存托凭证(Depositary Receipts)从1994年以后引入亚洲和中国,仅1996年,整个亚洲就发行了近60次存托凭证,其中中国发行了5次,它日益成为中国筹资者和投资者所熟悉的融资和投资工具。一、存托凭证的含义和优点存托凭证是由存托银行发行的,代表在非美国公司中具有所有权的一种以美元表明面值的可转让金融工具。它的基本原理是发行公司同美国的存托 Depositary Receipts, introduced into Asia and China since 1994, issued nearly 60 ADRs across Asia in 1996 alone, with China issuing five times, which is increasingly becoming familiar to Chinese investors and investors Financing and investment vehicles. First, the meaning and advantages of depositary receipts Depository receipts issued by the depository bank, on behalf of non-US companies have a nominal value of dollars in negotiable financial instruments. Its basic principle is to issue a depositary with the United States