日本的現(xiàn)金管理文獻(xiàn)翻譯

1、PAGE 原文：Cash Maanagemment iin JappanOVERVIEEW:In Auguust 20005, tthe goovernmment aand thhe Bannk of Japann decllared that the JJapaneese ecconomyy had rebouunded from over 10 yeears oof staagnatiion. Japanesse traaditioonal bbanks stilll conttinue to doominatte thee corpporatee bankking aarea, whil

2、ee the growiing nuumberss of oonlinee bankks havve rappidly come to thhe forrefronnt in consuumer bbankinng bussinesss. The govvernmeent iss showwing aan incclinattion ttowardds proomotinng forreign direcct invvestmeent innto Jaapan, havinng shiifted its ffocus towarrd forreign inwarrd invesstmentt.

3、 With grrowingg inveestmennt intto Jappan, mmajor foreiign baanks hhave bbeen oofferiing thheir ccash mmanageement serviices mmostlyy to iinternnationnal noon-Jappanesee corpporatee custtomerss on tthe sttrengtth of theirr highher crredit ratinngs, ggloballly coonsisttent eexperttise aand roobust se

4、currity ttechnoologiees, whhile sstill suppoortingg seleected Japannese mmultinnationnals iin theeir offfshorre cash managgementt requuiremeents. Cash maanagemment iin Asiia Paccific variees by counttry, nnot reegion. Thiss is pparticcularlly truue of Japann, wheere loocal kknowleedge aand exxperiee

5、nce iis of primee impoortancce. Maarket practtices, the languuage aand thhe cullture are uuniquee; andd thiss is aa conssideraation when conteemplatting tthe immplemeentatiion off cashh manaagemennt sollutionns in Japann, wheere a spiriit of practticaliity offten ttrumpss theooreticcal orr inteernat

6、iionallly accceptedd soluutionss.Macroecconomiicallyy, thee worllds ssecondd-larggest eeconommy in termss of ggross domesstic pproducct (GDDP) haas beeen shoowing signss of rreal rrecoveery. TThe goovernmment aand thhe Bannk of Japann (BOJJ) havve decclaredd in AAugustt 20055 thatt the Japannese eec

7、onommy hass emerrged ffrom tthe teemporaary luull affter tthe loong doownturrns knnown aas thee losst deccade, howeever ssome eeconommists have refraained from such optimmisticc commments becauuse off conttinuinng invventorry corrrectiions iin thee infoormatiion teechnollogy ssectorr. Thee Nikkkei s

8、ttock iindex has sshowedd bankk stoccks riising to thheir hhighesst levvels iin morre thaan fivve yeaars.The govvernmeent haas demmonstrrated a willlingnness tto proomote foreiign diirect invesstmentt intoo Japaan, wiith JEETRO (Japann Exteernal Tradee Orgaanisattion), a goovernmment-rrelateed orgga

9、nisaation origiinallyy estaablishhed prrincippally to prromotee Japaanese exporrts abbroad now sshiftiing itts foccus toowardss encoouragiing fooreignn direect innvestmment iinto tthe coountryy. An imperrativee baseed on Primee Miniister Koizuumis targeet to doublle thiis levvel off foreeign ddirect

10、t inveestmennt witthin tthe fiive yeears ffrom 22003 tto 20008.In termms of treassury mmanageement, Japaanese multiinatioonal ccompannies (MNCs) conttinue to deevelopp and demannd inccreasiingly sophiisticaated ccash mmanageement practtices. Domeesticaally, Japannese bbanks stilll domiinate in teerm

11、s oof payyment volummes. HHoweveer, inncreassing iinvesttmentss intoo Japaan havve givven maajor ooverseeas baanks tthe uppper hhand iin offferingg theiir cassh mannagemeent seervicees loccally to noon-Jappanesee corpporatee custtomerss becaause oof advvantagges suuch ass theiir higgher ccreditt rat

12、iings, globaally cconsisstent experrtise and rrobustt secuurity technnologiies.Bankingg Systtem：Japanesse majjor baanks aare sttill tthe prrime pplayerrs in the bbankinng sysstem, partiicularrly inn the corpoorate bankiing arrea. MMizuhoo is ccurrenntly tthe laargestt domeestic bank in teerms oof to

