中文摘要：

本文利用GARCH事件模型和条件波动方程，从市场整体角度检验中国机构投资者的市场影响。发现机构投资者的进入，确实减小了市场波动，在一定程度上起到了稳定市场的作用。机构投资者对深圳证券市场的稳定性作用更强。本文主要贡献在于，在改进GARCH事件模型基础上，合理界定机构投资者大规模入市的三个政策时点，论证了机构投资者对上海、深圳证券市场的稳定性影响，验证了发展机构投资者的政策效果，并提出相关政策建议。

英文摘要：

By adopting the GARCH model and fluctuation equation, the paper testes the market effect of institute investors in China. It is found that the institute investor indeed reduces the fluctuation in Shanghai and Shenzhen capital market, especially in Shenzhen market in China. The contribution of this paper lies in improving the GARCH model, defining the enter-timing of the institute investor in China＇s market, analyzing the market effect of the institute investor. At last, the authors brought forward a series of policy suggestion.