摘要
ADR即美国存托凭证，是由美国存托银行向美国的投资者发行的，代表非美国公司股票所有权的一种可流通证券。它的交易市场由发行、市场内部交易和注销等一系列过程构成。ADR在许多方面都明显优于普通股，使得美国投资者的境外投资和非美国公司在美国资本市场的融资简便易行。其种类包括三个不同级别的ADR以及私募ADR。
American Depositary Receipt, issued by a U.S.deposit ary bank, is an negotiable instrument which represents ownership in securities o f a non-U.S.company. The mechanics of issuance, transfer and cancellation integr ate its whole trading market. ADR outmatches common stock in many respects and i t provides a convenient way both for U.S. investors to invest in overseas securi ties and for non-U.S. companies to enter into U.S. capital market. It has four t ypes: level Ⅰ、Ⅱ、Ⅲand private placement ADR.
出处
《中央财经大学学报》
CSSCI
北大核心
2001年第2期33-36,47,共5页
Journal of Central University of Finance & Economics
