【管理评论】会计与财务管理｜基于现金日记账的企业现金持有量模型构建研究——以G集团为例

基于现金日记账的企业现金持有量模型构建研究——以G集团为例

Management Model Construction for Companies' Cash Holdings Based on the Cash Journal——Taking G Group as an Example

• 高金山,中国科学院大学经济与管理学院博士研究生

• 董纪昌,中国科学院大学经济与管理学院教授,博士生导师,博士

• 许健,中国科学院大学经济与管理学院副教授,硕士生导师,博士

• 张聪聪,新疆金风科技股份有限公司融资经理,硕士
  

  
  

本文首次提出利用企业的现金日记账，通过设定保证计算期内任意一天的现金余额不出现负值的最小期初值，计算得到合理现金持有量的样本值。并以G集团为例，选取该企业2013-2018年的数据，应用普通最小二乘法（OLS）实证研究公司规模、委托代理情况、管理层关系等9个因素与现金持有量的关系。结果表明，该企业集团的当期总资产利润率（ROAt）对当期现金持有量具有显著的反向相关性；前一期的总资产利润率（ROAt-1）以及管理费用/营业收入（Wt）、经营性现金流净额/总资产（Zt）对当期现金持有量具有正向影响。最后，本文提出的方法可作为资金管理者做出科学判断的基础工具，为企业现金流管理在风险把控和绩效评估方面提供科学合理的评判标准。

关键词： 合理现金持有量, 现金日记账, 现金余额, 案例分析

国家自然科学基金项目（71532013；71403260；71573244）

Enterprise cash holding management is a systematic project in which managers comprehensively consider the safety, liquidity and profitability of cash, and determine the cash holdings at any time as a whole. This paper first creatively proposes to employ the company's cash journal to calculate the sample value of reasonable cash holdings by setting the minimum opening value of the cash balance that ensures no negative value each day during the calculation period. Taking G Group as an example, the financial data and cash journal data of the company from 2013 to 2018 are selected to empirically study the relationship between the company's scale, total assets profit rate, fixed assets and asset-liability ratio asset yield, the return on net assets, the bank's liabilities, the agency status and the management relationship with the company's cash holdings. We set linear model with those variables and estimate model parameters by using the methods of ordinary least squares, from which the model parameters and the regression line itself can be estimated. The results reveal that the current group's total asset profit rate ROAt has a significant inverse correlation with the current cash holdings. In addition, the previous total asset profit rate ROAt-1,the ratio of management fees and operating income Wt, the ration of operating cash net flow and total assets Zt of last period affect current cash holdings negatively and significantly. Finally, the methodology proposed in this paper can be tapped as a basic tool for financial managers to make scientific judgments, and provide scientific and reasonable evaluation criteria for risk control and performance evaluation for enterprise cash flow management.

Key words：reasonable cash holdings, cash journal, cash balance, case study

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