according to the definition of "several provisions on hearing civil compensation cases caused by false statements in the securities market" in the Supreme People's Court in 23, investors refer to natural persons, legal persons or other organizations engaged in securities subscription and trading in the securities market. Institutional investor is a concept relative to individual investor, that is, it is classified according to the nature of investors. When the securities holder is a natural person, it is called an individual investor, and when the securities holder is an institution, it is called an institutional investor. At present, institutional investors in the domestic market mainly include: securities companies, insurance companies, securities investment funds, social insurance funds, qualified foreign institutional investors (QFII), and other general corporate institutions. Institutional investors have standardized investment behavior and strong financial strength, and can make portfolio investment, diversify risks and implement professional management. Strategic investors refer to large domestic and foreign enterprises and groups that have the advantages of capital, technology, management, market and talents, can promote the upgrading of industrial structure, enhance the core competitiveness and innovation ability of enterprises, expand the market share of enterprise products, commit themselves to long-term investment cooperation, and seek long-term profit returns and sustainable development of enterprises. Strategic investors should have good qualifications, abundant capital, core technology, advanced management, good industrial foundation and strong investment and financing ability. According to the provisions of the Notice on Further Improving the Stock Issuance Method (Certificate Issuance Word [1999] No.94), strategic investors refer to legal persons who are closely related to the issuer's business and want to hold the issuer's shares for a long time. After the introduction of the inquiry system, the Notice on Further Improving the Mode of Stock Issuance was abolished, but there is no definition of strategic investor in other laws and regulations of China Securities Regulatory Commission. According to the requirements of the China Banking Regulatory Commission, strategic investors should meet five criteria, namely, the proportion of shares invested should not be less than 5%, the shareholding period should be more than three years, there should be no more than two directors and shares in Chinese homogeneous banks, and technical and network support should be provided to Chinese banks. Judging from the definition of strategic investors by foreign venture capital institutions, it is generally believed that strategic investors are companies or individual investors who can increase the value of investment through business or personal relationships that help companies raise funds and provide marketing and sales support. Judging from the above definitions of institutional investors and strategic investors, the biggest difference between them lies in their relationship with issuers. Strategic investors hold the issuer's shares for a long time, and sign relevant agreements with the issuer, promising to provide them with certain business support; Institutional investors, on the other hand, are of general investment nature, and have no direct contact with issuers, and there is no clear long-term holding arrangement. Domestic strategic investors generally refer to legal person investors, and there are no individual investors, while there are no such restrictions in foreign countries.