Abstract:
The loopholes and shortcomings of China's current government cash management system has become an important hidden-peril which threatens the safety and performance of public money. It is in urgent need of locking the standard TSA(Treasury single account) and two nonstop payments –the direct payment to the TSA and the direct payment by the TSA to beneficiary, to further optimize the system in four key aspects: the framework of accountability, the daily centralization of cash balance and transaction records, the arrangement of bank and the structure of account, the supporting mechanism. The agenda of the reform should focus on the four priorities: to completely abolish and strictly limit such transitional accounts as special financial accounts, to replace the advances-liquidation mode with the direct payment by the TSA, to establish the internal control process of monitoring the real-time cash flow cycle, one-by-one and through the whole course, to construct the information disclosure mechanism of the cash management performance. These efforts should be taken as the core of public budget reform, which aims at eliminating the basic fragility, and be combined with the efforts of strengthening the financial regulation of central bank and improving the monetary policy.
王雍君. 政府现金管理系统的优化设计:中国的差距与努力方向[J]. 金融研究, 2016, 428(2): 189-197.
WANG Yongjun. The Optimal Design of Government Cash Management System: The Gap and Direction of Efforts. Journal of Financial Research, 2016, 428(2): 189-197.
IFAC Public Sector Committee.2001.“Governance in the Public Sector: A Governing Body Perspective”, International Public Sector Study 13.
[3]
Jerome. M,Gabriele.P,2013, “The Opportunity Cost of Public Funds: Concepts and Issues”, Public Budgeting & Finance, 33(3):96~114.
[4]
Jones Rowan.2007.“Financial Accounting and Reporting”. Edited by Anwar Shar. Local Public Financial Management. The World Bank. Washington, D.C. pp.7~32.
[5]
Larson M.Corinne.2007. “Local Government Cash Management”. Edited by Anwar Shar. Local Public Financial Management. The World Bank. Washington, D.C. pp.33~68.
[6]
Mikesell John L. and Daniel R Mullins,2011, “Reforms for Improved Efficiency in Public Budgeting and Finance: Improvements, Disappointments, and Work-in-Progress”. Public Budgeting& Finance, 31(4):1~30.
[7]
Schiavo-Campo Salvator and Daniel Tommasi.1999. “Managing Government Expenditure”. Asian Development Bank. pp.184.
[8]
Ter-Minassian Teresa, Pedro P.Parente, and Pedro Martinez-Mendez.1995.“Setting Up a Treasury in Economies in Transition”. IMF.
[9]
Wilson,Earl R.2010.“Accounting for Governmental and Nonprofit Entities”. Fifteenth edition. McGraw-HILL/Irwin. New York.
