Bedeutungen
美国存托凭证
是指在美国证券市场上流通的、代表外国公司有价证券的可转让凭证。
上市公司将其在本国发行的股票交由本国银行或美国银行在本国的分支机构保管（保管银行），然后以这些股票作担保，委托美国的存托银行发行与这些股票相对应的存托凭证，由美国投资者购买和持有，存托银行负责将股息兑换成美元交给美国投资者，也可以代他们购买股票。这是一种可转让的契约性票据，它代表着非美国公司或美国公司在国外的子公司股票的所有权。ADR以美元进行标价和清算交割，交易方式同美国国内相同。
American Depositary Receipt(ADR)
A receipt that is issued by a U.S. depositary bank which represents shares of a foreign corporation held by the bank. Because ADRs are quoted in U.S. dollars and trade just like any other stock, they make it simple for investors to diversify their holdings internationally. They confer to their holders the same income and voting rights as the underlying shares and trade in the U.S. like other securities, although a small fee per share must be paid to the depository bank for each trade ad when dividends are cashed.
Since until November 1998, European companies could not list their shares directly on U.S. exchanges, all cross-listings on U.S. markets had to be carried out by ADRs.