Thepurposeofthearticleistorevealtheproblem(andtodeterminethepossibilityofsolvingthe structural choice problem) as one of the areas in modern portfolio theory development. The articlealso argues that portfolio analysis is a method of structural analysis for various economic units.The research methodology is defined by the portfolio theory, optimization models implemented by thenumerical gradient projection method, the empirical static method of analysis and simulation caseswhen the models are implemented. The research supported by the above- mentioned methodologyaimed to reach the goal results in substantiating the structural choice. This choice differs from theclassical portfolio choice as it is necessary to find how the investments are allocated for the portfoliounits, and the same should be done for the characteristics points, where it is a challenge to apply theefficient set theorem, because different structures for the allocation of the resources, investments givethe same or nearly the same combination of the expected return and total portfolio risk. Economicsectors characterized by the profitability and business risk are seen to be the portfolio units interms of the macroeconomic approach from the portfolio theory developed by Tobin. Total incomemaximization model and total portfolio risk minimization demonstrate both the structural choiceproblem, including at the characteristic points, and choice dependence on the expansion of theresource allocated to the portfolio, and on the number of portfolio units. The analysis and modelsimulations enhance the efficient set theorem with the criteria for structural choice—income and riskcorrelation on the effective distribution curve, among other factors. A portfolio with two real sectorsof the Russian economy illustrates that profitability and risk ratio determines the resource allocationbetween them under the income maximization model, so one sector grabs a more substantial resource.Thus, being a tool to support the structural choice, portfolio analysis gives structural diagnostics forthe resource distribution, investments allocation by portfolio units.
展开▼