我国国库现金管理的理论分析与实践探讨

Theoretical Analysis and Practical Discussion of China's State Treasury Cash Management

随着我国国库集中收付管理制度改革的深化,国库现金余额整体呈现出稳步、快速增长趋势。根据2000-2014年国库现金的月度数据,建立扩展鲍莫尔模型,进而对中国国库最优现金余额进行估计。结果表明:我国最优国库现金余额呈逐年微幅上升特征,并且我国国库最优现金余额平均水平在1018.51亿元至2614.99亿元之间。因此,为了减少国库现金余额,使库款稳定在一个合理的范围,就要充分借鉴国际经验,加大国库现金管理力度。

Along with the deepening of the reform of the state treasury centralized cash management system in China, the statetreasury cash balance as a whole has presented a steady and rapid growth trend. According to the monthly data of the state treasurycash from 2000 to 2014, the paper sets up the extended Baumol model, and then estimates China5 s optimum cash balance of the statetreasury. Results show that the optimal state treasury cash balances has taken on the increasing trend in a small-scale degree year byyear in China and the optimum state treasury cash balance has averaged between $101.851 billion and $261.499 billion. Therefore, inorder to reduce the state treasury cash balance and make the cash balance at a reasonable scope, the international experience should befully learned, and the management ofthe state treasury cash should be intensified.