基于收益视角的地方国库现金管理最优库存模式探讨

Discussion on the Optimal Inventory Model of Local Treasury Cash Management from the Perspective of Income

本文采用理论研究和实证分析相结合的方法,从阐述西方财务管理中最佳货币资金持有量模型入手,通过比较分析选择地方国库最优库存模型;然后,结合近年来A市地方国库库存实际情况,通过Miller-Orr模型定量分析测算市级国库最优库存;最后,根据库存现金预测数据测算最优库存下的投资组合收益情况,并提出开展地方国库现金管理的思路和建议。

Firstly, this article analyzes the optimal monetary fund holdings model in western financial management, and through a comparative analysis it selects the local optimal inventory model. Secondly, combined with the actual situation of local treasury inventory in recent years, it conducts a quantitative calculation of the optimal inventory for A city municipal treasury through the Miller -Orr model. Finally, according to the forecast inventory data, it estimates the portfolio income under the optimal inventory and puts forward some ideas and suggestions for the local treasury cash management.