13、ttal asssets but wwill bbe rellegateed to seconnd plaace byy the plannned meerger betweeen Miitsubiishi TTokyo Finanncial Groupp Inc (MTFGG) andd UFJ Holdiings IInc (UUFJ) iin Jannuary 2006. The mergeer willl forrm thee worllds llargesst bannk in termss of ttotal assetts witth JPYY190 ttrilliion.As

14、welll as tthese cityy bankks, tthere also existts a llarge netwoork off provvinciaal bannks coonsistting oof 64 firstt-tierr insttitutiions aand 488 in aa secoond tiier baanks, as weell ass 28 ttrust and llong-tterm ccreditt bankks. Thhis enntire sectoor shoould sslowlyy shriink beecausee of oongoin

15、ng connsoliddationn.Opportuunity is allso beeing ggraspeed by a furrther sevenn-stroong emmergennt grooup off bankks, inncludiing: tthe IYY Bankk Co oof thee Ito Yokaddo grooup, eeBank, the Japann Net Bank and SSony BBank. Thesee insttitutiions aare opperatiing innterneet andd autoomatedd telller ma

16、achinee-focuused bbusineess moodels for ffinanccial cconsummer seervicees.The outtstandding bbad looans aat Jappanesee bankks havve decclinedd for the tthird conseecutivve yeaar, esspeciaally aat majjor baanks, whichh havee exhiibitedd a 455% deccreasee to aa currrent ffiguree of JJPY7.66 trilllion.

17、 Howeever, the BBOJ iss stilll usiing chheap mmoney to taackle deflaation and sstimullate ggrowthh, witth offficiall inteerest ratess remaainingg at oor cloose too zeroo, andd the BOJss montthly aaveragge colllaterraliseed oveernighht depposit call rate stilll stallled aat 0.0001% aas it has bbeen s

18、since 2001.Clearinng Sysstems：Japan bboastss threee sysstems for yyen ellectroonic ffunds transsfers and mmaintaains aa singgle maain paaper-bbased systeem.BOJ-NETT：BOJ-NETT is mmainlyy usedd for interrbank settllementts, annd alsso covvers JJapaneese goovernmment bbond ssettleementss. Howwever, cus

19、ttomerss can also conduuct buusinesss on a reaal-timme grooss seettlemment bbasis. The systeem is ownedd and operaated bby thee BOJ, withh setttlemennt occcurrinng bettween membeer bannks ccurrennt BOJJ accoounts. As oof Marrch 20004, 4435 fiinanciial innstituutionss weree partticipaating in BOOJ-NE

20、TT. Intterbannk traansferrs acccount for jjust oover 990% off paymment vvolumees thrrough BOJ-NNET, wwith tthe Fooreignn Exchhange Yen CCleariing Syystem (FXYCCS), ZZenginn and clearring hhousess beinng ressponsiible ffor thhe remmaininng porrtion with 3.6%, 2.5% and 2.4% respeectiveely, aa ratiio t

21、haat hass remaained unchaanged sincee Marcch 20003.Foreignn Exchhange Yen CCleariing SyystemThe Forreign Exchaange YYen Cllearinng Sysstem (FXYCSS) hanndles yen (JPY) paymeents rresultting ffrom iinternnationnal fiinanciial trransacctionss and paymeents iinvolvving nnon-reesidennt enttitiess, incclu

22、dinng forreign exchaange ttransaactionns, JPPY-dennominaated bbond ttransaactionns andd impoort annd expport ssettleement.FXYCS iis simmilar to thhe CHIIPS (tthe baank-owwned CCleariing Hoouse IInterbbank PPaymennt Sysstem ffor laarge-vvalue paymeents) and ooperattes ass a neet setttlemeent syystem,

23、 and the ddata fformatt usedd is ssimilaar to that used by SWWIFT. The ccut-offf timme forr sendding ppaymennts iss 1.455pm, wwith ffinal settllementt throough BBOJ-Neet at 2:30ppm. Thhe Tokkyo Baankerss Assoociatiion (TTBA) oowns aand opperatees FXYYCS, aand allso taakes oon thee counnterpaarty rri

24、sk ffor paaymentt setttlemennts onn a trransacction-by-trransacction basiss. As of Juune 20005, tthere were 225 pparticcipantts in FXYCSS, howwever only 33 meemberss weree direect paarticiipantss, inccludinng HSBBC.Early ccut-offf timmes annd unffavourrable time diffeerentiials wwith LLondonn, meaan

