Content and functional features of liquidity management in the public and corporate sector

This paper is devoted to the study of liquidity management mechanisms in the public and corporate sectors of the economy. Within the corporate sector, special attention is paid to the role and functions of the corporate treasury in the organizational structure of the enterprise. Key liquidity management tools are analyzed, in particular, cash budget management, payment planning and the formation of a payment calendar. In the Russian practice of financial management, the analysis of liquidity and solvency occupies a priority position in the financial management system, which is due to the high importance of these indicators for assessing financial stability. There are terminological differences regarding the definition of «company liquidity» related to differentiation or, conversely, identification of the concepts of liquidity and solvency. Ensuring the stability of the payment system is considered as a determining factor in the development of an overall strategy for the organization of the treasury function. In this regard, a significant part of the tasks of the Treasury service is focused on maintaining the continuity of payment transactions. An empirical analysis of Russian practice has made it possible to identify common and specific features of the organization of treasury activities in the public and corporate sectors of the economy.