Abstract: In recent years, project portfolio selection problem has attracted much attention,and how to select the right project portfolio to satisfy the long-term development strategy of enterprise has become an important thing. Therefore, this paper builds a bi-objective project portfolio selection model, namely the maximum of net present value and utility on the basis of the divisibility of project. This paper converts the capital constraint to the capital present value. By doing this, this model becomes simple. Finally, one numerical example is given to illustrate the model. The result shows that the bi-objective project portfolio selection model is more suitable to the long-term development strategy of enterprises, and this model also provides perfect theoretical basement to investment decision-makers for selecting the appreciate projects.

Key words: project portfolio selection, net present value, utility, capital present value

摘要： 近年来,项目组合选择问题已引起人们越来越多的关注,如何从众多项目中选择合适项目以满足企业长期发展战略已成为企业面临的重要问题。因此,本文在考虑项目可打断的基础上构建了一个净现值和效用并存的双目标项目组合选择模型,同时把模型中的资金约束转变为资金现值约束,并通过理论给予证明,使模型得以简化。最后,通过实际算例进行分析。结果表明:基于双目标的项目组合选择模型比单一目标更加符合企业长期发展战略,该模型也为投资决策者进行项目组合选择提供了较完善的理论依据。

关键词: 项目组合选择, 净现值, 效用, 资金现值