25、s thhat thhe nett setttlemennt modde of FXCYSS doess not facillitatee paymment tthrouggh CLSS, butt it ddoes ooperatte on a grooss baasis uuntil 5:00ppm. Hooweverr, usee of llate ppaymennts byy grosss modde is limitted, aand caan creeate pprobleems iff a reeceiviing baank reefusess to aacceptt the l

26、ate paymeent ass the underrlyingg custtomer may tthen fface ooverniight ooverdrraft ccosts. In aadditiion, ssome bbanks have startted chharginng inttra-daay liqquiditty chaarges basedd on tthe inntra-dday ovverdraawn poositioons crreatedd prioor to receiiving fundss fromm the CLS BBank llate iin the

27、e afteernoonn.A furthher reeason for tthe deecreasse in the vvalue of trransacctionss handdled bby FXYYCS apppearss to bbe thee actiivitiees of the CCLS. FFigurees forr 20044 decllined 11% ccomparred wiith 20003, aand quuarterrly fiiguress conttinue to faall wiith 20005 nuumberss lookking tto be 12%

28、 llower than 2004 figurres. OOther respoonsiblle facctors couldd be mmarkett conssolidaation and tthe ouutsourrcing of soome laarge fforeiggn FXCCYS meemberss to JJapaneese baanks.Zengin systeem：The uniique ZZenginn systtem iss the dominnant ddomesttic JPPY payyment systeem, chharactteriseed by form

29、aats baased oon Jappanesee kataakana charaacterss. As with the FFXYCS, it iis mannaged by thhe TBAA and is a net-ssettleement systeem, wiith 4:15pm dailyy setttlemennt, 455 minuutes ssubseqquent to thhe payyment cut- off ttime bbetweeen memmbers. As oof Junne 20005, itt boassted 11,595 membeer insst

30、ituttions incluuding four foreiign diirect bank membeers, iincludding HHSBC. In addditioon to singlle payymentss, bullk payymentss are also suppoorted for ppayrolll, diividennds annd pennsion paymeents. Zengiin vollumes may ffall ffollowwing tthe uppcominng MTFFG-UFJJs maajor mmergerr as aa largger

31、peercenttage oof payymentss willl be pprocesssed iin-houuse, nnot viia thee Zenggin syystem.Common Cash Managgementt Probblems and IIssuess：The Zennginss impoortancce as the mmain ddomesttic JPPY payyment systeem makkes thhe facct thaat it is soolely a Jappanesee langguage systeem eveen morre criiti

32、call. Manny of the mmajor interrnatioonal eenterpprise resouurce pplanniing (EERP) ssystemms havve Jappanesee-langguage modulles thhat alllow tthe geenerattion oof payyment filess in tthe Jaapanesse Zenngin bbulk ppaymennt forrmat. Japannese bbanks, as wwell aas a sselectt numbber off foreeign bbank

33、s, can acceppt a ppaymennt fille in this formaat andd straaight-throuugh prrocesss thesse payymentss. If a commpany does not hhave aaccesss to aan ERPP systtem thhat caan genneratee a paaymentt filee in tthe Zeengin formaat, innternaationaal bannks haave deevelopped maappingg tablles, wwhere pre-rre

34、gisttered benefficiarry nammes inn Engllish aare auutomatticallly mappped tto thee corrrect nname iin Jappanesee whenn the paymeent iss submmittedd for proceessingg.Residenncy off accoounts：The payyment systeems arre seggregatted beetweenn resiident and nnon-reesidennt, thhus reeducinng thee ratiion

35、alee for non-rresideent enntitiees to hold accouunts iin Jappan. NNot onnly arre thee knoow youur cusstomerr reqquiremments growiing moore reestricctive on coompaniies wiishingg to oopen aaccounnts inn Japaan, buut thee costt of mmakingg an iinternnationnal crross-bborderr paymment bby tellegrapphic

36、 ttransffer iss simiilar tto makking aan FXYYCS paaymentt. As such, therre mayy not be a clearr costt-beneefit rreasonn for non-rresideents tto opeen nonn-resiident accouunts iin Jappan.Cash cooncenttratioon vs notioonal ppoolinng：While ccash cconcenntratiion onn an aautomaated oor mannual bbasis be

