“制度变迁是制度创立、变更即随着时间而被打破的过程,实现这一过程的方式就是制度变迁的方式”。本文通过对制度变迁理论的深入研究,了解到其包括制度需要,制度供给,制度变迁方式等。我国的机构投资者制度改革主要在政府的主导下进行,是一种强制性的制度变迁,各个机构投资者制度都有自己的优点,都是一次制度的完善。 Institutional change is the process of system establishment and change being broken over time. The way to realize this process is the way of institutional change. " Through the in-depth study of the theory of institutional change, this article has learned that it includes the need of the system, the supply of the system and the way of institutional change. The reform of the institutional investor system in our country is mainly conducted under the government’s leadership. It is a compulsory system change. Each institutional investor system has its own advantages, which are the perfection of a system.