进入２０００年以来，针对我国证券市场个人投资者众多、市场投机气氛浓厚等缺陷，证券监管部门明确提出超常规培育机构投资者的政策取向，并在实践中付诸实施。无疑，机构投资者呈上升趋势乃是一全球现象。根据美国纽约证券交易所的统计资料，证券投资基金、保险公司及养老基 Since 2000, in view of the shortcomings of many individual investors in China’s securities market and the speculative atmosphere in the market, the securities regulatory authorities have clearly proposed the policy orientation of institutional investors of unconventional cultivation and put it into practice in practice. Undoubtedly, the upward trend of institutional investors is a global phenomenon. According to the New York Stock Exchange statistics, securities investment funds, insurance companies and pension