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.

摘要： 摘要：在高管薪酬体制扭曲现实背景和社会比较理论视角下，引入心理学和行为学研究成果，关注薪酬外部不公平性对高管心理感知及行为选择影响。研究发现，薪酬外部不公平易引发高管“黑嫉妒”心理，导致其寻求替代性补偿激励而增加非效率投资。这一现象在民营企业更为突出，这主要是因为国有企业报酬体系异化所导致。宏观经济形势和公司所在地区对薪酬外部不公平性与非效率投资之间关系有显著调节作用。最后，研究还发现受自我期望值、归因模式及注意力基础因素影响，高管对薪酬外部公平性问题的心理感知存在显著性别差异，女性高管治理有助于缓解男性高管主导的“黑嫉妒”心理和抑制非效率投资。