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美国存托凭证(ADR)是证券市场全球化所产生的一种重要金融工具,也是中国企业美国上市的主要途径。1993年以来,中国企业基于融资需求以及美国资本市场较优的上市条件选择赴美上市,且在直接发行美股(IPO)与发行存托凭证(ADR)两种模式之间更倾向于后者。以360纽交所主板上市为例,ADR的发行流程从公司批准启动上市到最后定价一般包括八个步骤;交易流程主要涉及发行人、美国存券银行、保管银行等多个主体;ADR上市后,公司法务以及公司创始股东、优先股股东还面临一系列工作流程以更好地实现境外融资。ADR模式一方面具有迅速筹集资金、完善企业治理结构、提高企业知名度以及拓展境外市场等重要意义,但也可能对企业自身及宏观经济发展形成挑战。进而,中国企业和监管部门均须考虑发挥ADR模式的优势,防范和弱化其不利影响的相关问题。
American depositary receipts (ADR) is an important financial instrument produced by the globalization of securities market and also the main way for Chinese enterprises to go public in the United States. Since 1993, Chinese enterprises have chosen to list in the United States based on the financing needs and the listing conditions in the U.S. capital market, and prefer the latter between the direct issuance of US stocks and the issuance of depositary receipts (ADRs). Taking the listing of 360 NYSE as an example, the issuance process of ADR generally includes eight steps from the time the company approves the start-up and the final pricing; the transaction process mainly involves multiple subjects such as the issuer, the US securities depository bank and the custodian bank; after ADR is listed , Corporate legal affairs and founding shareholders of the Company, preference shareholders also face a series of work processes to better realize offshore financing. On the one hand, the ADR model has the important significance of rapidly raising funds, perfecting corporate governance structure, improving corporate reputation and expanding overseas markets, but it may also pose challenges to the enterprises themselves and macroeconomic development. Furthermore, both Chinese enterprises and regulatory agencies should consider the advantages of using the ADR model to prevent and weaken the related issues of their adverse effects.