The conclusion is that the path of Nanjie's institutional change is the outcome of the coevolution, say, competition, constraints, enforcement and transformation between the state and market; the coevolution have three dimensions: benefit, legitimacy and ideology; the path and outcome of institutional change in the process of coevolution are shaped by both the dual process of modernization and marketization in China's social transformation and the path dependence and cultural lag in China's incremental reform strategy: on the one hand, as historical conditions, the proceeding and logic of China's modernization constraint the state and market's institutional choices; on the other hand, under the interplay between the path dependence and cultural lag, the interaction between the state and market can produce various complex combinations, therefore various institutional landscape, even "institutional paradox".

本文认为，高度政治化、高度集体化的南街村体制是国家与市场互动演化，即国家与市场之间相互竞争、制约、强化和改变的结果；国家与市场之间的互动演化有利益、合法性和意识形态等三个维度，而互动演化所造成的制度变迁轨迹和结果则同时受中国社会转型中的现代化进程和市场化进程，以及渐进式改革中的路径依赖和文化堕距的影响：一方面，现代化进程作为一种共同的历史条件制约着国家和市场各自在互动过程中的制度选择；另一方面，在路径依赖和文化堕距的交互作用下，国家与市场之间的互动会形成多种复杂的、犬牙交错的组合，从而塑造出千姿百态的制度景象甚至"悖论"。

The institutional change dominated by the government in our country has the following characteristics: The basic line and criteria of the institutional change are established by the government; in a institution-suppliers capacity, the government supplies institutions by the means of laws, legal provisions, policies and so on; the government sets up the barriers for institutional innovation and restricts the institutional innovation of the main body in market; the government selectedly promotes the happening of induced institutional change and improves its level of standardization and institutionalisation .

我国政府主导型制度变迁有如下特点：由政府设定制度变迁的基本路线和准则；政府以制度供给者的身份，通过法律、法规、政策等手段实施制度供给；政府设置制度进入壁垒，限制微观主体的制度创新活动；政府有选择地促进诱致性制度变迁的发生，并提高其规范化、制度化水平。

The results are consistent with the interpretation that positive intangible information tends to trigger institutional herding on the buy side.3. The securities Investment Funds act as momentum traders in bear market while as contrariant traders in bull market. Further analysis reveals that momentum trading by investment funds intensifies stock return momentum but stock price experiences a long-term reversal. It indicates return momentum results from mispricing instead of risk. The securities Investment Funds hamper market efficiency when they act as momentum traders.4 Both momentum trading and herding behavior intensify market anomalies and hamper market efficiency. However, momentum trading or herding behavior is the only one of the many aspects of the institutional investor.

第三，机构投资者的动量交易行为会加重了股票收益惯性，这一结论在分别控制股票规模、账面市值比因素后仍成立，并且机构投资者对股票的动量交易行为越强烈，股票收益的惯性也越明显，说明机构投资者具有影响股票价格的能力；进一步的分析表明，惯性利润在长期均实现反转，但反转的周期和程度受动量交易指标值的影响，股票动量交易程度越高，动量收益反转越强烈，反转周期越短，这表明机构投资者的动量交易行为使股价严重偏离其基础价值，在长期，股票价格不断调整逐渐靠近其基础价值，因此可以说，机构投资者对股票的动量交易行为会加重股票收益惯性和阻碍市场效率。

institutional disfigurement：制度性缺陷

制度根植:institutional embeddedness | 制度性缺陷:institutional disfigurement | 产权制度:Institutional Transition

institutional originality：制度创新

前景分析:Institutional Cooperation | 制度创新:institutional originality | 体制变革:Institutional reform

Institutional innovation protagonist：制度创新主体

制度创新路径:Institutional innovation method | 制度创新主体:Institutional innovation protagonist | 金融制度创新:financial institutional innovation