证券监管机构及证券交易所在新股发行上市过程中职能的划分会直接影响证券市场运行的效率 ,而目前在我国这两者之间的分工却不尽合理。根据国外经验及我国的现状 ,目前应建立多层次二级市场 ,打破上市发行一体化 ,重新划分证券监管机构和证券交易所的职能 The division of functions of securities regulators and stock exchanges in the course of the IPO of new shares will directly affect the efficiency of the securities market. However, the division of labor between the two in China is not yet reasonable. Based on foreign experience and the current situation in our country, we should establish a multi-level secondary market to break the integration of the issuance and issuance of listed securities and to redraw the functions of securities regulators and stock exchanges