One way to invest in foreign companies in a well-regulated environment is through American depositary receipts (ADRs). An ADR is security that is sold in the U.S. that represents a specific number of shares in a non–U.S. company that have been deposited in a bank in trust for the investor. The bank also pays dividends in dollars and handles tax payments.
About 30% of the roughly 1,200 ADRs in existence trade on a major U.S. stock market, accounting for about 5% of the listings. Only a few dozen of them are Asian. Exchange-listing requires the issuing company to provide an English-language version of its annual report, use U.S. accounting practices and extend certain shareholder rights. The remaining ADRs trade over the counter, and aren’t required to provide the same level of financial information.
ADRs are traded the way stocks are, most of them changing hands among investors, with a smaller number sold in initial public offerings (see page42-43). There is an exception though: if demand for stock is strong in the home market, the ADR may be unmade, or broken into individual shares to be sold domestically. GDRs, or global depositary receipts, are similar investments that are sold in a variety of currencies world-wide. Indian companies have spearheaded the GDR drive to get around market rules at home.
- 1 0 年前最佳解答
美國保管收條單程在外國公司中投資在一個很好被調控的環境裡是通過美國保管收條(ADRs) 。ADR 是被賣在美國代表份額的一個具體數字在非美國公司中在一家銀行中被放置了在信任為投資者的安全。銀行支付股息以美元和並且處理付稅。大約30% 大致1,200 ADRs 在存在貿易在一個主要美國股市上, 佔大約5% 目錄。只幾十二他們是亞洲。交換目錄要求發行公司提供它的年終報告的英文版本, 使用美國會計實踐和擴大某些股東權利。剩餘ADRs 貿易在櫃臺, 和不必需提供財政資訊的同樣水平。ADRs 被換股票是的方式, 大多數改變的手在投資者之中, 與一個更小的數字被賣在最初的公開奉獻物(參見page42-43) 。有例外雖則: 如果對股票的需求是強的在國內市場上, ADR 也許unmade, 或打破各自的份額國內被賣。GDRs, 或全球性保管收條, 是被賣在各種各樣的貨幣全世界的相似的投資。印第安公司帶領GDR 驅動在家避過市場規則。
- 匿名使用者7 年前