当前，投资机构化已经成为金融市场发展的一个重要趋势。我国证券市场起步较晚，市场发展还不规范。2000年以来管理层大力发展机构投资者，一方面是建设多层次资本市场的需要，另一方面也希望机构投资者能够发挥促进市场规范运行的作用。本文在回顾机构投资者行为特征的相关研究的基础上，尝试从投资者行为的有限理性出发，研究我国各个类型的机构投资者的投资行为及存在的问题。-At present, investment institutions and has become an important trend in the development of financial markets. China' s securities market to a late start, the development of the market is still not standardized. Management to vigorously develop institutional investors since 2000, on the one hand is the need of building a multi-level capital market, on the other hand, institutional investors can play a role in promoting market discipline run. Review the characteristics of the institutional investors'　behavior on the basis of, try the limited rationality of investor behavior, to study the investment behavior of institutional investors and the problems of various types in China.