中文摘要：

投资者交易行为与市场波动关系是行为金融和资本市场研究的重要课题，具有重要的学术和应用价值。传统金融和行为金融在对待投资者行为上存在分歧；对投资者交易行为与市场波动的互动关系表明，目前对于机构投资者的稳定作用存在争议；现有研究在框架、数据和方法上存在的不足，需要有所突破。

英文摘要：

Investors trading behavior and market volatility,are an important researching subject of behavioral finance and capital market,which has important academic and applied value; there are some difference between traditional finance and behavioral finance based on the bounded rationality and irrationality; The mutual relationship between them shows that there are dispute in institutional investors＇ stabilization effect; at last, we point out the short of related research based on the frame, data and measures, and demonstrate the future directions in which we must make progress.