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中文摘要：
根据国内封闭式证券投资基金每季度公布的数据，通过相关性分析，对比分析在牛市、熊市开始和结束时，基金持有股票的相关性，得出国内机构投资者有非理性的特性，并且在牛市期间，小规模基金的非理性程度要比大规模基金严重，熊市期间，则相反。
英文摘要：
This paper uses the data that were published quarterly by close- end funds, adopts correlation analysis to analyze the ratio of stocks held by funds to the Net Present Value at the beginning and the end of both bull and bear markets. Results show that domestic institutional investors have characteristics of “Irrational investors”. In bull market, the large scale funds are more irrational than the small funds, and vice versa in bear market.
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