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1、外文文献原稿和译文原 稿Major changes of corporate treasury management policies have been in the past few decades. Treasury management has gradually taken up more and more responsibilities. In the 1960s treasury-related tasks entailed purely routine work in what was no more than an ancillary function as a centr
2、alising cash management unit linked to administrative tasks. In the 1970s the first significant changes began to take place as the economic environment was hit by recession, which favoured the emergence of new shortterm monetary policy instruments and the first hints of deregulation of financial mar
3、kets, but treasury management was still restricted to the obtaining of funding, the management of payments and collections and the maintenance of bank balance positions. It was not until the 1980s that it became integrated into general corporate management and finally outgrew its purely administrati
4、ve function linked to the accounting department. Treasury functions began to be based essentially on a financial cash management or liquidity management perspective. More recent advances have favoured the development of new treasury management functions, and increased the importance of treasury depa
5、rtments within companies. In this way, now the techniques and instruments required for optimum development are available.The functions now linked to treasury management extend beyond the mere control of monetary flows and positions. Exchange-rate and interest-rate volatility in the wake of the inter
6、nationalisation and deregulation of currency markets, the need to increase control of credit risk in increasingly competitive markets and the appearance of new financial instruments have forced treasury management to become more forecast-based in its actions, with more emphasis on the management of
7、investments, treasury deficits and different financial risks. Basic responsibilities of treasury departments will be those tasks that enable companies to use the techniques and information needed to minimise the financial costs of resources and maximise returns on cash surpluses, thus providing them
8、 with the necessary treasury funding in the desired currency at the appropriate time, as argued by Lopez and others.In the terminology of cash management literature this term brings together various functions associated with short-term financial flow management: liquidity management, banking managem
9、ent,management of treasury surpluses and deficits and financial risk management; it is a broader concept than the mere management of payments and collections. In this context, our objective is to provide empirical evidence for the definition of cash management by drawing up an explanatory model. The
10、 following pages present a cash management model obtained using the technique of structural equations, which has never been used before in research analysing the factors linked to treasury management.A salient result of our model is that the management of payments and collections and treasury foreca
11、sts are the functions to which the companies surveyed attach most importance. These are the functions that have traditionally been most closely linked with treasury management, though others which have been incorporated more recently, such as management of bank balances at value date,management of r
12、elationships with banks, management of treasury deficit funding and management of treasury surpluses, are all also highly rated by companies.Cash management can be seen from two different perspectives depending on how many responsibilities it includes: treasury management (or basic cash management)
13、and advanced cash management. Specifically, treasury management handles actual cash management at companies, and one of its main functions is to establish the optimum cash level so that payments can be made and received as necessary for the proper operation of the company. The second concept include
14、s not only treasury management but also other tasks such as treasury forecasting, negotiation and establishment of relationships with financial institutions and financial risk management.Pindado argues that basic cash management refers to that part of the working capital that makes up the optimal le
15、vel needed by a company treasury. However, if the profit opportunities available in the process of cash flow creation are to be maximised, this scope must be broadened to take in more operational decisions, since optimum cash levels are influenced by other factors outside the restrictive concept of
