摘要
美国预托证券 (ADR)自 1 92 7年创立以来 ,已取得了长足发展 ,成为在美国资本市场筹资的重要金融工具。ADR在筹资方面具有诸多优势 :对监管的要求较宽松 ,发行成本及时间较少 ;受企业规模、信誉等的限制较小 ,且可获得永久性的发展基金 ;可直接进入美国市场 ,流通性较好。我国企业试行ADR时 ,应注意选择合适的企业 ,并做好企业的股份制改造和经营机制的转换工作 ,完善国内证券市场 。
ADR has enjoyed steady development since its invention and has become an important financing tool in the U.S. capital market. As a new channel of acquiring overseas funds, ADR should be profoundly and fully employed to better facilitate the reform and development in firms of China. This paper first applies an analysis to the types of ADR and their respective characteristics, strengths and weaknesses, and then clarifies the principal factors that Chinese firms should take into consideration when selecting the appropriate type of ADR to enter the U.S. capital market. It further discusses firm selection for the regulatory body and risk evasion for individual firms.
出处
《郑州工业大学学报（社会科学版）》
2001年第3期35-37,共3页
Journal of Zhengzhou University of Technology(Social Science)
