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Title:DEJAVNIKI OBLIKOVANJA PREOSTANKOV VREDNOSTI PRI POSLOVNEM NAJEMU OSEBNIH VOZIL
Authors:ID Buhanec, Luka (Author)
ID Zbašnik, Dušan (Mentor) More about this mentor... New window
Files:.pdf MAG_Buhanec_Luka_2012.pdf (3,24 MB)
MD5: 3F8039B9401E6301380D46D7F9D63DFC
PID: 20.500.12556/dkum/5c55651a-f7be-49aa-8769-0433c9ce1014
 
Language:Slovenian
Work type:Master's thesis
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Pri tipičnem lizinškem dogovoru o poslovnem najemu osebnega vozila, finančna inštitucija (najemodajalec) kupi novo vozilo od pooblaščenega trgovca in ga daje v najem fizični ali pravni osebi (najemojemalcu). Pri večini tovrstnih najemov gre za najeme zaprtega tipa (angl. closed-end lease), kar pomeni, da tveganje morebitne razlike med tržno vrednostjo predmeta najema in njegovim preostankom vrednosti v času izteka najemne pogodbe, ostaja pri najemodajalcu. Velik del od strani najemojemalca odplačanih najemnin skozi pogodbeno obdobje predstavlja razlika med nabavno vrednostjo predmeta najema in njegovim preostankom vrednosti. Preostanek vrednosti je tista vrednost vozila, ki ne bo pokrita z odplačilom mesečnih obrokov najemnine, ki jih bo najemodajalcu skozi trajanje najemne pogodbe odplačal najemojemalec. Je tudi neamortizirana nabavna vrednost vozila, zmanjšana za del depreciacije, nastale v času trajanja najemne pogodbe in je nenazadnje tudi ocena bodoče vrednosti vozila v času izteka pogodbe o poslovnem najemu, ki jo najemodajalec postavi neodvisno od tržne vrednosti le-tega. Ex-ante določeni kalkulirani preostanek vrednosti naj bi bil v idealnih okoliščinah enak njegovi kasnejši tržni oziroma dejanski odkupni vrednosti. Interes najemodajalca je namreč ustvarjati prihodke iz naslova poslovnega najema osebnega vozila in ne iz naslova njegove kasnejše (od)prodaje). S ciljem omejitve tržnega tveganja iz naslova morebitnih izgub pri odprodaji osnovnih sredstev v času izteka pogodbe o poslovnem najemu, mora tako le-ta posebno pozornost namenjati nekaterim dejavnikom, ki imajo na določanje odkupne vrednosti osebnega vozila pomembnejši vpliv. To magistrsko delo se je omejilo na podrobnejšo obravnavo vpliva znamke, barve, dodatne opreme, poškodb in emisij CO2 na slednjo. Izsledki raziskave na podlagi pridobljenih sekundarnih podatkov podjetja X, kažejo, da ima znamka pomemben vpliv na odkupno vrednost osebnih vozil, pri čemer velja dodati, da slovenski kupec še vedno bolj preferira vozilo nemškega, kot pa denimo francoskega porekla. Močna povezanost obstaja tudi med dodatno opremo in odkupno vrednostjo osebnih vozil, vendar je le-ta izrazitejša pri dražjih osebnih vozilih, dočim pri vozilih z nižjo odkupno vrednostjo na slednjo nima bistvenega vpliva. Glede priljubljenosti barv potrjuje izvedena raziskava podobna dognanja kot v tujini, saj pri izbiri barv pri osebnih vozilih v poslovnem najemu prednjačijo srebrna, siva, črna in bela vozila. Dodam lahko, da je povezanost med barvo in odkupno vrednostjo osebnih vozil večja v višjih tržnih segmentih. Kljub temu, da na podlagi pridobljenih rezultatov izvedene raziskave ni moč z gotovostjo trditi, da obstaja povezanost med emisijami CO2 in odkupno vrednostjo osebnih vozil v poslovnem najemu, bi na omenjeno temo raziskave gotovo veljalo nadaljevati tudi v prihodnje, saj evropske uredbe o določitvi standardov emisijskih vrednosti za nove osebne avtomobile v sklopu celostnega pristopa EU za zmanjšanje emisij CO2 na področju prometa, med drugim opredeljujejo velike olajšave za avtomobile z manjšimi izpusti, kot tudi za tiste, katerih ciljne vrednosti specifičnih emisij bodo zmanjšane zaradi uporabe inovativnih tehnologij. Ocenjujem, da bo navedeno imelo pomemben vpliv pri nakupnih odločitvah glede okolju prijazn(ejš)ih vozil v prihodnosti.
