Sergiy Bardash, Alexander Petruk, Tatiana Osadcha


Research of issues related to financial leasing has occupied a prominent
position in economic science since the mid-20th century in countries with market economies due to the growing role of financial capital and formation of the stock market.
Due to its significance, the concept of financial rent was investigated in the context of the development of neoclassical economic theory, its modern modifications, as well as the management theory. Some issues of financial rent were developed within the classical
theory - the concept of ideal capital markets. The issues of the nature and types of financial rent are covered from the standpoint of financial mathematics. Some scientists believe that financial rent is a type of economic rent, so it should be reflected in the accounting.
Inadequate attention to rent significantly increases the risk of an uncertain estimate of the financial condition of enterprises, and affects the objectivity and efficiency of making managerial decisions. As a result, there is a need for the development of theoretical and methodological, organizational and practical provisions of rent accounting, which will allow forming comprehensive and reliable information for management of a business entity. The purpose of the research consists in the development of recommendations for the reflection of financial rent in the accounting system, the achievement of which has been accomplished by solving the tasks: determination of significant differences in understanding of financial rent in the theory of finance and rent in economic theory; identification of the type of resource that will produce financial rent; formulation of approaches to its valuation and accounting. The methodological basis of the research consists in the historical and logical method used to research rent by financial science and economic theory. The dialectical method and comparative analysis have been used to identify significant differences in the rent definition, formed at different stages of the development of economic relations, as well as the concepts of "corporate finance", "financial resources" and "financial instruments". Methods of analysis, synthesis, induction, deduction, abstraction, idealization and generalization are used to identify the resource that forms financial rent, as well as to provide recommendations for its valuation and accounting. It is established that the concept of financial rent in financial science is not correlated with the concept of economic rent, but it is worth considering financial rent as an excess profit that should be reflected in the information system to ensure the effectiveness of further management decisions. The identification of the financial resources for the purposes of their accounting allowed determining the type of financial instruments, as well as operations that will form financial rent. The author's approaches to the recognition of financial rent as an object of accounting are presented, and the organizational and methodical provisions of the accounting of financial rent are developed, in particular, the procedure for determining the amount of financial rent and the order of its reflection at the accounts, depending on the sources of its formation, is proposed. The practical significance consists in increase of the informativeness of the accounting system for management personnel with the object of enterprise performance management. Significance / originality. The main advantage of the research is to prove the need for consideration of financial rent as an economic rent with its subsequent reflection at the accounts.


financial rent; corporate finance; financial resources; financial instrument; accounting of financial rent

Full Text:



Altamuro, J., Johnston, R., Pandit, S., & Zhang, H. (2014). Operating leases and credit assessments. Contemporary Accounting Research.

Barone, E., Birt, J., & Moya, S. (2014). Lease Accounting: A Review of Recent Literature, Accounting in Europe, 11(1), 35-54.

Bodnar, O. V. (2017). Rent in the System of Value Concepts // Scientific Bulletin of Kherson State University. Series “Economic Sciences”. Edition 23. P. 65-69.

Beattie, V., Goodacre, A., & Thomson, S. J. (2006). International lease-accounting reform and economic consequences: The views of UK users and preparers. The International Journal of Accounting, 41(1), 75–103.

Bennett, B., & Bradbury, M. (2003). Capitalizing non-cancelable operating leases. Journal of International Financial Management and Accounting, 14(2), 101–114.

Brigham, E. F. (1997). Fundamentals of Financial Management - Kyiv: KP “VAZAKO”, “MOLOD”, p.1000

Buchanan, J. M., Tollison, R. D. & Tullock, G. (1980). Rent Seeking and Profit Seeking // Toward a Theory of the Rent Seeking Society – College Station: Texas A&M University Press, Series 4, P. 3-15.

Burenin, A. N.(1998). Market of Securities and Derivative Financial Instruments: Tutorial - Moscow: 1 Federal Bookstore Company, p. 352

Chesnokov, V. L. (2008). Financial Instruments: Tutorial. - Kyiv: Center of Scientific Literature, 288 p.

