股票发行注册制是持续推进金融市场化改革、积极培育公开透明、长期稳定健康发展的资本市场的重要举措。注册制改革的顺利推进,亟待了解境外如美国市场成熟有效经验,进一步厘清注册制下发行审核内容与重点以及监管机构的职责定位,在此基础上,加强投资者知情权保护,规范发行人的信息披露责任。总体上,股票发行注册制的构建应当在充分分析我国市场投资者结构及行为特征等现状的基础上,调整并明确划分监管机构与市场主体间的职责,引导发行人、投资者等市场主体确定角色定位,全面构建与我国证券市场相匹配的投资者权益保护制度体系。 The stock issuance and registration system is an important measure for continuously advancing the reform of financial market and actively fostering a capital market that is open, transparent and long-term, stable, and healthy. The smooth progress of the registration system reform urgently needs to understand the mature experience of overseas markets such as the United States to further clarify the content and focus of the examination and approval issued under the registration system as well as the regulatory authorities ’responsibilities and positions. On the basis of this, the protection of investors’ right to information is strengthened and the issuer’s Disclosure of information. In general, the establishment of the stock issuance registration system should be based on the full analysis of the status quo of the structure and behavior of investors in the market in our country, adjust and clearly define the responsibilities of regulatory bodies and market participants, and guide the market players such as issuers and investors to determine Role orientation, and comprehensively construct an investor protection system that matches with China’s securities market.