当今的资本分配景观需要越来越多的战略性方法。

随着全球经济的不断变化，站立一个有效的资本分配框架不再是仅仅管理流动性。

Today's capital allocation landscape demands an increasingly strategic approach from treasury leaders.

当今的资本分配景观需要越来越多的国库领导人的战略方法。

As the global economy continues to shift, standing up an effective capital allocation framework isn't simply about managing liquidity. It's about creating resilience, optimizing investment returns and ensuring operational efficiency.

随着全球经济的不断变化，建立有效的资本分配框架不仅仅是管理流动性。这是关于创造弹性，优化投资回报并确保运营效率。

And never have enterprise finance leaders had more disparate and varied options at their fingertips. Central banks, for example, are buying up gold as the precious metal's price soars in one of its biggest historical upswings against a backdrop of macro and geopolitical uncertainty.

而且从来没有企业金融领导人的触手可及的不同选择。例如，中央银行正在购买黄金，因为在宏观和地缘政治不确定性的背景下，贵金属的价格在其最大的历史上升之一中飙升。

The spot price of gold hit a record $3,134 per ounce on Tuesday (April 1). Bank of America says it could hit $3,500 as the U.S. central bank and nation states like China continue their purchasing spree. Gold's rally has already seen it hit a staggering 19 all-time highs since just the start of 2025.

黄金的现货价格在周二（4月1日）的每一盎司创纪录的3,134美元。美国银行表示，随着美国中央银行和中国等民族国家继续购买狂欢，这可能会达到3500美元。自2025年初以来，Gold's Rally的集会已经看到它的历史达到了惊人的19个高潮。

But it's not just traditional hedges against inflation and economic uncertainty, like gold bullion, that organizations are buying up. Digital assets are emerging as a potentially innovative component of the 21st century capital stack.

但是，组织正在购买不仅是反对通货膨胀和经济不确定性（例如金条）的传统树篱。数字资产正在成为21世纪首都堆栈的潜在创新组成部分。

For example, also on Tuesday, publicly traded Japanese hotel company Metaplanet (TYO:6568) purchased 696 bitcoin for its corporate holdings at a cost of around $60 million. Last Tuesday (March 25) in the U.S., retailer GameStop (NYSE:GME) announced its board of directors had approved a revision of the company’s investment policy to allow the company to buy bitcoin with its corporate cash.

例如，同样在星期二，公开交易的日本酒店公司Metaplanet（TYO：6568）以其公司持有量购买了696个比特币，费用约为6000万美元。上周二（3月25日）在美国，零售商GameStop（NYSE：GME）宣布其董事会已批准对公司的投资政策进行修订，以允许该公司以公司现金购买比特币。

Capital Allocation Shoots Up the Back-Office Priority List

资本分配命中了后台优先级列表

Today's treasurers are expected to be not only protectors of assets but also strategic thinkers capable of leveraging new opportunities while managing risk. In a world where economic instability, technological innovation and evolving geopolitical factors dominate the financial landscape, that isn't always easy or obvious.

预计当今的司库不仅是资产的保护者，而且还将成为能够在管理风险的同时利用新机会的战略思想家。在一个经济不稳定，技术创新和发展地缘政治因素主导金融格局的世界中，这并不总是容易或明显的。

As PYMNTS Intelligence data in the March 2025 Certainty Project reveals, escalating trade tensions, marked by the recent imposition of tariffs, have introduced a wave of uncertainty across various sectors, notably impacting mid-sized companies as they navigate this turbulent terrain.

正如PYMNTS情报数据在2025年3月的确定性项目中所揭示的那样，以最近的关税征收的标志不断升级的贸易紧张局势，在各个部门引入了一波不确定性，在这种动荡的地形中导致了中型公司。

The quest for efficiency in managing cash reserves is as old as corporate finance itself. However, the tools available to today's treasurers are more sophisticated than ever. From high-interest savings accounts to money market funds, there are numerous ways to ensure that idle cash is put to work.

