基于国库现金最佳持有量的国库现金管理探讨-《集美大学学报》（哲社版）

文章信息/Info

Title:: A Study on Treasury Cash Management ——Based on the Optimal Cash Holdings

Author(s):: GAN Lu; (The Treasury Payment Center of Siming District, Xiamen 361004, China)

摘要:: 科学确定国库现金最佳持有量，是成功运作国库现金管理的关键。采用理论分析和实证研究相结合的方法，对比了目前常用的四种计算现金最佳持有量的模型，得出基于随机模型的国库最佳现金持有量模型。通过实际数据测算福建省某区2009—2013年国库现金最佳持有量及最佳持有区间，研究表明运用随机模型来计算国库现金最佳持有量是可行的，有利于提高预测的可操作性且管理起来更为灵活。

Abstract:: Estimating scientifically the optimal treasury cash holdings is the key to operate treasury cash management successfully. The paper combined a theoretical analysis with empirical research methods, compared four commonly used models for estimating the optimal cash holdings, and established a method based on the stochastic model. Finally, by taking as an example the financial operation of a district of Fujian, the optimal cash holdings of the district’s treasury were estimated by using the stochastic model. The study showed that using the stochastic model to estimate the optimal cash holdings of treasury was feasible. It could promote the maneuverability and flexibility of treasury cash management.