摘要：Institutional investor is hoped to be more powerful than individual investor from the perspectives of regularity authority and scholar, but the results are mixed. Using the data of listed company in China, the paper makes a comparative study on the impacts of institutional investor and individual investor on investment risk. It shows that the scale and ownership of institutional investor have negative impacts on investment risk significantly, but the scale and ownership of individ-ual investor have positive impacts on investment risk, which implies institutional investor has the effects to reduce in-vestment risk comparing with individual investor. Therefore, developing institutional investor and reducing the scale of individual inventor is important for the stability of security market
关键词：Corporate Governance; Institutional Investor; Individual Investor; Information Disclosure; Investment Risk
