中文摘要：

通过2005～2008年我国A股上市公司数据,实证了机构整体持股对于股价波动的影响;在考虑了变量内生性的问题之后,采用2SLS方法检验了机构稳定市场假说。研究同时发现,机构的交易行为和持股机构的数量加剧了市场波动;在对于机构分类的实证研究中发现,保险、社保、信托和一般法人持股的机构显著地稳定了市场波动,而券商持股显著加剧了市场波动,其它类型的机构投资者对于股价波动的作用并不显著。

英文摘要：

Based on the data of the A-Stock listed companies from 2005 to 2008,this paper researches the impact of institutional investors on fluctuation of stock market.Considering endogenous variable,it tests the institutional stable market hypothesis with 2SLS method.The research finds that： institutional exchange and number increase market fluctuation;assurance,social security,trust and general holding institution stabilize the fluctuation;security trader holding increases the fluctuation significantly;other types of institution will not increase the fluctuation.