| In the developing process of more than ten years of Chinese security market, and with the governors'constantly regulating and support, the group of institutional investors expands constantly, the kinds innovate constantly, each rule of law gets criterion, institutional investors likes securities investment fund and insurance financing or society insurance fund and enterprise annuity have had a prominent progressing. The institutional investors received attentions from every part of security market increasingly, but there are so many deficiencies by the domestic institutional investors, the unenlightened theoretics and investigations are not incommensurate to the development of the institutional investors, so the institutional investors'investigations need new supplement and progress. At present, aiming at the institutional investors in the security market, there are so many deficiencies including the right using of the investigation's method, the investigation's depth and systematism, for example, for using overseas simple method, institutional investors'general appraisement and investigation have some limitations, lacking in scout to the new evolvement of overseas appraisement's method. This thesis makes new pectination for the logistic configuration of the institutional investors'investigative literature, on this condition, it investigates the institutional investors comprehensively and systemically from two roles that as the investor and as the owner, the extent and width of the current investigation could be extend. Institution investor refers to the institution that has impersonalized, i.e. vocationalized and socialized the act of investing in monetary sense. It includes those impersonal institutions that have used its own fund or the funds raised through various monetary tools to invest in the financial market by means of credits or stocks. It has the following economic features such as low information cost, reasonable disperse of risks, high scale benefit, and powerful supervision and so on. Besides it also enjoy some legal characteristics, for example the principle of honest and credit, the principle of diligence. Institution investors include fund companies, insurance companies, stock companies, enterprise annuities and retire pensions. With the institution investors as its principal part, the kind of investing structure has the following advantages: it can fully bringing into play its role of 'market stablizer'; it can lead to more reasonable resources allocation due to the guiding and concentration feature of institution investment; the institution investors can push forward the creativity of the stock market; it can also bring in a higher level of management with the institution investor taking part in the management. In recent years, the scale of our country's stock market kept enlarging. At the same time, with the fast development of fund industry, admittance of QFII and the continual increase of the number of institution investors such as social insurance funds and enterprise annuities, the investor structure of our country's stock market has changed dramatically. The changes in investor structure have caused the profound changes in investing idea and the payoff pattern. Now, the time of short-term invest has passed and the value investment and value discovery have become the mainstream of investment. Institutional investor became the most important motivate of the security market system. The develop of institutional investor requires the security market to be improved on the trade system, for example, the construction of do-empty mechanism and large amount exchange .In the condition of Chinese security market, the shorting of trade tool will be restrict factor to the development of the institutional investor. The basic facilities of a country's capital market contains the characters as special wholesale means that could finish plenty of large amount exchange, further more, will be beneficial to the market trade and assets group (assets portfolio). In general, institutional investor stimulates to the development of security market, but the stimulation is limited. That is because the institutional invest is just springing up in China, the investor have not realize the advantage of institutional invest. So, private investor is the major part of the market. For the reason, the scope of institutional investor must be increased. Institutional investor play an important function in the opening process of security market, and, QFII and QDII system in the necessary choice in the limited and direct opening phase of Chinese security market. There are many controversies about the relation and influence between institutional investors and security market stability in the academia. At present, there are chiefly three viewpoints, i.e. (1) it is in favor of the stabilization of the security market; (2) it is not good for the stabilization of the security market; (3) the influence should not be determined simply. In general, whether the development of the Institutional Investors helps to stabilize the security market depends on the institutional investors could steadily hold the securities long enough i.e. the level of stability of holding securities. After wemade an empirical research on the long-term equilibrium and short-term volatility of China CITIC composite index and CITIC fund index through cointegration theory and ECM, we could find that there is no long-term cointegrating relationships in the stock and security fund market, the above two markets have tight relationship only in the bull market. We could find that the negative non-equilibrium error coefficient reflects negative feedback mechanism and makes the equilibrium come back from non-equilibrium; there is no cointegrating relationships between our stock market and security fund market when market price dull and decrease, so at present, our institutional investors could not provide virtual stabilization function on security market. The primary reasons that our institutional investors could not form stabilization function on security market lies on follows aspects: institutional investors have short-term behavior; the list company has short-term behavior; the government has short-term behavior ( the system supplies is discontinuous) .In a word, to make institutional investors exert the function on reducing the market price fluctuation, three essential conditions must be satisfied i.e. the standardization of institutional investors , the development of the institutional investors and the maturity of the individual investors. Analyzing from viewpoint of behavioral finance, the investment's behaviors by the institutional investors could be divided: (1) Herd instinct strategy. (2) Contrary investment strategy, it means buying into the bad stocks and trading off the high quality stocks to interest arbitrage. (3) Momentum trading strategy, it means enacting a filtration rule for stocks profit and amount of transactions, then buying into or trading off stocks when stocks profit and amount of transactions measure up to the filtration rule. (4) Cost average strategy and time separateness strategy. This thesis analyzed herd instinct strategy mainly, on the basis of current theory model that analyzing the herd instinct strategy in security market, we could conclude three important reasons