (NRU „Higher school of economics”)

  • Н. Нестерова И.

    (НИУ «Высшая школа экономики»)

Abstract

In the conditions of the growing competition and growth of number of ahead of schedule terminated leasing transactions lessors need to predict correctly the probable financial risks connected with uncertain behavior of all participants of the project. The built-in real options can provide this protection against financial risks to the leasing companies. The present study examines the applicability of main types of real options in project financing with leased assets, as well as conditions imposed on the leased assets and the project itself. This article describes particularities of real option valuation if underlying asset is a leased asset. This article includes analysis of leased assets residual value predictability and presents ways how to estimate it correctly. В условиях растущей конкуренции и роста числа досрочно расторгнутых лизинговых сделок лизингодателям необходимо корректно прогнозировать вероятные финансовые риски, связанные с неопределенным поведением всех участников проекта. Эту защиту от финансовых рисков могут предоставить лизинговым компаниям встроенные реальные опционы. В работе проанализированы преимущества и недостатки применимости реальных опционов (опциона на выход из проекта и опциона на выкуп лизингового актива) в лизинговых проектах в российских реалиях. Также даны рекомендации российским участникам лизинговых сделок по оценке и условиям использования реальных опционов. В процессе проведения исследования была выявлена проблема оценки остаточной стоимости лизингового актива и предложены варианты ее решения.

Suggested Citation

  • N. Nesterova I. & Н. Нестерова И., 2015. "Применение Реальных Опционов В Лизинговых Проектах // Using Of Real Options In Project Financing With Leased Assets," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, issue 6, pages 179-184.
    • Handle: RePEc:scn:financ:y:2015:i:6:p:179-184
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    References listed on IDEAS

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    1. Lenos Trigeorgis, 1993. "Real Options and Interactions With Financial Flexibility," Financial Management, Financial Management Association, vol. 22(3), Fall.
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