Chetyrkin, E. M. (1992). Methods of Financial and Commercial Calculations / Moscow: Delo, “BusinessRech”, p. 320

Dankevych, A. P. (2009). Financial instruments: Peculiarities of Definition, Classification and Circulation // Scientific Papers NDFI. No. 1 (46), 64-74.

Danylina, S. O. (2014). Financial Capital Under the Conditions of Globalization // Formation of a market economy: Collection of research papers – Kyiv, KNEU, No.31, pp. 246-253

Dean, A. (2000). Worcester, Revision of the Theory of Rent. Eited by V.M. Galperin; Trans. from English // The Milestones of Economic Thought. - St. Petersburg - (Library of the “School of Economics”, Edition 27), ToR. Markets of Production Factors. – p. 356-385.

Deschermeier, P., Haas, H., Hude, M., & Voigtländer, M. (2016). A first analysis of the new German rent regulation. International Journal of Housing Policy, 16(3), 293-315.

Dhaliwal, D., Lee, H. S. G., & Neamtiu, M. (2011). The impact of operating leases on firm financial and operating risk. Journal of Accounting Auditing & Finance, 26(2), 151–197.

Dzwigol, H., & Wolniak, R. (2018). Controlling w procesie zarządzania chemicznym przedsiębiorstwem produkcyjnym [Controlling in the management process of a chemical industry production company]. Przemysl Chemiczny, 97(7), 1114—1116.

Dzwigol, H., & Dźwigoł-Barosz, M. (2018). Scientific Research Methodology in Management Sciences. Financial and Credit Activity: Problems of Theory and Practice, 2(25), 424-437.

Dźwigoł, H. (2018). Współczesne procesy badawcze w naukach o zarządzaniu. Uwarunkowania metodyczne i metodologiczne. Warszawa: Wydawnictwo Naukowe PWN. [in Polish].

Dźwigoł, H. (2016a). Menedżer do zadań specjalnych. Zeszyty Naukowe Politechniki Śląskiej, Organizacja i Zarządzanie, 89, 95-106

Dźwigoł, H. (2016b). Modelling of restructuring process. Zeszyty Naukowe Politechniki Śląskiej, Organizacja i Zarządzanie, 99, 89-106

Dźwigoł, H. (2015a). Warsztat badawczy w naukach o zarządzaniu. Zeszyty Naukowe Politechniki Śląskiej, Organizacja i Zarządzanie, 83, 133-142

Dźwigoł, H. (2015). Business Management. Oxford: Alpha Science International Ltd.

Dźwigoł, H. (2015c). Założenia do budowy metodyki badawczej. Zeszyty Naukowe Politechniki Śląskiej, Organizacja i Zarządzanie, 78, 99-116

Dźwigoł, H. (2013). Zarządzanie przedsiębiorstwem w warunkach XXI wieku. Gliwice: Wydawnictwo Politechniki Śląskiej. [in Polish].

Dźwigoł, H. (2010). Podejście systemowe w procesie restrukturyzacji przedsiębiorstwa. Gliwice: Wydawnictwo Politechniki Śląskiej

Dźwigoł, H. (2009). Model restrukturyzacji organizacyjnej przedsiębiorstwa górniczego. Organizacja i Zarządzanie: Kwartalnik Naukowy, 2(6), 25-43. [in Polish].

Dźwigoł, H. (2005). Projektowanie modelu organizacyjnego przedsiębiorstwa przyszłości. In J. Pyka (Ed.), Nowoczesność przemysłu i usług. Współczesne koncepcje i metody zarządzania przedsiębiorstwami (pp. 239-249). Katowice: Towarzystwo Naukowe Organizacji i Kierownictwa

Dźwigoł, H. (2004). Zmiana jako warunek restrukturyzacji przedsiębiorstwa. Wiadomości Górnicze, 4, 171-172

Dźwigoł, H. (2003a). Zarządzanie procesami marketingu i sprzedaży. Organizacja rynku. Wiadomości Górnicze, 5, 212-215

Dźwigoł, H. (2003). Controlling jako instrument wspomagający zarządzanie przedsiębiorstwem w procesie zmian. Wiadomości Górnicze, 11, 488-495.

