Abstract
This paper examines the practical significance of encouraging institutional investors and strengthening the supervision to institutional investors, using the data of 18 stocks' Large-volume Trade on Shanghai Stock Exchange (SSE) to signify institutional investors' behavior. In order to reveal the influence of institutional investors' feedback strategies on the efficiency of security market, we contrasted the efficiency of security market in two cases of institutional investors take positive and negative feedback strategies by building panel data model. Our research show that the mean square of price deviation is significantly higher than using negative feedback strategy when institutional investors to take positive feedback strategy, which means that institutional investors to take negative feedback strategies help to improve security market efficiency in China.
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