近来，关于进一步发展和壮大机构投资者的呼声越来越大。然而，由于各投资机构的运行机制不同，给投资者、证券市场和社会带来的结果自然也就不同。因此，吸引或鼓励什么样的机构进入股市，才能给广大投资者带来长期、稳定的高额回报，才能够更有利于证券市场乃至整个社会的相 Recently, there has been a growing call for the further development and expansion of institutional investors. However, due to the different operating mechanisms of various investment institutions, the results for investors, stock markets and the society are naturally different. Therefore, what kind of institutions are attracted or encouraged to enter the stock market can we bring long-term and stable high returns to investors in order to be more conducive to the development of the stock market and even society as a whole