中文摘要：

在薪酬体制异化的现实背景和高管权力假说盛行的理论背景下，基于嫉妒心理学研究成果，研究高管薪酬外部不公平性对非效率投资影响。结果发现，我国上市公司高管薪酬外部不公平性促使高管产生黑色嫉妒心理，进而增加非效率投资。进一步研究发现，高管个体特征对两者相关关系具有显著调节作用。高管年龄、女性高管比例削弱了薪酬外部不公平性与过度投资的正相关关系，高管任期、过度自信则增强了薪酬外部不公平性与过度投资的正相关关系；高管任期增强了薪酬外部不公平性与投资不足的正相关关系，女性高管比例、乐观主义则削弱了薪酬外部不公平性与投资不足的正相关关系。

英文摘要：

Under the backgrounds of managerial compensation system distorted and manager power hypothesis prevailing, the paper investigates the relationship between external unfairness of managerial compensation and inefficient investment based on jealousy psycho logical research. The research finds show that external unfairness of compensation may breed managers＇ black jealousy psychology and result in the inefficient investment increasing. Further research shows that manager individual characteristics have significant positive regulations of the relationship. Specifically, manager age and the proportion of female managers weaken the relation of external unfairness of managerial compensation and over-investment, but manager tenure and overconfidence enhanced the relationship; manager tenure enhanced the relationship of external unfairness of managerial compensation and under- investment, but the proportion of female managers and manager optimism weaken the relationship.