The lack of robust financial management is an integral growth constraint faced by small and medium enterprises (SMEs). For the sustainability and growth of SMEs, it is vital to choose the correct long-term projects. Yet, literature shows that SMEs across the globe hardly practice the sophisticated capital budgeting (CB) method. The present study identifies, prioritizes, and proposes a structural model of the barriers to CB practices. The study adopts an integrated method combining the fuzzy analytical hierarchy process (F-AHP) and the fuzzy decision-making trial and evaluation laboratory (F-DEMATEL) approach to evaluate the barriers to CB practices among SMEs in India. The prioritization obtained through the F-AHP suggests that the knowledge barrier of the decision-makers and the inherent barrier associated with the CB techniques are the most weighted main barriers impeding the practice of CB among SMEs. Also, the most important sub-barriers are time consumption and high complexity of the methods, lack of financial education and training of decision-makers, and lack of computation technology. F-DEMATEL provides a reliable quantitative measure of the association of the barriers to implementing sophisticated CB practices among SMEs. To the best of the authors’ knowledge, this study is the first to identify, prioritize, and structure the barriers to CB practices. Also, it is the first to apply multi-criteria decision-making tools in this field of research. Our findings can help financial managers/practitioners of SMEs to formulate sophisticated CB techniques in their investment decision strategies and efficiently manage their long-term funds.

缺乏稳健的财务管理是中小企业（SMEs）面临的一个整体增长制约因素。为了中小企业的可持续发展和成长，选择正确的长期项目至关重要。然而，文献表明，全球的中小企业几乎没有采用复杂的资本预算 (CB) 方法。本研究确定、优先考虑并提出了 CB 实践障碍的结构模型。本研究采用模糊层次分析法（F-AHP）和模糊决策试验与评估实验室（F-DEMATEL）方法相结合的综合方法，对印度中小企业的CB实践障碍进行评估。通过 F-AHP 获得的优先顺序表明，决策者的知识障碍和与 CB 技术相关的固有障碍是阻碍中小企业实施 CB 的最重要的主要障碍。此外，最重要的子障碍是时间消耗和方法的高度复杂性，缺乏对决策者的金融教育和培训，以及缺乏计算技术。F-DEMATEL 提供了一个可靠的量化衡量标准，衡量在中小企业中实施复杂的 CB 实践的障碍之间的关联。据作者所知，这项研究是第一个确定、优先考虑和构建 CB 实践障碍的研究。此外，它是第一个在该研究领域应用多标准决策工具。