各类存托凭证

ADR

含义：

An American depositary receipt (ADR) is a negotiable certificate issued by a U.S. depositary bank representing a specified number of shares—often one share—of a foreign company's stock.

美国存托凭证（ADR）是美国存托银行发行的一种可转让证书，代表美国以外国家一家公司一定数量的股份，通常为一股。

特点：

ADRs are denominated in U.S. dollars. ADR holders do not have to transact the trade in the foreign currency or worry about exchanging currency on the forex market. ADRs trade on American stock exchanges.

ADR以美元计价（ADR持有者无需用外国货币交易，也无需担心在外汇市场兑换货币），并在美国证券交易所交易。

程序：

To offer ADRs, a U.S. bank will purchase shares on a foreign exchange. The bank will hold the stock as inventory and issue an ADR for domestic trading. ADRs list on either the New York Stock Exchange (NYSE) or the Nasdaq, but they are also sold over-the-counter (OTC).

美国存托银行先买入外汇交易所的股票，然后在国内发行存托凭证进行交易。ADR可以在纽交所或纳斯达克上市流通，也可以在场外交易。

优势：

ADRs offer U.S. investors a way to purchase stock in overseas companies that would not be available otherwise. Foreign firms also benefit, as ADRs enable them to attract American investors and capital without the hassle and expense of listing on U.S. stock exchanges.

发行ADR，一方面为美国投资者购买境外公司的股票提供了机会，另一方面为境外公司吸引美国投资者投资提供了便利，并且无需支付任何上市费用。

ADRs were developed because of the complexities involved in buying shares in foreign countries and the difficulties associated with trading at different prices and currency values. J.P. Morgan’s (JPM) predecessor firm Guaranty Trust Co. pioneered the ADR concept. In 1927, it created and launched the first ADR, enabling U.S. investors to buy shares of famous British retailer Selfridges and helping the luxury depart store tap into global markets.

ADR的诞生是由于购买外国股票程序复杂并且因价格和货币值不同等造成交易困难等原因。ADR概念由J.P. Morgan的前身Guaranty Trust Co.于1927年提出，同年发行了第一张ADR，这样一来，美国投资者就可以购买英国著名零售商Selfridges的股票，并且这家奢侈品百货商场也能够进军全球市场。

CDR

含义：

A Chinese Depositary Receipt (CDR) is a type of depositary receipt (DR) that is traded on a Chinese stock exchange, issued by a custodian bank that represents a pool of foreign equity that is traded on Chinese exchanges.

中国存托凭证（CDR）是指中国存托银行发行的代表在中国证券交易所交易的外国股票的存托凭证。

目的：

The goal of issuing CDRs is to lure capital back to the Chinese market in order to drive the economy, as China’s tech giants have traditionally opted to list outside of their home market. The issuance of CDRs allows both Chinese institutional and private investors to own stock in foreign companies.

由于中国的科技巨头通常会选择在中国境外上市，发行CDR可以将资金吸引回中国市场，促进经济发展。同时，中国的机构投资者和私人投资者都可以持有外国公司的股票。

Chinese regulators have modeled CDRs after U.S.-listed American depositary receipts so that overseas stocks could be traded on China’s mainland market.

为使境外股票能够在中国大陆市场交易，中国的监管机构效仿美国存托凭证出台了中国存托凭证。

EDR

含义：

A European depositary receipt (EDR) is a negotiable security issued by a European bank that represents the public security of a non-European company and trades on local exchanges. The shares issued by the bank are priced in local currencies (mainly Euro) and also pay dividends, if applicable, in local currencies.

欧洲存托凭证是指欧洲存托银行发行的代表在欧洲证券交易所交易的境外公司股票的可转让凭证，以当地货币（主要为欧元）计价和支付股息（若有）。

优势：

Investors in Europe gain convenient access to shares of public companies based in the U.S. and other foreign countries; non-European companies attract tap a larger pool of capital by listing in Europe; the banks that issue and support EDRs generate trading commissions and fees for their books.

欧洲的投资者能够购买美国等外国公司的股票；欧洲境外公司可以在欧洲上市并吸引大量资金；发行EDR的存托银行能够获得交易佣金和登记费。

GDR

含义：

A global depositary receipt (GDR) is a bank certificate issued in more than one country for shares in a foreign company. GDRs list shares in two or more markets, most frequently the U.S. market and the Euromarkets, with one fungible security. GDRs and their dividends are priced in the local currency of the exchanges where the shares are traded.

全球存托凭证是指一个以上国家发行的代表外国公司股票的银行凭证，最常见的是美国和欧元区，以股票交易地当地货币计价和支付股息。

异同：

上述四种存托凭证极为相似，但是前三种只能允许境外公司在一个市场交易股票，而全球存托证券却能够在两个及以上市场交易。

来源：Investopedia

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