16、treasury. Linking these concepts with the concepts of monetary theory reveals that the initial reasons for cash management were transaction and precaution, and those reasons were then joined by speculation, taking it closer to the overall concept of treasury management in the broad sense of the term
17、.MethodologyFactor analysis was used to develop a model that can explain cash management. First of all,exploratory factor analysis was used to define constructs by the inductive approach, and thus to deduce theoretical models. Secondly, confirmatory factor analysis was used to show the validity of t
18、he constructs arising from those deductions. To validate the model and make it more robust, the sample was also subdivided randomly into two, with exploratory factor analysis then being applied to one of the subsamples and confirmatory analysis to the other. This method was applied to various splits
19、 of the original sample, with the argument that if it fitted in all of them, the scales of the model obtained would be validated. Confirming the model both inductively and deductively for different selections from the same population ensures that the measuring process is free from any systematic err
20、or.Structural equations have not previously been used in research to analyse factors linked to cash management. The structural equations method can be used to construct unobserved variables that define and statistically validate the theoretical concepts studied, reasoned and explained by researchers
21、: in this case the responsibilities of cash management.Descriptive AnalysisTreasurers or treasury managers undertake various tasks in all areas of cash management, such as management of payments made and received, monitoring of liquidity of banking operations, short-term treasury forecasts, manageme
22、nt of account balances at value dates, negotiation with banks,management of treasury deficit funding, management of treasury peaks and management of interest and exchange rate risks.Monitoring and optimisation of the circuit of payments received is the variable that scores highest among the firms su
23、rveyed, possibly because it brings together management functions concerned with the main payments received by firms, on which their survival depends. The preparation of treasury forecasts obtains the second highest score on average, mainly because proper treasury management must be based on knowledg
24、e of future positions. The responsibilities which obtained the lowest score are coverage of interest rate risk and exchange-rate risk, but some firms are unaware of these functions and others find them of little relevance due to the low degree of influence of such risks on their financial activities
25、.In general, the remaining responsibilities obtain high scores.None of them stands out from the rest. The responsibilities in question are day-to-day control of banking position, monitoring of banking positions at value date, establishment of an optimum cash level, optimisation of liquidity, and mon
26、itoring and optimisation of the purchase-payment circuit.Other responsibilities include minimisation of costs of short-term borrowing required to cover treasury deficits and maximisation of returns on treasury surpluses.In short, all treasury management responsibilities obtain high scores except cov
27、erage of financial risks. Particularly high scores are obtained by management of payments for payments received, due to its importance for the survival of firms, and by management of treasury forecasts as a way of obtaining advanced information on movements of available liquid assets.Explanatory Mod
28、elFactor analysis was used to develop a model capable of explaining cash management and showing the results arising from its use. To define the construct used in the explanatory model, which cannot be observed directly in actual businesses, exploratory factor analysis was used first on a subsample,f
29、ollowed by confirmatory analysis on another, different subsample, to make the model more robust.Exploratory Factorial AnalysisExploratory factorial analysis is applied to a randomly selected subsample. An examination of this table reveals that the correlations between the variables used are still su
30、fficiently high to justify the application of a factorial analysis of principal components.The results of the exploratory analysis show that the eleven variables concerned with treasury management responsibilities can be grouped into two components with only minimal information loss.Basic cash manag
31、ement, which includes three levels: liquidity management (short-term treasury forecasts, at least monthly, establishment of an optimum cash level, optimisation of liquidity), operational management (monitoring and optimisation of the purchase-payment circuit, monitoring and optimisation of the sales
