g to the development goals and the annual total investment amount, as shown in Table 2:

Index constraints analysis: overall investment quota of the five major construction projects in Table 2 should be less than 120 million. But no matter from upper or lower limit constraints, the overall investment quota of the five major construction projects are beyond the plan investment quota, so in order to guarantee the smooth implementation of investment, not all the projects are within the year.

3. Investment Model Solve of ZC Company AS Power Project

3.1. Set up Investment Structure Model of ZC Company Power Engineering Project

It can be seen from the above analysis, based on the comprehensive consideration of economy, reliability and development, to set up investment structure model of ZC Company power engineering project. Through comprehensive consideration of three aspects, making investment structure model of ZC Company power engineering project investment can bring comprehensive benefit maximization.

At the same time, under the condition of fixed investment structure, balance investment in different areas, and give full consideration on dependent, exclusive and complementary constraints between every field projects. In the multi-objective decision-making model, no matter use what kind of solution, it is unlikely to make all of g investment objectives optimizing, the most practical and effective method is filtered according to the importance of different investment objectives, so as to achieve the balance of the investment objectives, to get a relatively effective optimization scheme.

For calculating investment structure of ZC Company power engineering project, adopt the simplified method, make as each target weighted coefficient of power engineering investment structure in

ZC Company, and, then many decision problems can be converted to single target decision-making to

plan and solve. According to the weighted coefficient to transform economy, reliability and expansibility, it can get comprehensive benefit function of project investment structure:

In this function, M is the objective function of the model, on behalf of the total benefit of selected projects, namely the selected project’s contribution to the ZC Company power engineering.

Ultimate goal of ZC Company electric power project investment is to achieve comprehensive benefit maximization, that is to say, the plan with maximum M value is the optimal scheme of electric power investment, including E represents the overall economic benefits subjective utility value of the chosen project, R represents the profits of reliability, D represents developmental profits considered, λ1(x), λ2(x), λ3(x) shows the each target weighted coefficient in the process of project decision-making.

Based on the above analysis we can draw ZC Company benefit functions of the investment structure in ZC Company electric power engineering project and the constraint relationship between the projects and capitals,

Table 2. Constraint conditions of ZC Company AS power project.

set up following power engineering project investment structure:

3.2. The Determination of the Usual Weight of ZC Company AS Power Engineering Project

Method of AHP is often used to determine the usual weight of AS power engineering project. But due to complicated calculation process of method of AHP, and the heavy influence of the mind, so in contrast, if take use of method of FAHP [6] , it is more accurately to determine the usual weight of project investment.

Method of FAHP generally done through the following three steps:

The first step: Construct the fuzzy complementary matrix [7] . Power project construction should strictly in accordance with the standards and goal of electric power engineering construction in China, to determine the importance of each project investment, according to the importance of the AS electric power project to set up following the fuzzy complementary matrix:

The second step: constructs the fuzzy consistent matrix, transformed according to the following formula:

According to the above formula, transformed the fuzzy complementary matrix into a fuzzy consistent matrix R2:

The third step: the calculation of the weight of model [8] . According to the formula below:

The usual weight of AS project can be concluded:

3.3. Variable Weight Determination of ZC Company AS Power Project

Seen from the calculation of usual weight, the economy, reliability and expansibility of ZC Company AS power project were 0.216, 0.331 and 0.363, the three usual weights are determined in the overall investment environment. Because of the features of the ZC Company AS power project, in the process of investment decision, it is necessary to adjust target weight of the project, target weight, so that each project indicators get balance. From view of ZC Company AS power project investment, satisfaction index of economy, reliability and expansibility were respectively 95%, 96% and 95%. According to the following variable weight formula:

Through calculation, the engineering index as shown in Table 3.

As we can see in Table 3, the variable weights of economy index, the reliability index, development index of ZC Company AS electric power engineering projects are respectively “0.211, 0.321, 0.371”, satisfaction degree was 95%, 96% and 84% respectively. It can be seen that investment development is lower, compared variable weights with usual weights, the economy index and reliability index weight has decreased, but the developmental index weight increased. This means that reliability and economy of ZC Company AS power project is relatively high, but the developmental slightly insufficient, therefore, for ZC Company AS power project, it is importance to promote development ability.

3.4. Model Solve of ZC Company AS Power Engineering Project

According to relevant results of investment structure of ZC Company AS power engineering project, it can be concluded the investment quota, project numbers and the number of actually projects actually online of ZC Company AS power engineering project, as shown in Table 4.

As can be seen from Table 4, five major construction projects have 53 small projects, total investment of 46 projects is 118.64 million, with total investment quota should not exceed 120 million, there are seven small projects will not be able to online in this year.

3.5. Establishments the Amount of Investment in AS Electric Power Project

According to the upper limit of each item investment, and establish the amount of investment in AS electric power project. In Table 5, big size of infrastructure investment accounts for largest percentage (66%) of the total amount of investment, this not only conforms to the characteristics of electric power engineering project investment, and accord with the fact of ZC Company AS power project. In addition, the proportion of the small size of infrastructure investment and production, the technical transformation investment is higher, also have accounted for 15% of the total amount of investment, it shows that ZC Company AS power for technical renovation project investment is very necessary.

Table 3. The operation of ZC Company AS power engineering project.

Table 4. Results of ZC Company AS power project investment structure.

Table 5. ZC Company AS power project investment proportion.

As can be seen from Table 2, investment quota of ZC Company power engineering project is 120 million, projects investment in five areas can satisfy the upper and lower bounds of each project investment at the same time, therefore, Table 5 is the best solve of ZC Company AS power project invest decision-making.

4. Conclusion

This paper takes investment in AS power engineering project of ZC Company plans in 2016 as the research object, from the angle of financial management and research, analyzes investment structure of AS power engineering project, and classifies and evaluates the operational indicator of ZC Company AS power project to provide the basis for balance of AS power engineering project investment. Thus it shows that the scientific budget of the investment structure has significant impacts on AS electric power project, trying to provide new ideas for project investment of the similar electric power enterprise.

Cite this paper

Jian-FeiLeng,QunZhang,Xiang-NanWang, (2015) Case Analysis of the ZC Company’s AS Power Project Investment Decision-Making. American Journal of Industrial and Business Management,05,640-647. doi: 10.4236/ajibm.2015.511064


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