We discuss d = 1, N = 2 supersymmetric matrix models and exhibit the a
ssociated d = 2 collective field theory in the limit of dense eigenval
ues. From this theory we construct, by the addition of several new fie
lds, a d = 2 supersymmetric effective field theory, which reduces to t
he collective field theory when the new fields are replaced with their
vacuum expectation values. This effective theory is Poincare invarian
t and contains perturbative and non-perturbative information about the
associated superstrings. We exhibit instanton solutions corresponding
to the motion of single eigenvalues and discuss their possible role i
n supersymmetry breaking.