Study On Problems And Strategies Of The Reform On Centralized Treasury Payment In China

The reform on centralized treasury payment system is an important subject of our national treasury management system reform. Since 2001, reform on treasury management system has been carried out, which is based on treasury single account system and takes the centralized payment as the main form for funds allocating. To the end of 2007, centralized treasury payment system has generally been established as the base for treasury capital management.However with the further development of the reform on centralized treasury payment, some problems gradually show up, such as the large proportion of authorized payment in the actual payment, a budget unit's irregular transference of financial capital from zero-balance accounts to actual fund-allocation accounts, a budget unit's irregular change of allocating funds' use or nature, correspondent banks' excessive dominance on the management of financial capital, correspondent banks' insufficient check on the business of payment and ticket, the conspiracy between correspondent banks and budget units to obtain financial capital and etc. These problems reveal the weak links in the reform on centralized treasury payment and hinder the comprehensive practice of centralized treasury payment reform. Therefore, effective measures must be taken to supervise the management of financial capital, and to improve the operating efficiency and profit ability of financial capital. Hopefully, our reform on centralized treasury payment can be carried on healthily and steadily.This dissertation tries to make an analysis of the origin and essence of those weak links, which hold back the further development of centralized treasury payment reform from the aspects of principal-agent, conflict game of concerning parts and etc. This dissertation will also refer to the advanced experience of foreign countries' treasury management system, and reflect how to solve the existing problems and how to improve those weak links. We expect this to offer some instructive consultation to the further development of centralized treasury management.This dissertation is made up of five parts. The first part includes the background, the literature review of our studies on the centralized treasury payment reform, and my basic idea of how to carry out the study. The second part is about the framework, the present condition and the outcomes of centralized treasury payment reform; sums up the striking problems at present. The third part is the theoretical analysis of how to deepen the centralized treasury payment reform, and it analyzes the existing problems from the aspects of principal-agent and conflict game of concerning parts. By introducing the treasury management system of some OECD and developing countries, the fourth part sums up other countries' advanced experience of centralized treasury receipt and payment system, and offers reference for the deepening of our centralized payment reform. Based on the previous parts, the fifth part gives suggestions on how to deepen our centralized payment reform from the aspects of making information transparent, establishing effective incentive and penalty mechanism, improving supervision and management mechanism and etc.