注册制已是势在必行,在转变到注册制过程中中小投资者面临的市场环境也会发生相应的变化。本文研究了当前IPO市场上出现的对中小投资者的不公现象及其成因。文章最后针对为实现核准制向注册制的平稳过渡提出一些保护中小投资者的政策建议。 Registration system is imperative, and the market environment faced by small and medium-sized investors will also change correspondingly as they move to the registration system. This article studies the unfairness and causes of the small and medium-sized investors appearing in the current IPO market. Finally, the article puts forward some policy suggestions for protecting medium and small investors in order to achieve a smooth transition from the approval system to the registration system.