从美国存托凭证(ADR)到中国存托凭证(CDR)——运作机制与中国特色

中国存托凭证(CDR,Chinese Depositary Receipt)是我国证券市场计划推出的一种新的金融品种,推出CDR既是满足某些特殊企业(中国在海外上市企业)在我国资本市场的融资要求,也能为我国资本市场对外开放积累经验.CDR的设想直接来自于美国资本市场上一个非常成熟的投资工具--美国存托凭证ADR(American Depositary Receipt).ADR于1927年由J P Morgan发明,是为了绕开英国法律的限制,使得美国投资者能够购买一家英国公司的股票.     

海外存托凭证的发展与启示

存托凭证的推行不仅有利于增加国内投资者的选择空间，而且给众多跨国公司提供了较好的融资通道，有助于跨国公司在拓展其产品市场的同时更好地进行资本运作，所以DR也是许多发达国家用来吸引海外投资的重要手段之一。……     

存托凭证相关法律问题探讨

目前国内两交易所正在积极研究以期推出CDR产品。本文对美国的DRs产品相关的法规进行了归纳总结,希望能对国内推出CDR产品提供借鉴。     

存托凭证的发展与工商银行业务创新

业务创新是一国金融发展不竭的动力。存托凭证在西方发达金融市场虽已是成熟的金融产品，但在我国还是一个新生事物。本文从介绍美国存托凭证的发展状况及其市场运作入手，分析了中国存托凭证的发展前景，认为中国存托凭证势在必行，其推出只是一个时间问题。存托凭证以商业银行为发行人和中介人，它的推出将给国内商业银行带来新的挑战和发展机遇，但更为深远的意义还在于它带给国内商业银行的创新推动。本文还针对工商银行的存托凭证业务及业务创新提出了调整业务创新重点、加快海内外相关机构的整合和构建、积极开展存托凭证的前期准备工作、加大人才的培养力度等一些对策建议。     

我国推出存托凭证制度的可行性分析

存托凭证是一种国际上流行的金融创新产品,它不仅可以作为企业进行国际融资的工具,还被许多发展中国家当作资本项目对外开放的突破口。加入WTO后,资本市场的国际化和人民币的可自由兑换纳入了我国金融发展的未来规划,此时推出中国存托凭证,能够为实现资本项目下的可兑换奠定良好基础。     

看好存托凭证

作为开展存托凭证业务最久的存托银行,摩根大通更关注于投资的水平和服务的质量,为客户提供最大化的增值服务。1927年,英国零售商Selfridges Provincial Stores Limited(现名为Selfridges plc)成为全球第一个发行美国存托凭证(ADR)的公司。在那个交通不便的年代,从英国将股票运到美国交到美国投资者的手中,着实很费时间。为了方便美国投资者投资和交易外国上市公司的股票,摩根大通银行发明了美国存托凭证,更重要的是存托凭证至今仍然是跨境上市最方便的工具。     

存托凭证发展的国际趋势及其在中国资本市场流通的可行性分析

存托凭证是一种近年来在国际资本市场蓬勃发展的投资工具。特别是成为基金等机构投资首选的投资品种。随着中国资本市场的逐步开放，存托凭证在中国资本市场流通的可行性问题受到关注。本文在对存托凭证进行基本分析的基础上，概述了存托凭证发展的国际趋势，分析了存托凭证在中国资本市场流通的可行性，对于未来存托凭证在中国资本市场的发展得出了比较乐观的结论。     

美国资本市场融资工具—ADR

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。     

存托凭证持有人的权利保护——信托法上的思考

前言 存托凭证制度是基于一般信托制度演变而成的，存托凭证实质是作为受托人的存托机构基于作为委托人的发行公司所提存的股票所发行的一种受益凭证，本质是一种证券化的受益凭证。……     

International diversification with American Depository Receipts (ADRs)

The objective of the paper is to analyze whether U.S. investors can achieve diversification benefits from American Depository Receipts (ADRs) beyond what is achievable through investing directly in country indices. Our findings show substitutability between ADRs and country indices in developed region in the late 1990s, whereas the investors need to invest both ADRs and country indices in Latin America and only ADRs in Asian region in recent periods. However, large numbers of ADR issuing countries irrespective of regions show such substitutability between ADRs and country indices. The findings are both statistically and economically significant. We also find time variation in diversification benefits across countries.     

Diversification with American Depository Receipts: The Dynamics and the Pricing Factors

This paper studies the role of American Depository Receipts (ADRs) in international diversification by using a sample of 113 ADRs from eight foreign countries over 1980–1994. We find that investing in ADRs offers significant improvement in the risk-return trade-off. The effectiveness of ADRs as a vehicle for long-term international diversification is further examined by performing cointegration analysis between ADR and the respective market portfolios. Consistent with Webb, Officer and Boyd (1995), we also find that the movements of ADR and the foreign market are highly correlated. Moreover, the pricing factors of ADRs are further investigated in a GARCH framework.     

特色小镇融资策略

特色小镇是新型环境、产业、生活相互融合的综合发展模式。在发展上基于产业+金融两轮驱动的产融结合发展模式,以发展特色产业为主导,充分发挥金融市场的力量,撬动社会资本的杠杆,实现金融市场各方资金的对接。特色小镇的资本运营具有特殊性,兼具或者介乎企业融资和项目融资之间,既可以包装成企业法人实体运营的项目融资,也可以是企业以项目开发投资运营为主的融资。     

Market timing wealth effects of American Depository Receipts: The cases of emerging and developed market issues

We examine the long-term returns of a sample of foreign equities traded on the New York Stock Exchange as American Depository Receipts (ADRs) issued between January 1, 1987 and September 30, 2000. Distinctions are made between those ADRs issued by companies headquartered in emerging and developed markets and those ADRs issued before and after January 1, 1998. The results suggest that, on average, emerging market ADRs issued prior to January 1, 1998 underperform the S&P 500 in long-term holding periods, while those issued after January 1, 1998 outperform the S&P 500. Alternatively, developed market ADRs slightly underperform the S&P 500 in long-term holding periods regardless of date of issue.     

我国上市公司股权托管绩效研究

本文通过对股权托管前后公司实际控制权发生转移的公司经营业绩指标对比,分析了股权托管的绩效.实证结果表明,我国上市公司股东采取股权托管形式转移公司控制权,并没有达到预期效果,托管后公司经营业绩并没有得到明显改善.     

Pricing of American Depositary Receipts under Market Segmentation

This article examines the pricing of American Depositary Receipts (ADRs) in a three-factor pricing model. A seemingly unrelated regression model is utilized to test the nonlinear parameter restriction implied by the model. It is found that, although ADRs are traded in the U.S. securities market, their returns are significantly affected by their respective home market factors rather than by U.S. market movements. While U.S. investors are exposed to incremental risk from foreign equity market, they do not command a risk premium. The findings suggest that (1) markets are segmented and ADR listing does not integrate world capital market and (2) ADRs behave more like a foreign security and ADR is an effective tool of global risk diversification for U.S. investors.