Build-Operate-Transfer (BOT) plays a significant part in promoting the construction of freeways. Due to the long construction period and large investment, many uncertain factors affect the inputs, outputs, and returns of freeway projects during the construction and operation periods. For project investments, funds, returns, risks, and other relevant factors of the projects should be considered, evaluated, and balanced. This paper presents the perception of net present value (NPV) at risk to solve the uncertain financing parameters of BOT freeway project. This paper analyses the critical indicators of BOT project investment, and establishes an investment portfolio decision-making model for BOT freeway projects to maximize the NPV of the project portfolio. Based on the proposed model, this paper calculates the optimal investment portfolio with real constraints from financial perspective. At last, an investment portfolio case study is also provided to test the proposed model.

建设-运营-转让（BOT）在促进高速公路建设中发挥着重要作用。由于建设周期长、投资大，在建设和运营期间，许多不确定因素影响高速公路项目的投入、产出和收益。对于项目投资，应考虑、评估和平衡项目的资金、收益、风险等相关因素。本文提出了对风险净现值（NPV）的感知，以解决 BOT 高速公路项目融资参数的不确定性。本文分析了BOT项目投资的关键指标，建立了BOT高速公路项目投资组合决策模型，以最大化项目组合的NPV。基于提出的模型，本文从财务角度计算具有实际约束的最优投资组合。最后，还提供了一个投资组合案例研究来测试所提出的模型。