37、tweeen acccountts witthin aand accross bankss in JJapan is coommon, notiional pooliing reemainss effeectiveely immpossiible aas thee tax treattment remaiins quuite vvague. Whille sevveral bankss can technnicallly offfer nootionaal poooling, cashh conccentraation with zero or peegged balannces rremai

38、nns thee mostt wideely ussed liiquidiity maanagemment ttechniique. A couuple oof majjor Jaapanesse bannks haave deevelopped inn-housse bannk sysstems calleed caash maanagemment ssystemms whhich ttrack interr-comppany ppositiions, produuce reeportss and calcuulate interrest ppaymennts beetweenn entii

39、ties. Somee can also effecct thee sweeeping instrructioons annd genneratee inteerest entriies.Reconciiliatiion：One of the bbiggesst diffferennces iin corrporatte marrket ppractiices bbetweeen Jappan annd elssewherre in the rrest oof thee worlld is in thhe treeatmennt of the rreconcciliattion oof acc

40、countss receeivablle. Hiistoriicallyy, impportannt Jappanesee corpporatee purcchaserrs freequenttly paay ad hoc aamountts at theirr own conveeniencce, offten ddisreggardinng thee partticulaars off invooiced amounnts. TThis ccreatees prooblemss for supplliers who wwish tto recconcille payymentss agai

41、inst iinvoicces, pparticcularlly sinnce evven whhen thhere iis payyment againnst a speciific iinvoicce, thhe onlly infformattion rroutinnely ssuppliied inn Zenggin paaymentts is the ppayers namme.While tthe Zeengin systeem hass a deedicatted Zeengin EDI (electtronicc dataa inteerchannge) ffield that

42、 couldd be uused ffor reeconciiliatiion puurposees, itt rareely iss, andd indeeed soome baank syystemss do nnot evven suupportt thiss fielld forr paymments or reeportiing. IIn an efforrt to assisst recconcilliatioon, onne loccal baank haas pattentedd a syystem wheree virttual aaccounnts arre useed.

43、Hooweverr, thiis onlly reaally aassistts thee suppplier in iddentiffying who hhas paaid, rratherr thann whatt theyy havee paidd for.Tax andd utillity ppaymennts：The payyment of cllientss taxx and utiliity biills rremainns a pprobleem forr foreeign bbanks, and the llack oof thiis abiility meanss such

44、h a baanks cliennt willl havve to open an acccountt withh a loocal bbank tto hanndle tthis bbusineess. TThe diifficuulty iin taxx colllectioon is becauuse appprovaal to colleect a givenn tax is reequireed froom thee apprropriaate taax-colllectiing auuthoriity foor eacch typpe of tax. Theree are both

45、 goverrnmentt and locall tax layerrs witth oveer 50 diffeerent tax oofficees, ass welll as sseveraal diffferennt typpes off taxees (e.g. laand taax, inncome tax, corpoorate tax, withhholdinng taxx, roaad taxx, etcc.). EEach ttax-coollectting aauthorrity hhas too givee apprroval to coollectt the type

46、 of taax forr whicch prooven vvolumee estiimatess are requiired. Naturrally, it iis diffficullt forr foreeign bbanks with theirr smalll marrket ppresennce too meett the minimmum voolume requiiremennts, tthus pprevennting foreiign baanks ffrom ggaininng appprovall to ccollecct taxxes annd hennce beei

47、ng aable tto offfer thheir ccustommers aa singgle baankingg soluution.Interbaank liiquidiity：Finallyy, theere arre twoo almoost coontraddictorry isssues iin thee markket inn Japaan thaat havve devvelopeed oveer thee pastt coupple off yearrs. Fiirst, with the llow-innteresst envvironmment aand eaasy

48、moonetarry pollicy, the bbankinng sysstem iis awaash wiith liiquidiity. SSome fforeiggn bannks, wwhose higheer creedit rratinggs havve ledd to llarge increeases in thheir ddeposiit basse oveer thee pastt few yearss, couupled with the nnegatiive ovvernigght raate, hhave ddevelooped aa pracctice of di

49、iscourragingg largge deppositoors byy levyying ffees oon hollding largee balaances. Secoond, wwhile overnnight liquiidity is hiigh, aat timmes, iintra-day lliquiddity ccan bee tighht. Paarticuularlyy as aa resuult off largge CLSS receeipts whichh are not rreceivved unntil aafter the cclose of FXXYCS

