Abstract: Abstract: Under the backgrounds of managerial compensation system distorted and from the perspective of social comparison theory, this paper focus on the impact of compensation external unfairness exerting on managers’ psychological perception and investment behavior based on psychology and behavior research. The study shows that external unfairness of compensation may breed managers’ "black envy" psychology and lead them to seek alternative compensation incentive, resulting in the inefficient investment increasing. The phenomenon is more prominent in private enterprises, which may caused by the compensation system dissimilation widespread in state-owned enterprises. Further research shows that macro-economic and the company’s location both have a significant positive regulation of this relationship. Finally, it also finds that due to the factors of self-expectations, attribution-models and attention-foundation, significant gender differences exists in the psychological perception on the compensation external unfairness, female manager governance may alleviate the male "black jealousy" psychology and inhibit inefficient investment behavior.