Management of Excess Cash: Practices and Developments
回顾了现金管理从被忽视到受重视的转变，分析了高利率、电子通信系统及美联储政策如何推动企业优化现金收集与支付，并更有效地利用超额现金。
Cash management, a long neglected aspect of financial management, has received increasing attention from both practitioners and academicians in recent years. High and volatile interest rates have increased the opportunity cost of holding idle cash and have intensified cash managers' efforts in expediting the collection process and optimizing the disbursement system. In addition, a more centralized cash management system, complemented by an electronic communication and transfer system, has enhanced cash managers' ability to make more productive uses of excess cash balances. The Federal Reserve System's attempts to reduce float through quicker check clearing and various changes in the regulatory environment, have led to severe competition among financial institutions as well as innovation of new instruments. This in turn