随着我国证券市场的发展,我国机构投资者规模快速增加,但我国股市大涨大跌、波动幅度较大的特征并没有改变。针对上述现象,本文对我国机构投资者影响股市波动进行了理论研究;并利用2004-2013年的数据对机构投资者资金规模影响股市波动的方向和程度进行了实证分析。最后,针对实证分析的结论,提出减轻我国股市波动幅度的对策建议。 With the development of China’s securities market, the size of institutional investors in our country has rapidly increased. However, the characteristics of China’s stock market rose sharply and fluctuated greatly. In view of the above phenomenon, this paper conducts a theoretical study on the institutional investors ’influence on the stock market volatility in our country. The paper uses the data of 2004-2013 to analyze the direction and extent of the impact of the size of institutional investors’ funds on the stock market. Finally, according to the conclusion of empirical analysis, this paper puts forward some countermeasures and suggestions to reduce the volatility of China’s stock market.