我国资本市场具有监管职能的机构主要包括中国证监会、证券交易所和中介机构。其中，作为国务院直属机构的中国证监会，是对资本市场进行政府监管的主要执行机构；证券交易所作为中国证监会下属事业单位，是对资本市场金融产品或金融衍生产品管理的公共机构，虽对资本市场开展自律监管，但由于证券交易所与中国证监会在行政层面的上下级关系，监管权力又由《证券法》授予，因此，证券交易所同样具有国家属性的特点。

2023年2月17日，中国证监会和上海证券交易所、深圳证券交易所联合发布了有关全面实行股票发行注册制制度的相关规则，该规则自发布之日起施行。这标志着自2019年开始，经过5年的注册制试点运行，我国资本市场发行制度正式转变为全面实行股票发行注册制。注册制实施之前，我国经历了股票发行审批制和股票发行核准制两个阶段，这两个阶段的监管都拥有浓厚的计划经济色彩，以中国证监会为主且具有国家属性和政治属性的监管主体，通过形式审核和实质性审核，采用行政监管的方式，参与了事前、事中和事后各阶段的监管工作。但这种做法不仅造成了高昂的监管成本与低下的监管效率，同时也忽视了市场的自律监管作用，阻碍证券交易所履行监管职责，发挥自律监管作用。更重要的是，实质性审核等形式在很大程度上干预了市场发挥合理资源配置的决定性作用，阻碍了我国资本市场的市场化发展。随着我国经济的发展和国民素质的不断提高，企业对融资需求越来越多，因此，重事中监管和事后监管、轻事前监管的注册制就成为改革的首选。在注册制下，更多证券监管权力从中国证监会下放至证券交易所，证券交易所实质性参与市场监管的程度被极大强化。

但由于注册制在我国只实行仅5年的时间，且又是以个人投资者为主的市场，在监管方面仍然存在不同监管主体职能定位不明确、监管资源不足与分配不合理、市场参与主体未完全适应注册制模式、理论观念落后、配套制度不健全和市场环境不充分、社会监督力度不足等问题，若相关问题不及时解决，一是将因监管失效导致资本市场失灵，破坏资本市场的健康、平稳运行，进而无法发挥资本市场直接融资作用，阻碍政府对社会资源进行有效分配，对国民经济和推进社会经济发展产生重大影响；二是由于我国属于个人投资者为主的资本市场，资本市场一旦发生市场失灵，将严重损害社会公众投资者利益，加之我国社会公众投资者的专业能力水平普遍较低，将因此带来一系列负面的行为和舆论，发生严重的公共危机事件。因此，本文研究的最终目的，是以当前注册制下证券交易所监管权力增加为出发点，通过完善证券交易所的监管职能，进而提高监管的效率和监管水平，解决部分当前资本市场监管方面存在的问题，让资本市场始终受到行之有效的监管，以促其保持平稳运行状态，避免产生上述危及国民经济、损害社会公众投资者利益等事件发生。

本文将以股票发行注册制改革为背景，通过历史分析法和比较分析法等研究方法，参考政府干预经济活动理论、市场失灵理论、法律不完备性理论和信息不对称理论，对我国股票发行制度的发展历程、监管理念的转化、改革背景进行系统性的分析，归纳我国政府监管机构监管职能的变化过程，结合文献资料、相关案例等，分析注册制实施下监管方面存在的问题和产生的原因，借鉴依据的理论、美国和香港地区两个具有丰富注册制监管理论的资本市场先进经验，从监管行为、配套制度建设、对市场参与主体进行风险教育等方面提出证券交易所在注册制实施下进一步完善监管职能的对策和建议，希望通过研究和分析，让我国资本市场监管体系建设进一步完善，从而提升监管效率和监管质量，通过有效的政府监管规避资本市场因市场失灵产生的公共危机事件等，进一步保障政府利用资本市场进行社会资源配置和保护社会公共投资者利益，促进资本市场早日实现党的二十大报告关于“健全资本市场功能，提高直接融资比重”的要求和目标。

The institutions with regulatory functions in China's capital market mainly include China Securities Regulatory Commission, stock exchanges and intermediaries. Among them, the China Securities Regulatory Commission (CSRC), as an agency directly under The State Council, is the main executive agency for government supervision of the capital market. As a subordinate institution of the China Securities Regulatory Commission (CSRC), the stock exchange is a public institution responsible for the management of financial products or financial derivatives in the capital market. Although it carries out self-regulation of the capital market, due to the superior and subordinate relationship between the stock exchange and CSRC at the administrative level, the regulatory power is granted by the Securities Law. Therefore, the stock exchange also has the characteristics of a country.

