اعتبار،چابکی،پاسخگویی

ارائه مدل نوین برای مسئله سرمایه گذاری در سبد پروژه های ساختمانی خود تامین مالی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 Department of Civil Engineering, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran

2 Department of Civil Engineering, Hakim Sabzevari University, Sabzevar, Iran

3 Department of Mathematics, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran

چکیده
از نظر مالی، پورتفوی‌های پروژه می‌توانند کاملا خودکفا باشند، هنگامی که سرمایه‌ی لازم برای جریان نقدی آن‌ها تنها از طریق سرمایه‌گذاری مجدد سود پروژه‌های به اتمام رسیده و سرمایه اولیه صاحبان سهام حاصل شود. با این حال، علی‌رغم حداکثرسازی ثروت به دلیل کمبود منابع مالی شرکت تنها می‌تواند برخی از پروژه‌های سودآور خو را را انجام دهد. در چنین مواردی، به عنوان یک راه‌حل عملی برای برآورده کردن کاستی‌های مالی اجرای پروژه‌ها می‌تواند به صورت مرحله‌ای باشد. بنابراین، تصمیم‌گیرندگان درگیر یافتن بهترین انتخاب و زمان‌بندی پورتفوی‌های پروژه قابل سازمان‌دهی به صورت خودتامین مالی می‌شوند. این تحقیق یک مدل ریاضی را برای مشکل پورتفوی پروژه‌های ساختمانی با در نظر گرفتن همزمان استراتژی سرمایه‌گذاری مجدد درآمزایی حین کار و فازبندی را در سطح شرکت ارائه می‌دهد. در این مورد، یک مدل برنامه‌ریزی عدد صحیح برای به حداکثر رساندن ارزش فعلی خالص سرمایه‌گذاری ارائه شده است. مدل پیشنهادی یک سیستم پشتیبانی تصمیم‌گیری برای سرمایه­گذاران را برای انتخاب و برنامه‌ریزی پورتفوی‌های پروژه ساختمانی قابل سازمان‌دهی به صورت خودتامین مالی فراهم می‌کند، در انتها کاربرد مدل در یک مثال موردی نشان داده شده است.

کلیدواژه‌ها

عنوان مقاله English

Novel mathematical model for investing for Self-financing building construction project portfolios

نویسندگان English

Seyed Mahdi Mirkhorsandi 1
Hossein Khosravi 2
Alireza Davoodi 3
Seyed Mojtaba Movahedifar 1
1 Department of Civil Engineering, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
2 Department of Civil Engineering, Hakim Sabzevari University, Sabzevar, Iran
3 Department of Mathematics, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
چکیده English

Financially, project portfolios can be completely self-reliant when their required liquidity is merely obtained through reinvesting the profit of the finished projects and the initial capital of the owners. However, the firm can only perform some profitable projects despite maximizing wealth owing to a shortage of funds. In such cases, projects’ implementation can be phased as a practical solution to satisfy financial deficiencies. Therefore, decision-makers are involved in finding the optimum selection and scheduling of the self-financing phase-able project portfolios. Some projects especially construction projects encompass a multi-stage process of repetitive activities, which pave the way for taking advantage of the economy of scale when organizing for development. This research proposes a mathematical model for the problem of building construction project portfolio with simultaneous consideration of the reinvestment strategy, phasing strategy, and economy of scale at the enterprise level. In this case, an integer programming model to maximize the investment's net present value is presented. The proposed model provides a decition support system for property developers to select and schedule self-financing phase-able building construction project portfolios, in this context, the model's applicability is illustrated in a case example.

کلیدواژه‌ها English

  • Building project portfolio management
  • Integer programming
  • Economy of scale
  • Phasing strategy
  • self-financing financial structure
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  • تاریخ دریافت 27 آبان 1402
  • تاریخ بازنگری 07 آذر 1402
  • تاریخ پذیرش 07 دی 1402
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