Abstract: To understand the macroeconomic characteristics of investment, we should study the micro-foundation of investment behavior and its relationship with the investment in aggregate. Under circumstances of market economy, it is the firms that play the major part of investment aimed at formation of the capital. Therefore, the theory of their investment behavior becomes an important basis for research in investment theories. This article offers a survey of the development of theories in investment behavior in the past hundred years. In it the author attempts to explain the connotation of the theory, outline the trace of thoughts, and summarize the method of analysis. Weaknesses and future tendency are also discussed. The author is optimistic about the prospect of applying the Western modern investment theories in China.

Key words: investment behavior, adjustment cost, uncertainty, irreversibility

摘要： 要理解投资在宏观上的特征,就必须研究其微观的行为基础及与总体投资的关系。在市场经济中,企业是以真实资本形成为目的的投资行为主体,因而厂商投资行为理论便构成了投资理论研究的重要基石。本文简要概括了一个多世纪以来厂商投资行为理论的发展,对理论的基本内涵、思想脉络和分析方法进行了总结,并试图指出其中存在的缺陷和未来的发展方向。本文认为,现代西方投资理论在中国经济的研究中存在广泛的应用前景。

关键词: 投资行为, 调整成本, 不确定性, 不可逆性