【摘要】 针对现有项目组合决策问题研究中考虑的风险因素均从项目出发,却忽略了企业在选择上游投资方进行融资过程中产生的风险这一问题,从局部与整体两个角度考虑,提出融资风险量化公式,构建融资风险影响下的项目组合决策模型.研究表明,不考虑融资安排的项目组合决策结果具有极大的融资风险;对于能为组合贡献较多收益的“大项目”,企业应拓宽其融资渠道,降低个别投资商资金流断裂对项目组合的整体性影响;对于能够带来较少收益的“小项目”,则可以牺牲部分项目收益,以能够提供稳定资金的投资商为首选,降低项目组合融资风险.更多还原

【Abstract】 Most existing research on project portfolio decision-making only consider risk factors based on the project, but ignore the risks in the process of selecting upstream investors for financing. This paper proposes a quantitative formula to measure financing risk from both the local and overall perspectives, and constructs a project portfolio decision-making model considering the influence of financing risk. The results show that the decision results of project portfolio without considering financing arrangements have great financing risks. The financing channels for big projects that can contribute more income to the portfolio should be broadened and the impact of an individual investor’s capital flow break on the overall project portfolio should be reduced. For small projects which can bring less income, investors who can provide stable funds should be selected in order to reduce the financing risk of the project portfolio, even though project income may be sacrificed to some extent.更多还原