受融资影响的项目组合选择研究

Research on Project Portfolio Selection Based on Financing

本文构建了一个考虑融资的项目组合选择模型,允许企业根据每期的投资计划,合理地调节当期所需要投入的资金预算。如果期初的可用资金量超过了当期的投资额,企业可以尽早将多余的资金释放;反之,若期初的可用资金量不足以支持本期项目的执行,允许企业从外部融资,如银行贷款等,以满足企业实际的需求。融资需要付出一定的代价,且代价与执行项目的风险程度相关。基于此,偿还融资代价对项目组合经济性的影响被引入到项目组合选择模型中。企业需要在全部资金带来的投资收益及融资代价之间进行权衡,以谋求利润最大化。鉴于所构建模型非线性化的特点,本文给出了该模型的等价形式,并进行了理论证明。最后,通过企业实际算例分析,得出结论:1)考虑融资后能够为企业带来更高回报;2)融资相关因素对项目组合的经济性有显著影响。

This paper develops a new model for project portfolio selection problem,where investment and financing are considered for the first time.Enterprises are allowed to adjust the value of budget.If the financial resource available at the beginning of each time period can not support the project execution,enterprises are allowed to raise additional external capital to satisfy the actual demand.Given that enterprises will pay a price due to the occupation of capital,the economic effect of repayment to project portfolio is introduced into the model.Considering that the new model is a non-linear,this paper provides an equivalent formulation of the new model,and then gives theoretic proof.Finally,through the analysis of actual business examples,the conclusions are drawn:1)The investment and financing strategy can bring higher returns to the enterprise;2)The factors related to financing have a very significant impact on the economics of the portfolio.