OPTIMALISASI ALOKASI MODAL MELALUI CAPITAL BUDGETING: STUDI KASUS PEMILIHAN PROYEK INVESTASI DENGAN KENDALA ANGGARAN TERBATAS

Abstrak

In an era of global economic uncertainty, companies face fundamental challenges in optimizing capital allocation to achieve sustainable growth. Limited financial resources while investment opportunities exceed budget capacity create strategic dilemmas in optimal investment project selection. Conventional capital budgeting methods such as NPV and IRR are no longer adequate to address the complexity of modern investment decisions requiring more sophisticated approaches. This research aims to develop a comprehensive capital allocation optimization model through an integrated capital budgeting approach with budget constraint analysis, analyze the effectiveness of various capital budgeting methods under budget limitations, and formulate practical frameworks to improve capital investment efficiency. The research employs a qualitative approach using library research methods through systematic literature review and qualitative meta-analysis. Literature search was conducted using Scopus, Web of Science, ProQuest, and JSTOR databases for the period 2020-2024. Data analysis utilized content analysis and thematic analysis to identify patterns and trends in literature. Results indicate that implementing advanced optimization models such as linear programming and integer programming provides more effective solutions in addressing capital rationing. The developed integrated framework successfully combines quantitative models with qualitative considerations. Capital budgeting effectiveness is influenced by internal factors (organizational structure, management competency) and external factors (market volatility, regulatory environment). Capital allocation optimization requires sophisticated approaches integrating modern optimization techniques with traditional financial analysis. Implementation of integrated decision support systems and multi-objective optimization approaches considering trade-offs between financial returns, risk levels, and strategic alignment is recommended.

Dalam era ekonomi global yang penuh ketidakpastian, perusahaan menghadapi tantangan fundamental dalam mengoptimalkan alokasi modal untuk mencapai pertumbuhan berkelanjutan. Keterbatasan sumber daya keuangan yang dihadapi perusahaan sementara peluang investasi melebihi kapasitas anggaran menciptakan dilema strategis dalam seleksi proyek investasi optimal. Metode capital budgeting konvensional seperti NPV dan IRR tidak lagi memadai untuk mengatasi kompleksitas keputusan investasi modern yang memerlukan pendekatan lebih sophisticated. Penelitian ini bertujuan mengembangkan model optimalisasi alokasi modal yang komprehensif melalui pendekatan capital budgeting terintegrasi dengan analisis konstrain anggaran, menganalisis efektivitas berbagai metode capital budgeting dalam kondisi keterbatasan anggaran, dan merumuskan framework praktis untuk meningkatkan efisiensi investasi modal. Penelitian menggunakan pendekatan kualitatif dengan metode studi pustaka (library research) melalui systematic literature review dan meta-analisis kualitatif. Pencarian literatur dilakukan menggunakan database Scopus, Web of Science, ProQuest, dan JSTOR periode 2020-2024. Analisis data menggunakan content analysis dan thematic analysis untuk mengidentifikasi pola dan trend dalam literatur. Hasil menunjukkan bahwa implementasi advanced optimization models seperti linear programming dan integer programming memberikan solusi lebih efektif dalam mengatasi capital rationing. Framework terintegrasi yang dikembangkan berhasil mengkombinasikan quantitative models dengan qualitative considerations. Efektivitas capital budgeting dipengaruhi faktor internal (organizational structure, management competency) dan eksternal (market volatility, regulatory environment). Optimalisasi alokasi modal memerlukan pendekatan sophisticated yang mengintegrasikan modern optimization techniques dengan traditional financial analysis. Direkomendasikan implementasi integrated decision support system dan multi-objective optimization approach yang mempertimbangkan trade-off antara financial returns, risk levels, dan strategic alignment.