CAJ | 학술논문

本文首先基于对实际决策行为的调研和文献研究，归纳出公司资本投资决策中管理者经常出现的12种非理性行为，并按资本投资决策的逻辑步骤将其分成3类；然后，针对每一种行为，根据访谈和行为决策理论，提出“产生这些行为的原因”假设；通过问卷调查和统计分析，发现被检验的38个假设中，有36个假设得到支持；最后，对36个假设的内容进行综合分析，得出每一种非理性行为产生的具体原因，揭示出行为背后的不确定因素、认知偏差和心理因素及其相互作用的思维框架，为改进公司资本投资决策方法与防范管理者非理性行为提供依据。
본문수선기우대실제결책행위적조연화문헌연구，귀납출공사자본투자결책중관리자경상출현적12충비이성행위，병안자본투자결책적라집보취장기분성3류；연후，침대매일충행위，근거방담화행위결책이론，제출“산생저사행위적원인”가설；통과문권조사화통계분석，발현피검험적38개가설중，유36개가설득도지지；최후，대36개가설적내용진행종합분석，득출매일충비이성행위산생적구체원인，게시출행위배후적불학정인소、인지편차화심리인소급기상호작용적사유광가，위개진공사자본투자결책방법여방범관리자비이성행위제공의거。
First, based on investigation of the actual decision -making behavior and literature research, this paper gener- alizes twelve types of irrational behaviors which frequently appear in the process of capital investment decision - making for man- agers, and then classifies these behaviors into three types according to the logical steps of corporate capital investment; Then, for every kind of behavior, this paper puts forward the propose about why these behaviors happen on the basis of interviews and behavioral decision making theory. Through the questionnaire and statistics analysis, we found that there are thirty - six propo- ses supported in the thirty - eight which are tested. At last, makes comprehensive analysis on the specific content of the thir- ty -six proposes, and gets the specific reason of each irrational behavior, reveals the uncertain factors, cognitive biases and psychological factors, and also the three interaction of thinking framework behind the behavior, all of these provide the basis for improving the method of eomoanv capital investment decision - making to reduce the managers irrational behavior