50、. This has lled baanks tto devvelop systeems too meassure aand chharge for iintra-day lliquiddity uusage. Markket prracticce is stilll beinng devvelopeed, annd no one mmethodd of cchargiing foor inttra-daay liqquiditty hass beenn agreeed uppon. IIndeedd, thee samee bankk may have diffeerent charggin

51、g mmechannisms for ddifferrent cclientts.Cash Maanagemment DDeveloopmentts：Electtronicc bankkingSome fooreignn bankks havve devvelopeed botth Engglish and JJapaneese Innterneet delliveryy channnels. Thiss is pparticcularlly useeful ffor MNNCs beecausee expaatriatte mannagemeent caan vieew scrreens i

52、n Ennglishh whille thee locaal staaff caan vieew in Japannese ffor paaymentt inpuut. Duual-laanguagge cusstomerr servvice aalso aaids ssuch aan arrrangemment.Japanesse bannks eelectrronic bankiing, ggeneriicallyy callled ffirm bbankinng, ggeneraally llags bbehindd inteernatiional bankss delliveryy c

53、hannnels with separrate ssystemms forr domeestic and iinternnationnal paaymentts andd at ttimes. New paaymentts sysstem uunder consiiderattion：A high-valuee, loww-valuue payyment systeem hass beenn undeer revview bby thee JBA, the JBA annd thee BOJ. The latesst disscussiions aappearr to sshow tthat

54、tthe Zeengin will remaiin in placee as tthe loow-vallue paaymentts sysstem wwith aa new BOJ-NNET hyybrid settllementt systtem beeing iintrodduced for ppaymennts ovver JPPY5bn. The targeet datte forr impllementtationn is 22008.Requestts forr propposalss：There iis litttle ddoubt that Japannese ccorpor

55、rationns aree becooming more sophiisticaated aand deemandiing inn theiir cassh andd treaasury managgementt aspiiratioons. IIssuannce off formmal reequestts forr propposalss (RFPPs) arre beccomingg a moore coommon meanss of sselectting ppartneer bannks, aand thhe scoope off RFPss is ggettinng widder.

56、Foreignn bankks mayy havee the edge in teerms oof gloobal iinvesttment in paaymentts andd cashh manaagemennt prooduct rangees, buut dommesticc bankks havve thee histtoric relattionshhips aand maarket dominnance in Jaapan. A smaall nuumber of fooreignn bankks cann, howwever, holdd theiir ownn in tthe

57、 loocal mmarkett and offerr bothh Japaanese and MMNCs ssolutiions, whichh coveer thee Asiaa-Paciific rregionn, inccludinng Jappan. AAs farr as JJapaneese naames ggo, caapabillitiess and preseence iin Chiina arre keyy areaas at preseent annd commpetittion hhere iis exppectedd to bbe fieerce.Despitee

58、its lostt decaade, Japann is sstill the wworlds seccond-llargesst ecoonomy. Its recennt siggns off recoovery, stocck risse andd reduuced bbad deebts oof Jappanesee bankks havve finnally startted heelpingg bolsster tthe doomestiic bannking markeet. Whhile fforeiggn bannks sttill hhave oonly aa smalll

59、 shaare off the cash managgementt markket inn Japaan, thhey haave beeen buuttresssed bby groowing inwarrd invvestmeent annd aree offeering theirr cashh manaagemennt serrvicess moree freqquentlly to interrnatioonal nnon-Jaapanesse corrporatte cusstomerrs as well as coontinuuing tto suppport seleccted

60、 JJapaneese muultinaationaals inn theiir offfshoree cashh manaagemennt reqquiremments.Source: Soloomon , the Asia-ppacifiic reggionall poliitics and ccash mmanageement guidee, voll. 32, ACAA Newss , 20006 (99) : PP 104-115.譯文：日本的現(xiàn)金管理理整體形勢(shì):2005年8月月,日本政府府和日本央行行宣布日本經(jīng)經(jīng)濟(jì)出現(xiàn)了超超過(guò)10年的的經(jīng)濟(jì)停滯后后的反彈。日日本傳統(tǒng)銀行行還繼續(xù)主導(dǎo)