Economic Encyclopedic Dictionary (2005). Volume 2 T. 1 / Edited by S.V. Mocherny - Lviv: Svit, p. 616

Economic theory (2004). Edited by J. Eatwell, M. Migleyt, P. Newman: Trans. from English / Sci. Ed. Corr. Member of RAS V.S. Avtonomov - Moscow: INFRA-M, p. 931

Fedotov, A. M. Finansovaya renta: gipoteticheskiy simvol ili neobkhodimyy element ekonomicheskoy sistemy. [Financial rent: a hypothetical symbol or a necessary element of the economic system?]. Retrieved from:

Feldman, A. B. (2012). Financial rent - The Preferred Method of Accumulation of Wealth in the Postindustrial World // Property relations in the Russian Federation, No. 6 (129). Pp. 99-105.

Feldman, A. B. (2003). Derivative Financial and Commodity Instruments - Moscow: Ekonomika, p. 241

Financial Management (2002). Tutorial/ Edited by prof. G.G. Kireytsev - Kyiv: Center of Educational Literature, p.495

Grazhevska, A. (2015). Structure and Characteristics of the System of Modern Rental Relations // Bulletin of the National Taras Shevchenko University. Economics. 11 (176), pp. 13-16.

Hayduk, I. O. Classification of financial resources of the enterprise. Retrieved from:

Hudz, O. E. (2007). Financial Resources of Agricultural Enterprises: Monograph - Kyiv: NSC IAE, p. 578

Katan, L. I. & Sidorenko, A. I. Finansovi resursy pidpryiemstva ta osoblyvosti yikh formuvannia [Financial Resources of the Enterprise and Peculiarities of Their Formation] // Effective economy. Retrieved from:

Kravtsova, A. M. (2008). Mekhanizm formuvannia ta efektyvnoho vykorystannia finansovykh resursiv mashynobudivnoho pidpryiemstva: avtoref. dys. na zdobuttia nauk. stupenia kand. ekon. nauk: [Mechanism of formation and effective use of financial resources of machine-building enterprise: author's abstract for obtaining a degree of Candidate of Economic Sciences: 08.00.04 – “Economics and management of enterprises (mechanical engineering)”, Khmelnitsky, p. 21 - Retrieved from:

Krueger, A. O. (1974). The Political Economy of the rent-Seeking Society // American Economic Review. – Vol. 64, N 3. P. 291-303.

Leos, O. & Koval, I. (2013). Mechanisms of Formation of Financial Resources of Enterprises // State Administration and Local Self-Government, No. 1 (16). P. 119-122.

Lukashyn, Y. P. (2004). Financial Mathematics: Textbook / Moscow: MFPA, p. 81

Malykhin, V. I. (2003). Financial Mathematics / Moscow: YUNITI - Dana, p. 237

Marshall, A. (2007). Fundamentals of Economic Science / Foreword by J.M. Keynes; Trans. from English. V.I. Bomkina, V.T. Rysina, R.I. Stolper. - Moscow: Eksimo, p. 832

Maslovska, L. (2009). Optimization of the Structure of Financial Resources of Agricultural Enterprises // Economics of the Agroindustrial Complex. – No.10., P. 65-69.

Menshykov, S. (2004). Profitability and Rents // Economic Strategies. - No. 1, P. 28-31.

Marszałek-Kawa, J., Chudziński, P., & Miśkiewicz, R. (2018). Gospodarka globalna w świetle wyzwań Industry 4.0 [Global Economy in the Light of Industry 4.0 Challenges]. Toruń: Wydawnictwo Adam Marszalek. [in Polish].