寻求管理现金储备的效率与公司财务本身一样古老。但是，今天的财务主管可用的工具比以往任何时候都更加复杂。从高利益储蓄帐户到货币市场基金，有许多方法可以确保投入空闲现金。

Still, there’s no one-size-fits-all solution. The best strategies are frequently those that align with a company's broader objectives and risk tolerance.

不过，没有一种适合所有解决方案。最好的策略通常是那些符合公司更广泛的目标和风险承受能力的策略。

For treasurers, the contemporary environment presents a complex challenge. Surging interest rates drive up the cost of borrowing, rendering capital-intensive projects more expensive. Additionally, currency fluctuations, sparked by policy divergences between countries, create further complications in managing cross-border liquidity.

对于财务主管，当代环境提出了一个复杂的挑战。利率上涨推动了借贷成本，使资本密集型项目更加昂贵。此外，国家之间的政策差异引发了货币波动，在管理跨境流动性方面产生了进一步的并发症。

To counter these challenges, treasurers find themselves increasingly focusing on enhancing their liquidity management strategies. This may involve stress testing scenarios that account for varying inflation trajectories and integrating advanced forecasting models to better predict cash flow requirements under diverse economic conditions.

为了应对这些挑战，司库发现自己越来越专注于增强其流动性管理策略。这可能涉及压力测​​试方案，这些方案解释了通货膨胀轨迹的不同，并整合了先进的预测模型，以更好地预测各种经济条件下的现金流量需求。

After all, data has become the new currency, especially when it comes to capital allocation. Treasurers are increasingly turning to advanced data analytics tools to extract insights from massive datasets. These tools enable predictive modeling, real-time analysis and enhanced risk assessment, helping treasurers to make more informed investment decisions.

毕竟，数据已成为新货币，尤其是在资本分配方面。司库越来越多地转向高级数据分析工具，以从大量数据集中提取见解。这些工具可以实现预测性建模，实时分析和增强风险评估，从而帮助司库做出更明智的投资决策。

See also: What Treasurers Can Learn From How Central Banks Approach Risk

另请参阅：哪些财务主管可以从中央银行如何应对风险中学习

Navigating Evolving Compliance Standards

导航不断发展的合规标准

The digitization of payments is transforming the way capital is managed and allocated. From real-time payments to blockchain-based solutions, treasurers are adopting new technologies to streamline processes and enhance transparency.

付款的数字化正在改变资本管理和分配的方式。从实时付款到基于区块链的解决方案，司库都采用新技术来简化流程并提高透明度。

This might mean moving away from rigid annual budgeting cycles toward more dynamic models that allow for continuous assessment and reallocation of resources. Agile frameworks also empower treasurers to pivot quickly when disruptions occur, ensuring business continuity and resilience.

这可能意味着要从严格的年度预算周期转向更具动态的模型，从而可以持续评估和重新分配资源。敏捷框架还使司库在发生干扰时迅速枢纽，以确保业务连续性和韧性。

Yet, as digital assets become more integrated into mainstream finance, regulatory scrutiny is likely to intensify. Treasurers are tasked with ensuring their systems are equipped to meet heightened compliance standards without sacrificing operational efficiency.

然而，随着数字资产变得更加融合到主流金融中，监管审查可能会加剧。财务主管的任务是确保其系统能够满足加强合规标准而不牺牲运营效率。

From anti-money laundering (AML) regulations to environmental, social and governance (ESG) reporting requirements, the compliance landscape is becoming increasingly complex. To remain compliant, enterprises can look to continually update their risk management frameworks. This may involve adopting scalable solutions capable of monitoring and reporting compliance metrics in real time.

从反洗钱（AML）法规到环境，社会和治理（ESG）报告要求，合规性格局变得越来越复杂。为了保持合规性，企业可以寻求不断更新其风险管理框架。这可能涉及采用能够实时监视和报告合规指标的可扩展解决方案。

Ultimately, resilience in today's environment requires a balance between embracing innovation and maintaining disciplined financial oversight.

最终，在当今环境中的韧性需要在拥抱创新和维持纪律严明的财务监督之间保持平衡。