On February 17, 2023, the China Securities Regulatory Commission, the Shanghai Stock Exchange and the Shenzhen Stock Exchange jointly issued the relevant rules on the full implementation of the stock issuance registration system, which will take effect from the date of promulgation. This marks that since 2019, after five years of pilot operation of the registration system, China's capital market issuance system has officially changed to the full implementation of the stock issuance registration system. Before the implementation of the registration system, China has experienced two stages of stock issuance approval system and stock issuance approval system. The supervision of these two stages has a strong color of planned economy. The regulatory body dominated by the China Securities Regulatory Commission and with national and political attributes adopts administrative supervision through formal review and substantive review. Participated in the supervision work before, during and after the event. However, this approach not only causes high regulatory costs and low regulatory efficiency, but also ignores the self-regulatory role of the market, preventing the stock exchange from fulfilling its regulatory duties and playing its self-regulatory role. More importantly, forms such as substantive audit to a large extent interfere with the decisive role of the market to play a reasonable allocation of resources, and hinder the market-oriented development of China's capital market. With the development of China's economy and the improvement of national quality, enterprises are demanding more and more financing. Therefore, the registration system of heavy supervision and post-supervision, light pre-supervision has become the first choice in the reform. Under the registration system, more securities supervision powers have been delegated from the CSRC to the stock exchanges, and the substantive participation of the stock exchanges in market supervision has been greatly strengthened.

However, since the registration system has only been implemented in China for 5 years, and it is also a market dominated by individual investors, In terms of supervision, there are still problems such as unclear functional positioning of different regulatory bodies, insufficient regulatory resources and unreasonable distribution, market participants not fully adapted to the registration system model, backward theoretical concepts, imperfect supporting systems and inadequate market environment, and insufficient social supervision. If relevant problems are not solved in time, first, the capital market will fail due to regulatory failure. Damage the healthy and stable operation of the capital market, and then fail to play the direct financing role of the capital market, hinder the effective allocation of social resources by the government, and have a major impact on the national economy and promote social and economic development; Second, because our country belongs to the capital market of individual investors, once the capital market causes market failure, and will seriously damage the interests of social public investors, coupled with the low level of professional ability of Chinese social public investors, it will bring a series of negative behaviors and public opinions, and a serious public crisis. Therefore, the ultimate purpose of this study is to improve the regulatory function of the stock exchange, improve the efficiency and level of supervision, and solve some existing problems in the supervision of the capital market by improving the regulatory function of the stock exchange, so as to ensure that the capital market is always under effective supervision, so as to maintain its stable operation. Avoid the occurrence of such incidents as endangering the national economy and harming the interests of public investors.

This article will take the reform of the stock issuance registration system as the background, and use research methods such as historical analysis, comparative analysis, etc., referring to the theory of government intervention in economic activities, market failure theory, legal incompleteness theory, and information asymmetry theory, to systematically analyze the development process, transformation of regulatory concepts, and reform background of China's stock issuance system. It will summarize the change process of regulatory functions of government regulatory agencies in China. Combining literature review, relevant cases, etc., it will analyze the problems and causes of regulatory aspects under the implementation of the registration system. Drawing on the theoretical basis, the advanced experience of capital markets in the United States and Hong Kong, which have rich regulatory theories of the registration system, from regulatory behavior, supporting system construction We propose countermeasures and suggestions for securities exchanges to further improve their regulatory functions under the implementation of the registration system in terms of risk education for market participants. We hope that through research and analysis, the construction of China's capital market regulatory system can be further improved, thereby improving regulatory efficiency and quality. Through effective government supervision, we can avoid public crisis events caused by market failures in the capital market, further ensure the government's use of the capital market for social resource allocation and protect the interests of public investors, and promote the early realization of the requirements and goals of the 20th National Congress of the Communist Party of China's report on "improving the functions of the capital market and increasing the proportion of direct financing".