Miskiewicz, R. (2018a). Transparency in Knowledge Transfer Processes in an Enterprise. Przegląd Organizacji, 8, 10-17

Miśkiewicz, R. (2018b). The Importance of Knowledge Transfer on the Energy Market. Polityka Energetyczna, 21(2), 49-62.

Miśkiewicz, R. (2018c). Public Transportation and Electromobility in Polish and Community Laws. Problemy Transportu i Logistyki, 4(44), 63-71.

Miskiewicz, R. (2017a). Organisational Structure in the Process of Integration on the Example of Iron and Steel Industry Enterprises in Poland. Warsaw: Difin S.A.

Miskiewicz, R. (2017b). Piony scalone a struktury organizacyjne wybranych przedsiębiorstw hutniczych [Consolidated Divisions and Organizational Structures of Selected Metallurgical Enterprises]. Zeszyty Naukowe. Organizacja i Zarządzanie, 108, 285-296. [in Polish].

Miskiewicz, R. (2017c). Mergers and Acquisitions: Selected Epistemological Aspects. Economic Herald of the Donbass, 4(50), 147-153.

Miskiewicz, R. (2017d). Fuzje i przejęcia przedsiębiorstw hutniczych w gospodarce globalnej [Mergers and Acquisitions of Metallurgical Enterprises in the Global Economy]. Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu, 76(5), 95-105. [in Polish].

Miskiewicz, R. (2017e). Knowledge in the Process of Enterprise Acquisition. Progress in Economic Sciences, 4, 415-432.

Miskiewicz, R. (2017f ). Knowledge Transfer in Merger and Acquisition Processes in the Metallurgical Industry. Warsaw: PWN

Miśkiewicz, R. (2016). Problem oceny struktur organizacyjnych w kontekście ich podobieństwa [Assessing the Problem of Organisational Structures in the Context of Their Similarities]. Organizacja i Zarządzanie : kwartalnik naukowy, 1, 83-99

Miśkiewicz, R. (2012). Zróżnicowanie struktur organizacyjnych ze względu na układ pionów scalonych na przykładzie przedsiębiorstw hutniczych [Diversification of Organizational Structures due to the Layout of Integrated Divisions on the Example of Steel Companies]. Hutnik, Wiadomości Hutnicze, 79(10), 760-766. [in Polish]

Miśkiewicz, R. (2009). Wykorzystanie podobieństwa struktur organizacyjnych w procesie przekształcania organizacji przedsiębiorstw [The Utilization of Organizations Structure Similarity in a Process of Company Organization Transformation Process]. Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie, 1(12), 77-87

Miśkiewicz, R. (2007). Taksonomia jako narzędzie ocen struktur organizacyjnych przedsiębiorstw hutniczych [Taxonomic as a Tool in Estimation of Organizational Structures for Metallurgical Companies]. Hutnik, Wiadomości Hutnicze, 74(3), 151-154

Mizhnarodni standarty finansovoi zvitnosti [International Financial Reporting Standards] [Electronic Resource]. Retrieved from:

Nedilska, L. V. (2009). Financial Resources as an Economic Category // Bulletin of ZNAMEU. – No.2, Volume 2, P. 261-269.

Okuneva, L. P. (1980). Financial Resources of the Bourgeois State // Finances of the USSR, P. 63-75

Oparin, V. M. (2002). Finance (General Theory): Tutorial, 2nd edition, revised edition / KNEU, p. 240

Osadcha, T. S. (2016). Methodology of Accounting and Rent Analysis: Monograph. Zhytomyr: PE “Ruta”, p. 292

Partin, G. O. & Zagorodniy, A. G. (2003). Financial Enterprises: Tutorial / Lviv: LBI NBU, p. 265

Pavlyuk, K. V. (1997). Financial Resources of the State: Monograph / Kyiv: NIOS, p. 228

Petrakov, Y. V. (2016). Financial Instruments: Essence and Classification // Scientific Bulletin of Polissya No.3 (7), P. 235-241.

