Науково-методичні засади формування фінансової архітектури підприємств

Abstract

Дисертаційна робота присвячена удосконаленню теоретичних засад та науково-методичних підходів до формування фінансової архітектури підприємств. У роботі на основі проведеного структурно-декомпозиційного аналізу розвинуто концептуальні засади поняття фінансова архітектура підприємства; досліджено основні теорії її формування та узгоджено їх із структурними елементами, удосконалено концептуальні засади політики управління капіталом підприємства. Проаналізовано стан та тенденції розвитку фінансового сектору України; оцінено фінансовий стан підприємств реального сектору економіки; обгрунтовано науково-методичний підхід щодо оцінки впливу стану фінансового сектору на стан та якість фінансової архітектури підприємства. Оцінено стан фінансової архітектури підприємств реального сектору економіки, розроблено та обгрунтовано науково-методичний підхід щодо визначення її якості та її впливу на ринкову позицію підприємства.

The thesis is devoted to the improvement of theoretical foundations and scientific and methodological approaches of the company's financial architecture formation. Revision of established approaches to the implementation of the financial activity of the company actualizes the study of the peculiarities of the company's financial architecture formation and determine the role of each of its elements. The main purpose of the research is to improve the scientific and methodological foundations of the formation and development of the company's financial architecture in the real sector of the economy. The application of the concept of financial architecture makes it possible to focus on the dynamic nature of the processes occurring in the financial activities of companies. In the work based on structural and decomposition analysis of the definition of "company financial architecture" conceptual bases of its providing are developed, and its main elements are defined. It is substantiated that on the background of all other elements (ownership structure, corporate governance, and financial model), the company capital structure remains the main one. The main purpose of company financial architecture formation in the work is determined to ensure the growth of the market value of the business and the growth of income of the owners of the company, as the main stakeholders. The existing theories of capital structure and concepts of financial models are systematized and harmonized with the main elements of the company's financial architecture. The conceptual principles of the company capital management policy have been improved, with the emphasis on the formation of the target capital structure, which can provide strategic development, increase the return on equity while maintaining the necessary level of financial independence and financial risk of the company. It is proved that for the formation of an effective capital management policy it is important to have good control over the formulation and execution of tasks following the set goal, which provides for determination and constant monitoring of the actual, optimal, target and strategic value of financial leverage. The main determinants that determine the target capital structure of the company are classified according to their influence on the value of financial leverage. The current state of the financial sector of the country in the context of the stock and credit markets from its influence on the state of the company financial architecture is analyzed. It has been determined that in recent years there has been a significant reduction in the size of the financial sector, which limits the access of companies to low-cost capital. It is determined that companies mainly use their sources of financing for capital investments and financing of the replenishment of current assets. A significant increase in listing requirements has restricted access to the stock market even for large companies. Restraining factors for business development are low solvency demand, insufficient financing, complexity and high cost of raising capital, high cost of lending. The structural equation modeling method was used to establish interdependence between the state of the company's financial architecture and indicators of the development of stock and credit markets. As a result, the inverse relationship between the level of stock market development and the company financial architecture is revealed, and a direct relationship between the level of stock market development and the level of credit market development. It is proved that lending not only performs the function of providing the necessary financial resources of the company but also implicitly stimulates the development of the stock market. It is established that the company's financial architecture determines not only the efficiency of the formed capital structure in terms of its owners and the consistency of their goals with the goals of the management of the company but also its market position. The scientific and methodological approach to determine the state of the company's financial architecture and the corresponding market position based on the use of cluster analysis (algorithms of Kohonen self-organized cards) is proposed. Harrington's desirability function was used to determine the integral index. The selected sample (22 companies) from the list of TOP-200 in terms of received income from sales showed a high level of ownership concentration in almost all companies, and at the same time showed that a considerable amount of assets is controlled by only a few persons, thus confirming the oligarchic structure of the Ukrainian economy. Only 5 companies were found to have high-quality financial architecture from the surveyed sample, that is, capital structure and ownership structure are consistent and optimal and provide the company with a leading market position. The proposed model has been tested for adequacy by introducing the conditionally best and conditionally worst-performing company. The generated patterns of the studied companies and the analysis of their dynamics allow performing trend forecasting, which will allow adjusting the developed financial strategy of the company.