CAJ | 학술논문

我们以行为公司金融相关理论为突破点，通过相关文献的重新归置与梳理，从投资决策心理机制出发，按照投资决策中管理者非理性典型心理特征的过度自信、嫉妒心理、风险规避、羊群效应，分别探讨其所导致的企业投资异化行为及造成的企业价值增长或毁损问题。管理者过度自信可引起过度投资或投资不足；拥有羡慕嫉妒的管理者会通过增加投资实现企业价值增长，而消极嫉妒管理者则通过增加非效率投资来损害公司价值；风险规避管理者易发生投资不足等决策扭曲行为；羊群效应管理者易形成投资盲目跟风，给企业价值带来贬损。
아문이행위공사금융상관이론위돌파점，통과상관문헌적중신귀치여소리，종투자결책심리궤제출발，안조투자결책중관리자비이성전형심리특정적과도자신、질투심리、풍험규피、양군효응，분별탐토기소도치적기업투자이화행위급조성적기업개치증장혹훼손문제。관리자과도자신가인기과도투자혹투자불족；옹유이모질투적관리자회통과증가투자실현기업개치증장，이소겁질투관리자칙통과증가비효솔투자래손해공사개치；풍험규피관리자역발생투자불족등결책뉴곡행위；양군효응관리자역형성투자맹목근풍，급기업개치대래폄손。
Taking the theory of Behavioral Corporate Finance as breakthrough point, we can explore, by reclassify-ing related literature and examining investment decision makers＇ psychological mechanism, the abnormal behavior ofenterprise investments caused by managers＇ typical irrational psychological features, like overconfidence, envy, riskaversion and herd behavior, in the process of investment decision making and their respective impacts on the enterprise＇s development. Managers＇ overconfidence can result in excessive or insufficient investment; managers＇ positive envywill prompt them to increase their investment and raise the value of their enterprise; managers＇ negative envy will in-crease noneffective investment that is detrimental to the value of the enterprise; managers who like to avert risks are aptto have inadequate investment and other distorted behavior; managers who tend to have herd-like behavior will followthe trend to invest blindly and compromise the value of the enterprise.