that beget the sense herd instinct strategy in money market, they are: imperfectness information, report's attention, reward configuration's attention. On the whole, there is evidence of herd instinct strategy in the domestic investment fund, but the herd instinct strategy get weakly gradually, the herd instinct strategy in trading off stocks by the Funds is a little stronger than buying into stocks, but the difference isn't evident. Hereinbefore, as point of view of the investor analyzing about organization investor. With the organization investor's share to rise continuously, they start participating the company to manage actively. The so-called organization investor get involved the listed company manages to mean the organization investor with borrow some listed companies that it holds of share, participate the listed company to managewith the body of the shareholder, decide the mechanism through a shareholders' meeting and even enter the board of directors directly, to the listed company of usual manage, the development strategy puts forward own viewpoint, urging the listed company improvement to manage the structure with the exaltation company results, thus make the company stock price soar but at second class make a profit on the market. The organization investor is to the influence performance that listed company manage in as follows a few aspects: Alleviating the company manages medium" the prisoner predicament", controls the positive influence of the power to the company, to the positive effect that company conduct, to the contribution of" the connection investment". The organization shareholder aggressive the result of doctrine can hardly evaluate, currently return without the conclusion of the certain quantitative analysis. This selected works takes 2004-in 2005 was are samples by 50 listed companies that heavy camalig of the stock certificate investment fund held to haves, research the fund influence of the company upon their accomplishment. Because the organization investor holds the possibility that a specific weight and the organization investor participates the company to manage just related, but how the organization investor is the degree that participate and participate is again very difficult to be turn by the quantity, so use the organization investor hold a has the total subscribed capital of listed company of the comparison conduct and actions the reflection investor participate comprehensive index sign that the company manage; Use the index sign of each income conduct and actions reflection company accomplishment of the listed company, make use of to calculate the classic in the economics back to return the method, try the model that builds up holding a listed company through a fund to promote the function to the company results, to carry on to measure to combine the aggressive doctrine of certain shareholder in the our country whether valid or deny the existence, in above-mentioned reflection fund hold and the company results relate to of return square distance, explain to change to measure the result elucidation that the coefficient shows the examination of our country the organization investor hold a specific weight and did not affect the company accomplishment in the listed company, both have not yet existed the relativity relation house, the company accomplishment mainly still comes from former accomplishment's express of prop up. The main reason that has no relativity lies in the our country organization an investor still an adoption speculation strategy, even adopting the investment strategy, also is a passive investment basically, seldom pass to carry out a kind of with the company manages for the direction of aggressive investment but earnings, so the organization hold the share sum how much in company manage not theability body appears with the relativity of the company accomplishment. At the same time the ownership of a share structure of the listed company oneself limits our country organization investor to participate the company to manage. The organization investor get involved although attain the perfect degree towards dissolve the crisis that the company manages the structure can hardly, to stock market, really is also a cent power and the check and balance problem that resolves the company to manage the structure a kind of valid, viable way. The supervision to institutional investors means that the main-body of the market uses certain methods and ways to supervise, check and manage the initiation, operation and management of institutional investors to ensure that they develop systematically. According to the difference of the importance of the main body of the market, the mode of the supervision to institutional investors could be divided into two types; one is the country's central and utilized management, in which, the government's branches or national security management organization affiliated to legislation organ supervises institutional investors centrally and directly, while all kinds of self-constraint organizations, such as security exchange house, fund association and so on, only play a helping role. This mode regards the U.S. as a representative; the other is trade self-constraint organization mode, which restricts institutional investors'action by some indirect rules, has no nationwide management department and supervise themselves relying on the participants of the market, regarding Britain as a representative. Though central supervision and self-constraint supervision both have their own advantages and disadvantages, from the view of the development trend, the central supervision's advantages overwhelm self-constraint supervision, especially in our country, institutional investors are fresh for many persons, and our legal system is imperfect, too, therefore, the central supervision is the best choice. But, self-constraint should be a necessary plus and the risk measurement and self-building is also integral. Establishing the system of the comprehensive appraisal for the society, especially achievements appraisal system also contributes to the standardization of institutional investors. This paper appraises the fund of the overall achievements, one of the institutional investors, whose goal is to judge whether the fund achievements is over the market, and mainly adopts the revenue ratio, three risk-regulation index to appraise the fund achievement of our country's security market and finally uses the analytic way of the main composition to draw the overall target inflecting the fund achievement. On the basis of above-mentioned research, there is policy advice for how to develop institutional investors of our country as follows, regulate and supervise institutionalinvestors, standardize and optimize institutional investors'behavior, strength the construction of social appraisal system of institutional investors, accelerate the completion of the security market further and really make institutional investors'positive roles as an investor and an owner.All in all, the study on institutional investors of the financial circles of countries all over the world has just begun now, and has no authoritative and systematic understanding. This paper makes some tentative study for institutional investors of the security based on China's reality.
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