机构投资者的决策人属性及其决策特征

尽管拥有比个人投资更高的理性，机构投资的理性仍显有限，不符合经典的经济人假说前提。代客理财重任使机构投资经常面临与组合投资有关的决策活动，机构投资更符合西蒙的决策人假说条件。作为决策人，机构投资本身是一个偏好收益、寻求满意投资组合的决策系统，在构建投资组合和参与公司治理的决策过程中表现出一些独特的特征。机构投资决策人假说的提出，将有助于推动相关理论研究和实践发展进程。

Institutional Investor's Intrinsic Properties as a Decision Maker and Its Characteristics

With its own limited rationality even though higher than that of individual's, institutional investor, who manages money matters for clients, is often faced with the decision making activities related to portfolios, and does not accord with the prerequisites of the classical economic man hypothesis, but conforms to the conditions of Simon's decision maker. As a decision maker, pursuing the satisfied portfolios and preferring the revenue of the portfolios, institutional investor is a decision making system which reveals some peculiar characteristics in the process of composing the portfolios and participating in the corporate governance. The pose of the decision maker hypothesis will be helpful to promote the relative theory researches and guide the practice.