项目投资与融资决策的理论方法与模型研究

分析了国内外项目投资与融资决策的理论方法与模型研究的局限性。从投资与融资一体化的角度重新认识和描述项目的投资与融资决策问题；采用多目标规划方法，从全投资现金流量表出发。构造以全投资的财务净现值最大为主要目标函数的投资项目决策优选模型；以自有资金现金流量表为基础。构造以自有资金财务净现值最大为主要目标函数的融资决策的优选模型；在债务比率和借款总额等约束的限制下，在一个模型体系中分两步实现投融资决策的优化，从而得到投融资决策组合优化的最佳方案，并用实例检验了该方法的科学性和实用性．

Research on Theoretical Method and Model of Project Investment and Financing Decision

This article aims to analyze limitations of researching on theoretical method and model of project investment and financing decision home and abroad,recognize and describe the problems about project investment and financing decision from comprehensive angles of investment and financing.Starting with the table of cash flow of the whole investment,it adopts multi purpose programming method and sets up optimal model of investment project decision targeting the maximum of net present value of the whole investment.On the basis of the table of cash flow own capital,it sets up optimal model of financing decision targeting the maximum of net present value of the whole investment own capital.Under the limitations of the ratio of debt and the total loan,the article realizes optimization of investment and financing decision in two steps in a model system,obtains optimal program of investment and financing decision combination,and uses real example to test the nature of science and practice of our method.