参考答案

现金余额的集中的优点
（1）盈余与赤字相抵，从而降低应付利息的金额
（2）加强对资金的控制。（3）增加投资机会。
现金余额集中的缺点
（1）可能不能满足子公司资金的需求，子公司可能出现现金不足的问题
（2）因失去本地决策使得子公司管理人员可能丧失动力
（3）增加公司内部交易费用
（4）可能不符合匹配原则。
Solution：
The advantages of centralized funds management:
（1）The surplus offsets the deficit, to reduce the interest payable
（2）Strong control over funds of subsidiary
（3）Increasing the investment opportunity
The disadvantages of centralized funds management:
（1）Maybe could not meet the need of subsidiaries, which causes working capital shortage problems
（2）The management of subsidiaries may have less improvement drivers as they do not have decision authority
（3）Increasing the internal trading expense of company
（4）Maybe does not conform with the Matching Principle