存托凭证的中资企业实践

The Practice of DR in Chinese Company

存托凭证作为跨境投融资工具,起源于美国,经过近百年的发展,已经成为常用的金融工具。自20世纪90年代,我国已开始对存托凭证产生的背景、实施环境、法律基础等方面进行相关研究。随着企业对实施存托凭证意愿的日趋强烈,监管机构陆续出台了一系列关于存托凭证的规范性文件,为存托凭证落地发行和国内资本市场深化改革发展提供了重要的制度基础。本文在已有文献的基础上,尝试从存托凭证发行人和发行基础的角度对存托凭证运作模式进行了系统总结和梳理。根据中资企业海外发行存托凭证的经验数据,梳理了中资企业存托凭证实践的主要发展阶段,并从不同维度对发行企业的特征进行了研究分析,从而为我国发行存托凭证提供经验参考。

As a cross-border investment and financial tool, depositary receipts originated in the United States. After nearly a hundred years of development, it has become a common financial tool. Since the 1990 s, China has carried out related research on the background, implementation environment and legal basis of depositary receipts. With the maturity of the objective environment for the implementation of depositary receipts in China, the regulatory authorities have successively issued a series of normative documents on depositary receipts, which provided an important institutional basis for the development of depositary receipts and the reform of the domestic capital market. Based on the existing literature, this paper systematically summarizes the operation mode of depositary receipts from the perspective of issuer and issuing basis. According to the empirical data of overseas depositary receipts issued by Chinese enterprises, the main development stages of the practice of depositary receipts in Chinese enterprises were sorted out, and the characteristics of the issuing enterprises were analyzed, thus providing experience for issuing depositary receipts in China.