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Programming Solutions to Capital Rationing Problems

 

作者: JOHN S. HUGHES,   WILBUR G. LEWELLEN,  

 

期刊: Journal of Business Finance&Accounting  (WILEY Available online 1974)
卷期: Volume 1, issue 1  

页码: 55-74

 

ISSN:0306-686X

 

年代: 1974

 

DOI:10.1111/j.1468-5957.1974.tb00850.x

 

出版商: Blackwell Publishing Ltd

 

数据来源: WILEY

 

摘要:

Mathematical programming approaches to the choice of capital expenditure projects under conditions of funds constraint have been widely advocated in the literature of finance. The present paper takes exception to such suggestions, and concludes that programming is not only excessively costly and complex for most practical applications, but is frequently incorrect in the decisions it implies. A technique for allocating funds via an adjusted Excess Present Value Index is developed and proposed as a superior analytical framework.

 

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