Analyzing the Development of Capital Budgeting Methods in Investment Decision Making: A Systematic Literature Review

The purpose of this study is to analyze the development of capital budgeting methods in investment decision-making, focusing on the application and evaluation of various methods used in an increasingly complex and dynamic context. This research uses a literature review approach, where the researcher gathers references that discuss the same theme. The literature sources used were obtained from various journal publications with a focus on works published between 2019 and 2024. This approach aims to explore the latest insights regarding the concepts and applications of capital budgeting in relevant contexts. This study indicates that the development of capital budgeting methods in investment decision-making increasingly reflects the complexity and need to adapt to various external factors. In addition to financial aspects, social value and the strategic goals of a company have also become important considerations in evaluating the feasibility of a project. Methods such as NPV, IRR, and SROI are increasingly used to provide a more comprehensive picture of the financial and social impacts of investments. Therefore, capital budgeting continues to evolve to support sustainability and create value for stakeholders in an increasingly dynamic context.

本研究旨在分析投资决策中资本预算方法的发展脉络，重点探讨日益复杂且动态多变的环境下各类方法的应用与评估。本研究采用文献综述法，研究者通过搜集探讨同一主题的文献资料开展研究。所用文献来源涵盖各类期刊出版物，且重点关注2019至2024年间发表的成果。该方法旨在挖掘资本预算的概念及其在相关场景下应用的最新洞见。研究表明，投资决策中资本预算方法的发展愈发体现出环境的复杂性及对各类外部因素的适应需求。除财务维度外，企业的社会价值与战略目标亦成为项目可行性评估中的重要考量因素。净现值（NPV）、内部收益率（IRR）及社会投资回报率（SROI）等方法的应用日益广泛，以更全面地呈现投资的财务与社会影响。因此，资本预算持续演进，以在愈发动态的环境中支持可持续发展并为利益相关者创造价值。