我国在法律层面上继承了美国的模式,而在证监会和交易所规则层面上又吸收了英国的模式,这可能导致我国成为世界上限制上市公司董事、监事、高级管理人员(以下简称“董监高”)买卖股票最严格的国家。从规范实效性角度而言,美国的规范模式是建立在发达的民事责任追究机制基础之上的,很难为其他国家所有效复制,因此英国模式仍然是我们的首选,但在具体实施过程中必须弱化一些限制性规定,以减小两种模式移植重叠带来的负面效果。 Our country has inherited the American model from the legal aspect, and absorbed the British model on the CSRC and exchange rules level, which may lead our country to become the world’s restricted listed company directors, supervisors and senior managers (hereinafter referred to as “ Dongjiangao ”) the most traded stocks trading country. From a normative and pragmatic point of view, the normative model in the United States is based on well-developed civil liability investigation mechanism and it is very difficult to replicate it in other countries. Therefore, the British model is still our first choice. However, during the process of implementation, Weakened some of the restrictive provisions to reduce the negative effects of overlaying the two models.