32、-cash circuit), and banking management (monitoring of banking positions at the value date, day-to-day control of banking positions).Advanced cash management, which also includes three levels: investment management (maximisation of returns on treasury surpluses), financial management (minimisation of
33、 costs of short-term borrowing), and risk management (coverage of interest-rate risk, coverage of exchange-rate risk).Confirmatory Factorial AnalysisConfirmatory factor analysis is then applied to different subsamples to produce a valid, reliable scale for measuring this factor.Using statistical tec
34、hniques from a convergent perspective, the present study aims to provide evidence of the existence of a single underlying concept that can explain cash management sufficiently well to bring together the variables in the scale considered overall. To obtain a valid, reliable scale capable of expressin
35、g the concept of treasury management, the internal consistency of the model is checked using reliability techniques (Cronbachs alpha, composite reliability and extracted variance),convergent validity and discriminant validity of factors.The model reflects the idea that treasury management comprises
36、basic cash management and advanced cash management. Basic cash management includes the constructs for liquidity management, operational management and banking management. Advanced cash management includes those for investment management, financial management and management of financial risk coverage
37、. The theoretical concept underlying this model is supported by the opinions of the treasury managerssurveyed, who understand cash management as including not just liquidity management tasks but also others such as management of payments made and received, forecast management, banking management, in
38、vestment management, financial management and financial risk management.译 文企业资金管理政策在过去的几十年发生了主要变化。国库管理已逐步占据越来越多的责任。在20世纪60年代，金库有关牵涉纯粹例程没有什么比作为现金管理与集中管理任务的单位辅助功能更多的工作任务。在20世纪70年代的第一个重大的变化开始发生，随着经济环境的衰退，这有利于新的短期货币政策工具和金融市场放松管制的第一个线索出现冲击，但资金管理仍仅限于取得资金的支付和收款和银行存款余额的立场维护管理。但直到20世纪80年代，它才纳入一般企业管理，终于成为超出单纯
39、的行政职能增长链接到会计部门。财务职能开始在主要依据财务现金管理或流动性管理的角度。最近的进步有利于新的财务管理功能的开发，并增加了财政部门在公司的重要性。通过这种方式，现在最佳发展所需要的技术和手段成为可能。现在的职能与财政国库管理延伸超出了单纯控制货币现在的职能与财政国库管理延伸超出了单纯的货币流通和位置控制。汇率和利率在货币市场国际化和放松管制之后的波动，需要增加的信贷风险在日益竞争的市场和新的金融工具的出现，迫使资金管理控制变得更加的预测为基础的其行动，与更多的投资，财政赤字和国债不同的金融风险管理的重点。国库部门的基本职责将这些任务，使企业能够利用技术和信息资源的需要，尽量减少财务费
40、用及现金盈余收益最大化，从而为在国债所需的货币必要在适当的时候他们的资金，作为辩称洛佩斯等。在现金管理文学这个名词术语汇集了短期资金流动的管理相关的各种功能：流动性管理，银行管理，盈余和赤字国债和金融风险管理的管理，它是一种比单纯的支付管理更广泛的概念和集合。在此背景下，我们的目标是提供的现金管理的定义，拟订了一项解释性模型的实证证据。以下页面目前的现金管理模式得到利用结构方程，这在以前从来没有研究分析与资金管理使用的技术因素。我们的模型的一个显着的结果是，支付和收款和财政部预测，管理的职能，这是受访企业最重视的重要性。这些是历来最密切的联系与资金管理，但其他功能已被纳入最近，如银行结余管理的
41、交割日，与银行的关系，管理国库赤字和国债资金管理盈余管理，都是由公司还高度评价。现金管理可以从两个不同的角度取决于有多少责任，它包括：库存管理（或基本现金管理）和先进的现金管理。具体来说，在处理公司财务管理的实际现金管理，其主要职能之一是建立最佳水平，使现金支付，可并在必要时获得了该公司的正常运作。第二个概念不仅包括财务管理，而且，如财政部预测，谈判以及与金融机构和金融风险管理关系的建立等任务。Pindado认为，基本现金管理是指对工作的资本，弥补了最佳水平由公司库房需要的一部分。但是，如果获利机会的创造过程中可用现金流将被最大化，这个范围必须扩大，以采取更具有操作性的决策，因为最佳现金水平是
42、由外部的“金库“限制性观念等因素的影响。连结与货币理论的概念这些概念表明，现金管理的初始原因是交易和防范措施，以及这些原因，然后加入了投机活动，把它更接近国库管理在广义上的总体概念。方法论因子分析是用来建立一个模型，可以解释现金管理。首先，探索性因素分析法归纳法定义的结构，从而推断的理论模型。其次，验证性因素分析的方法证明了该构造从这些扣除所产生的有效性。为了验证该模型，使之更加强劲，还细分样本随机分成两组，然后与正在探索性因素分析应用到子样本和验证分析，以另一种。该方法适用于各种分裂原样品，参数，如果在所有这些装，所得到的模型的尺度将是验证。确认可以从同一人群不同的选择模型电感和演绎都保证了
43、测量过程是任何有系统的错误。结构方程以前没有被用于研究，分析与现金管理的因素。结构方程的方法可以用来构建不可观测的变量定义和统计验证研究理论概念，理性的研究者解释说：在这种情况下，现金管理的责任。描述性分析财务主管或国库经理承担在所有领域，如现金管理的提出和收到的款项的管理，各项工作任务，对银行业务，短期国债的预测，在值日期帐户余额管理，与银行谈判，管理流动性监测赤字国债资金，国债高峰和利息和汇率风险管理的管理。监测和所收到的款项电路的优化是变量得分最高的在被调查的企业，可能是因为它汇集了收到由公司，其赖以生存上的主要支付有关管理职能。库务署的预测，平均准备第二次获得最高分，主要是因为适当的资
44、金管理必须以知识为基础的未来地位。得到的职责，是得分最低的利率风险和汇率风险保障，但一些公司不知道这些职能，别人会发现没有多大关系由于对他们的金融活动，例如他们的风险影响程度低。一般情况下，剩下的责任获得高分。他们没有脱颖而出的休息。发现有问题的职责是日常的日常银行位置控制，在交割日，某一级建立最佳现金，流动性优化和监测和购买支付优化银行业务职位职责包括监测circuit.Other最小化短期借款所需费用，以支付国库赤字，对国库的盈余回报的最大化。总之，一切国库管理职责除金融风险得到覆盖高分。特别高的分数，获得了收到的款项，由于其对企业生存的重要性，支付管理和财政部预测，管理，作为获得可供流动
45、资产变动先进的信息的方式。解释模型因子分析方法建立一个模型解释现金管理和显示结果因使用这些能力。要定义的解释模式建构，不能直接观察到，在实际业务中使用，探索性因素分析，首先使用一个子样本，再由验证性分析，不同的子样本，接着，使模型更健壮。探索性因子分析探索性因子分析是把一个随机选择的子样本。这方面的一个表检定发现，使用的变量之间的相关性仍然足够高，以证明一个主成分因子分析中的应用。探索性分析结果表明，与资金管理责任的有关十一变量可以被分为两部分只有很少的信息丢失。基本现金管理，其中包括三个层次：流动性管理（短期国债的预测，至少每月，某一级建立最佳现金，流动性优化），经营管理（监控和购买支付电路
46、，监控和优化优化对销售现金电路），和银行管理（在交割日银行业务职位的监测，日间的日常银行立场控制）。先进的现金管理，其中也包括三个层次：投资管理（国债的收益最大化盈余），财务管理（短期借款成本最小化）和风险管理（利率风险的覆盖面，覆盖面汇率风险）。验证性因子分析验证性因素分析，然后应用到不同的子样本来衡量这个因素产生一个有效的，可靠的规模。从一个角度利用统计技术融合，本研究旨在提供一个单一的基本概念，可以解释现金管理不够好汇集在考虑整体规模的变量存在的证据。要获得一个有效的，可靠的规模表达了库房管理，使用可靠性的检查技术能力的概念模型内部的一致性（信度的，复合材料的可靠性和提取方差），收敛效度和区分效度的因素。该模型反映的国库管理的概念包括基本现金管理和先进的现金管理。基本现金管理，包括对流动性管理，运营管理和银行管理结构。先进的现金管理，包括投资管理的人，财务管理，财务风险保障及管理。这个基本概念的理论模型，由接受调查的财政部管理者的意见所支持，他们认为现金管理不只是流动性管理任务，还应为包括其他诸如发出和接收款项的管理，预测管理，银行管理，投资管理，财务管理和财务风险管理。