Keywords:poslovni najem, osebna vozila, preostanek vrednosti, odkupna vrednost, depreciacija, znamka, barva, dodatna oprema, poškodbe, emisije CO2.
Place of publishing:[Maribor
Publisher:L. Buhanec
Year of publishing:2012
PID:20.500.12556/DKUM-22632 New window
UDC:658.8
COBISS.SI-ID:11329308 New window
NUK URN:URN:SI:UM:DK:2M5KZWWF
Publication date in DKUM:20.02.2013
Views:2135
Downloads:235
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:FACTORS THAT DETERMINE THE RESIDUAL VALUE SETTING IN OPERATIONAL LEASE OF PASSENGER CARS
Abstract:In a typical operational lease agreement for passenger car, financial institution (lessor) purchases new vehicle from an authorized dealer and leases it to a private person or a company (lessee). In most cases, those are a closed-end leases, meaning, a risk of eventual difference between the market value of the leased asset and it's residual value at the end of such leasing contract, stays with the lessor. The difference between purchase value of the leased asset and it's residual value represents a significant part of monthly instalments charged to the lessee throughout the leasing period. Residual value is the part of vehicle's value, which will not be covered by paid monthly instalments to the lessor and is as well unamortized purchase value of the asset, reduced for the part of depreciation in the period of the vehicle usage and - last but not least – it is an estimation of the future value of leased vehicle in the time of contract expiration, which the lessor will set independently from it's future market value. Ex-ante definition of the calculated residual value of the passenger car should in ideal circumstances equal it's future market value or better, it's buy-out value. Namely, lessor's interest is making revenues from vehicle's operational lease and not from it's later used car sales. In order to limit the market risk deriving from eventual losses from sales of the asset at the expiration of lease contract, the lessor should pay his close attention to certain factors, which influence setting the buy-out value of passenger cars more significantly. This thesis has limited itself to more detailed analysis of make's, colour's, additional equipment's, damage's and CO2 emission's influence on passenger car residual value setting. Findings of the concluded research based on secondary data of Company X show, that make affects the future buy-out value of passenger cars importantly, while Slovenian buyer stil prefers german makes more than for example, french ones. Strong correlations exists between passenger car's additional equipment and it's buy-out value, but it's more explicit in more expensive cars, while in cheaper passenger cars additional equpiment does not have strong influence on used car buy-out value. On the passenger car colour popularity, the research has came to similar conclusions as abroad, as in operational lease of passenger cars the lessees have most frequently chosen silver, grey, black and white as the vehicle's exterior colour. We can confirm, that there is corelation between passenger car colour and it's buy-out value and it's stronger in passenger cars from higher market segments. Eventhough, the findings of concluded research can not fully confirm the correlation between CO2 emissions and future buy-out value in operational lease of passenger cars, the focus of future research on the subject should be concluded, as european decrees on standard emmisions values in new passenger cars as a part of integrated EU approach to reduce emmisions on the area of traffic, predict high allowances for passenger cars with reduced specific emmisions as well as for those using innovative technologies. It is to be expected this would have an important influence on purchase decisions of environmentally friendlier vehicles in the future.
Keywords:operational lease, passenger cars, residual value, buy-out value, depreciation, make, colour, additional equipment, damages, CO2 emmisions.


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