Abstract
Using a database of Spanish companies, this paper analyses the treasury
management responsibilities assumed by financial departments and develops a model to
confirm those responsibilities. We have developed an explanatory model that brings
together the main functions of the treasurer by means of two concepts: (i) “basic cash
management”, which groups the management of collections and payments, liquidity
monitoring in banking operations, short-term treasury forecasts, the management of
banking balances on value date and negotiation with financial organizations; and (ii)
“advanced cash management”, which includes the management of the financing of treasury
deficits, the management of the positioning of treasury peaks and the management of
financial risks. In this way, the definition of cash management is empirically corroborated.
Keywords: Cash management, Liquidity management, Factorial analysis.