Petruk, O. M., Osadcha, T. S. & Novak, O. S. (2016). The Concept of Financial Rents in Applied Economic Sciences // WSPÓŁPRACA EUROPEJSKA NO. 8 (15) 2016 / EUROPEAN COOPERATION Vol. 8 (15), P. 217-229.

Petty, V. (1940). Economic and Statistical Robots / Moscow: State Social and Economic Publishing House, p. 324

Pikalova, N. O. & Bobyr, O. I. Economic Essence of Financial Resources of the Enterprise. Retrieved from:

Podderiogin, A. M., Bilyk, M. D. & Buryak, L. D. (2008). Finances of Enterprises: Textbook. Chair of the authors’ collective and science editor prof. A. M. Podderiogin - 7th edition, unchanged. - Kyiv: KNEU, p. 552

Polozhennia (standart) bukhhalterskoho obliku 13 «Finansovi instrumenty» [Regulation (Standard) of Accounting 13 “Financial Instruments”]. Retrieved from: z1050-01.

Razovsky, Y. V. (1995). Mining and Other Types of Rent (Classification) // Mining Information and Analytical Bulletin (Scientific and Technical Journal). No. 2, pp. 115-119

Ricardo, D. (1955). The Beginning of Political Economy and Taxation / Edited by M. Smith - Moscow: State Publishing House of Political Literature, Volume 1. – p. 360

Robert, N. H. (1993). Fundamentals of Financial Management / Trans. from English. – Moscow: Delo, p. 128

Skrypnyk, M. I., Hrygorevska, O. O. & Taran, V. I. (2016). Finansovi resursy yak obiekt bukhhalterskoho obliku: neobkhidnist vyznachennia [Financial Resources as an Object of Accounting: the Need for Determination] // Effective Economics, No. 5. Retrieved from:

Smith, A. (2007). Study on the Nature and Causes of Wealth of Peoples / A. Smith; [trans. from English; foreword by V.S. Afanasyeva]. - Moscow: Eksimo, pp. 960

Sychov, N. G. (1984). Finances and Statistics / Moscow: Finances of the USSR, p. 250

Toftul, M. G. (1999). A Guide for Students of Higher Educational Institutions / Kyiv: Publishing Center “Akademiya”, pp. 336

Tullock, G. (1988). Rents and Rent Seeking // The Political Economy of Rent Seeking / Eds. Be C. Rowley, R. Tollison, G. Tullock. Boston

Tullock, G. (1967). The Welfare Cost of Tariffs, Monopolies, and Theft // Western Economic Journal. Vol. 5., Р. 224-232.

Van Horn, D. S. & Vakhovych, D. N. (2008). Fundamentals of Financial Management / 12th edition: Trans. from English - Moscow: “I.D. Williame” LLC. p.1232

Yan, A. (2006). Leasing and debt financing: substitutes or complements?, Journal of Financial Quantitative Analysis, 41(3), 709–731.

Vasylyk, O. D. (2001). Theory of Finance. Kyiv: NIOS, p. 416

Yaroshevych, N. B. (2012). Business Finance: Tutorial / Kyiv: Znannia, p. 341

Yukhymenko, P. I., Fedosov, V. M. & Lazebnyk, L. L. (2010). Theory of Finance: Textbook / Edited by prof. V.M. Fedosov, S.I. Yuriy - Kyiv: Center for Educational Literature, p. 576

Zelesko, I. M. (2012). Financial Resources of Integrative Agrarian Formations in the Modern Dimension: [Monograph] / Kyiv: NSC IAE, p. 451


  • There are currently no refbacks.

Copyright (c) 2019 Sergiy Bardash, Alexander Petruk, Tatiana Osadcha

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

ISSN (Print) : 2449-7320

ISSN (Online) : 2449-8726