中文摘要：

文章研究了机构投资者对所投资公司公允价值计量的偏好和机构行为与市场波动的关系，以及公允价值计量方式对于市场波动的影响，并且检验了公允价值计量收益和机构交易对于市场波动的交互作用。研究发现，机构表现出对于公允价值计量资产的回避态度。公允价值计量收益减小了市场波动，而机构投资者的持股和交易却显著加剧了波动，这与我国基金普遍存在短视和羊群行为的解释相吻合。研究结论对于促进公允价值计量，限制机构投机，提高市场效率具有参考意义。

英文摘要：

The paper studies institutional investors＇ preference for the fair-value-based measurement method and the relationship between institu-tional investors＇ behaviors and market volatility. It also explores the fairvalue-based measurement method and the effects of fair-value-based profit measurement and institutional transactions on market volatility. The results show that the institutions show an evasive attitude to the fair-value-based assets measurement. The profits measured by fair value smooth the market volatility, but the stock-holding and transactions of institutional investors intensify the market volatility, which are consistent with the explanation of the short-horizon and herd behaviors of funds in China. The research conclusions are beneficial to the spreading of the lair-value-based measurement and the restriction on the speculating behaviors of institutional investors.