不同生命周期项目组合的约束资本预算优化模型及算法

Constraint Optimization Model and Algorithm of Capital Budgeting of Different Life Cycle Projects

文章给出了约束资本预算优化模型的一般数学表达式。根据詹姆斯·范霍恩的共同生命周期法的理论,提出了一种对不同生命周期项目组合的约束资本预算优化的新算法。通过算例,说明了新算法与原有算法的差别,结果表明新算法考虑了项目的重置,在满足各种约束的前提下,按照净现值指数的大小选择项目组合,从总体上寻优,得到的净现值总和更大,具有更为优化的特征。

This paper provides the general mathematics formula of constraint optimization model of capital budgeting. According to the law of James C.Van Horne's common life cycle theory, putting forward a new constraint optimization algorithm of different life cycle projects. Through regarding as the example, has stated the difference of the new algorithm and the original algorithm.The result indicates that the new algorithm considers the refashionment of the projects and on the premise of meeting some constraints.The new algorithm chooses the projects according to the NPVI on the whole and gains a bigger NPV.So the new algorithm has optimized characteristic.