| Along market economy becomes more and more popular in China, more and more people's income statement is related with the investment behavior of institutional investors. In Chinese stock market, institutional investors have become very important. So if we want to understand the stock market, we had to understand investment behavior of institutional investors .The research of investment behavior of investors in traditional finance theory and behavioral finance didn't distinguished individual or institution. So this thesis researches Chinese institutional investors' investment behavior in stock market.This thesis has seven chapters. Chapter 1 is introduction which introduces the background and significance of the research, the innovation spots and the framework of this thesis. Chapter 2 defines institutional investors, and concludes the types of overseas and Chinese institutional investors. Chapter 3 and 4 are the research of institutional investors' investment behavior in traditional finance theory and behavioral finance. Chapter 5 analyses the investment behavior and investment strategy of five main Chinese institutional investors. Chapter 6 reveals the reasons of herd behavior in Chinese institutional investors, especially in security investment funds, and brings up development suggestions. Chapter 7 is conclusions and drawbacks. This part is based on the forward study, generalizes all the conclusions acquired in this thesis and the drawbacks of this thesis.This thesis includes below conclusions. Through analyzing investment strategy of five main Chinese institutional investors, there is herd behavior in Chinese institutional investors, especially in security investment funds. Herd behavior is not good for the stability of Chinese stock market. So we must promote the development of security investment funds through perfecting inside governance structure of funds, developing outside competitive market and enhancing legal supervision and self-discipline. |
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