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中国存托凭证(CDR)是由在港红筹股企业积极要求引入的海外公司在华筹资工具,可能会在近期推向市场。本文分析了中国存托凭证的历史渊源以及与其他投资工具的比较,随后分析了CDR在我国目前的市场条件下引入的最可行的政策方案设计
China Depository Receipts (CDRs) are overseas companies’ financing instruments introduced by Hong Kong-based red-chip companies and are expected to be introduced in the near future. This article analyzes the historical origins of ADRs and their comparison with other investment vehicles, and then analyzes the most viable design of the CDRs introduced under the current market conditions in China