depositary receipt

简明释义

寄存单据

英英释义

例句

1.Investors often prefer depositary receipts for their convenience and liquidity.

投资者通常更喜欢存托凭证，因为它们方便且具有流动性。

2.Many American companies issue depositary receipts to attract foreign investment.

许多美国公司发行存托凭证以吸引外国投资。

3.The depositary receipt allows domestic investors to gain exposure to international markets.

该存托凭证允许国内投资者接触国际市场。

4.A depositary receipt represents ownership in a foreign company's stock.

一份存托凭证代表对一家外国公司股票的所有权。

5.Investors can purchase shares of foreign companies through a depositary receipt.

投资者可以通过存托凭证购买外国公司的股票。

作文

In today's globalized financial markets, investors are constantly seeking opportunities to diversify their portfolios and access international assets. One of the most effective tools for achieving this goal is the use of depositary receipt, which serves as a bridge between foreign companies and domestic investors. A depositary receipt is essentially a financial instrument that represents shares in a foreign company, allowing investors to buy and sell these shares on local exchanges without having to deal with the complexities of foreign stock markets.The concept of depositary receipts emerged in the early 20th century, primarily to facilitate investment in foreign companies. The most common type of depositary receipt is the American Depositary Receipt (ADR), which allows U.S. investors to invest in non-U.S. companies. Each ADR represents a specific number of shares in a foreign company, held by a depositary bank. This arrangement simplifies the process for investors, as they can trade ADRs just like domestic stocks, while the underlying foreign shares remain in the custody of the depositary bank overseas.One of the key advantages of depositary receipts is that they provide a way for investors to gain exposure to international markets without the need to navigate complex foreign regulations and currency exchange issues. For instance, an investor in the United States can easily purchase an ADR of a Chinese technology company, gaining access to the growth potential of that market without having to open a brokerage account in China or worry about currency fluctuations.Moreover, depositary receipts can enhance liquidity in the market. Since they are traded on local exchanges, they attract a larger pool of investors who may not have been interested in buying shares directly in a foreign company. This increased demand can lead to higher trading volumes and potentially better pricing for the underlying shares.However, it is important for investors to understand that while depositary receipts offer many benefits, they also come with certain risks. One such risk is the potential for discrepancies between the price of the depositary receipt and the underlying foreign shares. Factors such as changes in currency exchange rates, political instability, or economic downturns in the country where the foreign company operates can all impact the value of the depositary receipt.Additionally, investors should be aware of the fees associated with depositary receipts. These can include management fees charged by the depositary bank and potential taxes on dividends paid by the foreign company. It is essential for investors to conduct thorough research and consider these factors before investing in depositary receipts.In conclusion, depositary receipts play a crucial role in facilitating international investment for domestic investors. They provide a simplified mechanism to access foreign equities, enhance market liquidity, and enable diversification of investment portfolios. However, as with any investment, it is vital for investors to be aware of the associated risks and costs. By understanding how depositary receipts work and their implications, investors can make informed decisions that align with their financial goals and risk tolerance.

在当今全球化的金融市场中，投资者不断寻求多样化投资组合和获取国际资产的机会。实现这一目标的最有效工具之一是使用存托凭证，它充当了外国公司与国内投资者之间的桥梁。存托凭证本质上是一种金融工具，代表外国公司的股份，使投资者能够在本地交易所买卖这些股份，而无需处理外国股票市场的复杂性。存托凭证的概念出现在20世纪初，主要是为了促进对外国公司的投资。最常见的存托凭证类型是美国存托凭证（ADR），允许美国投资者投资非美国公司。每个ADR代表一特定数量的外国公司股份，由存托银行持有。这种安排简化了投资者的过程，因为他们可以像交易国内股票一样交易ADR，而基础的外国股份则由存托银行保管在海外。存托凭证的一个关键优势是，它们为投资者提供了一种获得国际市场敞口的方法，而无需导航复杂的外国法规和货币兑换问题。例如，美国的投资者可以轻松购买一家中国科技公司的ADR，获得该市场增长潜力的机会，而不必在中国开设经纪账户或担心货币波动。此外，存托凭证可以增强市场的流动性。由于它们在本地交易所交易，因此吸引了更多的投资者，这些投资者可能对直接购买外国公司的股份不感兴趣。这种需求的增加可以导致更高的交易量，并可能为基础股份提供更好的定价。然而，投资者需要了解，尽管存托凭证提供许多好处，但它们也伴随着一定的风险。其中一个风险是存托凭证的价格与基础外国股份之间可能存在差异。诸如汇率变化、政治不稳定或外国公司运营所在国经济衰退等因素都可能影响存托凭证的价值。此外，投资者还应注意与存托凭证相关的费用。这些费用可能包括存托银行收取的管理费以及外国公司支付的股息可能产生的税费。在投资存托凭证之前，投资者进行彻底研究并考虑这些因素至关重要。总之，存托凭证在促进国内投资者进行国际投资方面发挥着至关重要的作用。它们提供了一种简化的机制来访问外国股票，增强市场流动性，并使投资组合多样化。然而，像任何投资一样，投资者必须意识到相关的风险和成本。通过理解存托凭证的运作方式及其影响，投资者可以做出符合其财务目标和风险承受能力的明智决策。