企业知识资本投资与企业机器设备等固定资产投资相比,具有投入产出关系不明显、投资回收期长、投资风险大等特点,更容易产生投资不足或过度投资等投资行为异化现象。本文以行为经济学理论和心理学理论为基础,分析了决策者心理因素对企业知识资本投资行为异化的影响,并以高管团队特征为替代变量,建立了企业知识资本投资行为异化的影响关系模型,采用我国计算机、通讯和其他电子设备制造业上市公司数据,进行了实证分析。实证结果发现:团队薪酬差距越大、高管兼职比例越大、团队规模越大,企业知识资本投资就越趋向于投资不足;高管团队持股异质性越大,企业知识资本投资就越趋向于过度投资。实证结果表明:高管团队成员的社会认同感、分配公平感和社会背景效应等决策者心理因素对企业知识资本投资行为异化有显著的影响作用。 Compared with the investment in fixed assets such as enterprise machinery and equipment, enterprise knowledge-based capital investment has the characteristics of not obvious relationship between input and output, long payback period, and high investment risk, which makes it more likely to cause alienation of investment behaviors such as underinvestment or overinvestment. Based on behavioral economics theory and psychology theory, this paper analyzes the influence of decision-maker’s psychological factors on the alienation of corporate intellectual capital investment behavior, and uses the characteristics of senior management team as a substitute for variables to establish the impact of the alienation of corporate intellectual capital investment behavior Model, the use of China’s computer, communications and other electronic equipment manufacturing listed companies data, an empirical analysis. The empirical results show that the bigger the team salary gap is, the higher the proportion of senior executives and part-time job is. The bigger the team size is, the more knowledge-based capital investment tends to be under-invested. The more heterogeneous the senior management team holds, the more knowledgeable capital investment Tend to over invest. The empirical results show that the psychology of decision makers, such as social identity, distributive justice and social background effect, have a significant effect on the alienation of corporate intellectual capital investment behavior.