不同支付条件银行授信约束折现流项目调度

Credit constrained project scheduling with discounted cash flow under different payment terms

支付条件对于项目现金流分布并进而对承包商的项目收益会产生重要影响.本文基于这一现实情况,研究不同支付条件下的银行授信额度约束折现流项目调度问题.作者首先综述该问题的研究现状;然后对所研究问题进行界定,进而构建项目调度优化模型;针对问题的NP-hard属性,设计模拟退火启发式算法;在随机生成的标准算例集合上,对算法的绩效进行对比测试及验证;最后用一个算例对研究进行说明,并分析项目收益对关键参数的敏感性,得到如下结论:项目净现值随银行授信额度和截止日期的增加而边际效应递减地上升,随支付比例的增加而线性单调上升,随折现率的增加以负指数形式下降.本文的研究可以为承包商安排项目进度并优化现金流量提供决策支持.

Payment terms may exert a great impact on cash flow distribution over projects and revenue of contractors. Based on this fact, this paper involves the bank credit limit based project scheduling problem with discounted cash flow under different payment terms. The authors give the survey on research status at first, and then identify the studied problem and construct the project scheduling optimization models. For the NP-hardness of the problem, a simulated annealing algorithm is developed and its performance is compared and verified through a computational experiment based on a set of standard instances generated randomly. Ultimately, an instance is utilized to illustrate the research and the sensitivity analysis of some key parameters on project revenue is carried out. The conclusions obtained are as follows： The net present value ascends with a diminishing marginal utility as the bank credit limit or the project deadline augment. And it goes up linearly and monotonically with the increase of the payment proportion and goes down with the increase of the discount rate at a negative exponential fashion. The research in this paper can provide decision supports for contractors to arrange project schedule and optimize cash flows.