| In its initial stage, the stock market of China reveals obviously two symptoms: too many speculations, and the bad performance of public companies. These symptoms are combined with the system of partition of shares. Many endogenous variables of speculations, including the unreasonable structure of share equity,the circulating share market dominated by scattered stockholders, and scarcity of indispensable institutional investors, lead to the unguaranteed interest of investors. With this tendency uncontrolled, the function of resource allocation of stock market will die out, undoubtedly imperilling the future of the whole stock market of China.Creating requirements for and fostering institutional investors are not only the necessary step to internationalization of Chinese stock market, but also the key to every problems existed. So it is emergent. But its function is not fully evaluated by the society, especially by the cricle of administration. Though the establishment of investment fund has been made to be an important measure by which the new principal part of investment is to be recommended,by which the relation of supply and demand is to be balanced,and by which the stock market is to be activated, the effect of institutional investors on the governance of public company is neglected. In fact, the effect of institutional investors is manyfaceted, with many problems to be researched.Applying the ways of evolution of history and comparative analysis, this dissertation systematically studied the connotation , the extension, the behavior traits and the system effect of institutional stockholder. And the current small and weak situations of institutional investor in China are explored,with its reason. Some proposition and policies are put forward. The analysis mentioned above owe its reference to the experience of institutional investor in developed America. The writer distinctly advocates that, the institutional stockholder, being the strategic investor, shouldparticipate in the governance of public company, employing the right strategy of participation.The dissertation is consisted in four parts.Part One: The connotation and extension of institutional stockholder.First of all , three kinds of shareholders are defined based on the properties of gaining,of dominating,and of speculation of shares. Individual stockholder is the typical primordial one, whose shares to a large extent characterized by speculation,but not necessarily by gaining feature, or not generally by dominating trait. The general corporate stockholder refers to the subject who holds the shares as the juridical person of firm. They have the business of product operation. They run after the dominating property of shares which they holded.The institutional stockholder is the subject who holds the shares as"the specialized agent of social in-vestor"They have preference over the gaining feature of shares. Secondly , several kind of commonly seen and influential non - banking financial shareholders are introduced,including security company,mutual fund,old age pension fund,insurance fund and partnership investment fund. Finally, the current situations of institutional investor are compared among Japan,America and China. The peculiarity of structure of share equity of Japanese company is that , the proportion of shares held by the general corporate stockholders through reciprocally holding is high,and that the proportion of shares held by institutional stockholders is not high. As to America, the proportion of shares held by institutional investors is becoming predominant. Consequently, the instutional investors is becoming the main force that has influence on the stock market and the corporate governance. As to China, the structure of share equity is special,a large part of share equity being uncirculating, the individual stockholders dominating the circulating share market,the number of institutional investors in broad sense including the general corporate shareholders being small.Part Two:The behavior characteristic of instituti...
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