早在2015 年，科创板的概念就已经由上海股权托管交易中心提出。当时提出的初步目的是，为了让初创期以及成长期的科技型、创新型的企业能够在此上市融资。经过多年的演化后，科创板终于在2019年7月正式开板。科创板作为一种新的板块,它的推出不仅可以帮助以独角兽企业为代表的中小型科技创新企业，解决融资难的结构性问题，还可以贯彻落实了我国的科技发展战略，促进我国的科创型企业快速发展，推动了本国的经济升级转型。可以说，科创板的推出对于我国资本市场具有重大的战略意义。
但是我们同时也要清晰地认识到，由于科创板的推出时间不长，其相关制度并没有足够的时间来得到市场的充分验证；加上科创板推出的“仓促”和其相关制度在实践领域上是首次试点，在内地并没有相关的经验和模式可以借鉴下，“科创板”外部治理机制难免会因制度设计不完善而出现相关风险和问题，从而给中小型投资者的权益带来巨大风险隐患。
因此，本文主要从科创板现有运行制度状况出发，根据实际中运行的情况。从中选取外部治理机制中的交易规则方层面、监管层面和对投资者权益保护的法律层面这三个层面，来进行分析现存或可能存在的问题和风险。然后，本文再通过比较分析美国和香港地区成熟证券市场的外部治理机制，参考其相关成功的经验；最后，结合我国的实际情况，在交易规则层面、监管层面和对投资者权益保护的法律法规层面上，提出与之相对应的建议和措施，从而完善科创板外部治理机制，以求达到保障科创板中小投资者权益的目的。

As early as 2015, the concept of the STAR Market was put forward by Shanghai Stock Exchange, which aims to make the early-stage and growth-stage technology-based and innovative enterprises listed here. After years of evolution, the STAR Market was finally officially launched in July 2019. As a new system supply, the introduction of the STAR Market can not only help small and medium-sized technology enterprises and innovative service enterprises, but also solve the financing difficulties of the enterprises. At the meantime, it can also implement China's strategy to promote economic transformation and upgrading. It can be said that the launch of the STAR Market has important role to the China's capital market.
 However, we also need to know that the time of the STAR Market is short, the relevant system is not fully tested. In view of the short time of the preparation and the first time on the registration system, there was no relevant domestic experience and mode to lessons from .therefore，external governance mechanism of the STAR Market will inevitably face a series of problems，because of the imperfect system design and related problems.
This paper mainly starts from the current operating system of the STAR Market，then，this paper analyzes the existing or possible problems from three aspects: the system of external governance mechanism, the supervision and laws and regulations on the protection of investors' rights.
    By drawing on the experience of the external governance mechanism of the mature securities market in the United States and Hong Kong，This article plans to put forward some Suggestions on improving the external governance mechanism of the STAR Market.