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JOURNAL OF INTERDISCIPLINARY RESEARCH
in the United States. From this it follows that already at the end
of the last century, the leasing sector was gaining importance.
Ionascu and Ionascu [5] see motor vehicles used through leasing
as one of many possible tools for the sustainability of the state's
economy. Companies whose fleet consists of motor vehicles
operated on the basis of leasing contracts can also be considered
in the eyes of the public as "green companies". This designation
is even more important for companies that are listed and traded
on the stock exchange.
With a large number of motor vehicles used through leasing,
there is also an increased risk that a certain percentage of lessees
will not be able to meet their obligations under the leasing
contract, and therefore in some cases the leasing company will
impose sanctions in the form of motor vehicle withdrawal. For
the subsequent financial settlement, it is then necessary to
determine the residual value of the motor vehicle in question.
Different countries have different conditions for providing
leasing for motor vehicles. Tot [6] therefore examined these
different models of contractual terms in Germany, Austria and
Croatia. All applied contractual models reflect the risk of the
residual value of the motor vehicle after the expiry of the leasing
contract. Under these leases, the residual value of the motor
vehicle is calculated on the basis of the number of kilometres
travelled for the duration of the contract. Usually, the individual
limits and the corresponding value that a motor vehicle usually
has are set. However, this method of determining the residual
value of a motor vehicle is not applicable to motor vehicles with
an excessive mileage. Cerquitelli et al. [7] developed a model for
determining the residual value of lorries and commercial motor
vehicles on the basis of data collected through Industry 4.0,
which is very rich in these sets of data, especially for this type of
motor vehicles. In some leasing contracts provided for trucks
and commercial motor vehicles, it is already stipulated at the
time of their signing that this motor vehicle will be repurchased
by the leasing company upon expiry of the leasing contract.
With the rise of electromobility, leasing companies began to
provide leasing loans for batteries for electric vehicles. However,
the question is whether these services will make electric cars
more accessible to the general public. When leasing a battery to
an electric car, parameters such as the price of the battery, the
price of electricity, the power of the battery, the weight of the
electric car, the price of fuel and the discount rate are included in
the calculation of the amount of periodic payments. According to
the analysis, leasing companies providing leasing for batteries
for personal electric cars are inefficient and generate only small
profits. The performance of leasing companies would increase if
they provided loans for batteries for heavier electric cars [8].
However, in response, Zhang and Rao [9] identify the
manufacturer of electric car batteries operated under leasing
contracts as companies with a high competitiveness compared to
oil companies, which are the least competitive in this respect.
Also, from the lessee's point of view, it is not recommended to
negotiate a lease on a battery for a high-weight electric car.
Jiao, Yan and Pang [10] examined the specifics of leasing
contracts for the rental of shipping containers. In this area of
leasing contracts, the amount of leasing value depends on the
prices of consumer products that are transported by specific
containers. Usually, with a larger number of leased containers,
the amount of the total lease is determined on the basis of the
average price of their contents, their number and the period for
which the transport container thus obtained will be used.
However, from the point of view of leasing companies, these
types of contracts are very specific and usually are not dealt with
by leasing companies.
In economic sectors, which have a high heterogeneity of their
consumers, Li and Xu [11] have discovered the possibility of
always offering their consumers the best possible products and
services through leasing loans. In the event that new economic
technology is modernized or developed in a given economic
sector, companies operating in this economic sector may remove
their obsolete assets by repurchasing them from a leasing
company and acquire new modernized equipment by means of a
new leasing contract.
During an economic crisis, liquidity in all markets will generally
decrease. In some markets, this decline will be more pronounced
and in some less so. In the area of non-bank consumer loans,
however, liquidity is declining very noticeably. The collapse in
the securities market causes that leasing companies do not have
enough capital to meet the demand for non-bank loans of all
applicants. The decline in liquidity in the automotive industry is
also closely linked to this. By contrast, banking institutions
usually broaden their loan offers in times of economic crisis
[12]. In times of economic crisis, there are more and more cases
where other companies enter into leasing agreements with
leasing companies to acquire current and highly liquid assets.
These companies thus supplement or completely replace bank
loans for their operations during this period [13].
It is also very interesting to account for leasing liabilities in
companies that use leasing loans. Svoboda dealt with this topic
in the Czech Republic. According to him, a leasing loan may be
incorrectly recorded in the company's accounts on the basis of a
subjective perception of this source of liabilities [14].
He also analysed small and medium-sized enterprises and their
views on the accounting for this type of liability. According to
small and medium-sized enterprises operating in the Czech
Republic and using leasing loans, the asset and the liability
should be reported in one aggregate amount and the decrease in
the liability and amortization of the asset should be assessed
separately. The best solution for changes in estimates is to use
the historical incremental interest rate [15].
The EVA indicator began to become known to the economic
community at the moment when individual market participants
began to focus on the future value of their business activities.
The EVA indicator can be used to estimate a specific type of
economic profit, which states that in order to achieve real profits,
it is necessary not only for the company to earn sufficient profit
to cover the company's operating costs, but also to cover capital
costs [16]. The EVA indicator has also found its application in
the government sector of some countries. It has also replaced the
return on equity (ROE), especially in the private sector [17].
Gupta and Sikarwar [18] found by applying regression models
that the EVA indicator has great potential to supplement
information on the financial health of the business unit even after
the application of traditional economic indicators. This increase
in information is also a very valuable source of information for
investors and shareholders. The equation of the EVA valuation
model took its form under the assumption of a constant required
return and a constant return on equity. According to Beher [19],
however, the required rate of return never remains constant.
However, it was confirmed that the EVA valuation model can be
implemented even when the required yield changes. Gralucci,
Iazzolino, Laise and Migliano [20] examined the link between
the Value Added Intellectual Coefficient (VAIC) and EVA. The
results of the correlation analysis suggest that EVA and VAIC
have no significant relationships. According to other tests
performed, it was found that EVA is a valuable indicator for
company managers. It was recommended to use more
multicriteria methods to correctly determine a company's
performance.
The EVA indicator itself has two basic forms (versions), while
the EVA indicator in the EVA entity variant serves as an
informational piece of data for business owners [21]. For the
conditions of the Czech Republic, Neumaier and Neumaierová
[22] compiled the EVA indicator in the variant of EVA equity,
which serves as an informational piece of data on a company's
ability to create value for creditors and existing and potential
investors.
Machová and Vrbka [23] also used, for example, the EVA
indicator as the main evaluation parameter of company value to
determine the value generators of companies operating in one of
the sectors that are key to the economy and production of most
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