Evaluation of the Influence of the Financial Architecture of Business on Its Value

This paper examines the financial architecture of Russian companies in order to assess the impact of its components on business value. The financial architecture of the business as a dynamic system of interrelated characteristics determines the qualitative features of the financial activities of the organization. According to the concept proposed by S. Meyers, the components of the financial architecture include capital structure, ownership structure and corporate governance. According to 53 companies for the period 2013-2015 a regression model was constructed to assess the impact of the financial architecture on the company's value expressed through the Q-Tobin indicator. According to the results of the analysis of the model, the following conclusions are made: high concentration of ownership, increase in the share of the state in the ownership structure, the number of members of the Board of Directors negatively affects the value of the company. The growing independence of the Board of Directors improves the quality of corporate governance and leads to an increase in value. The capital structure has a positive effect on the value of the company. The results allow us to set the direction for Russian companies, which are seeking to strengthen their positions and improve corporate efficiency. It is possible to achieve improvements of corporate strategies taking into account the following recommendations: increase of the proportion of independent members in the Board of Directors, optimization of the Board of Directors, revision of distribution of shares among the shareholders, limiting the share of state ownership will have a positive effect on the value of the business.