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2022-02-25 11:16為什么sponsored DR是投資者有投票權，Unsponsored DR是depository bank有投票權?我看了原版書不是特別理解。Sponsor字面意思是贊助的意思，是站在foreign company whose shares are held by the depository 角度說的嗎？如果這個foreign company參與發(fā)行（sponsored），投資者有投票權；foreign company不參與發(fā)行（unsponsored），depository bank參與發(fā)行，depository bank有投票權？附：原版書A DR can be sponsored or unsponsored. A sponsored DR is when the foreigncompany whose shares are held by the depository has a direct involvement in the issuance of the receipts. Investors in sponsored DRs have the same rights as the direct owners of the common shares (e.g., the right to vote and the right to receive dividends). In contrast, with an unsponsored DR, the underlying foreign company has no involvement with the issuance of the receipts. Instead, the depository purchases the foreign company’s shares in its domestic market and then issues the receipts through brokerage firms in the depository’s local market. In this case, the depository bank, notthe investors in the DR, retains the voting rights.
所屬：CFA Level I > Equity 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Stefanie助教
2022-02-25 14:02
該回答已被題主采納
同學你好，
DR又分為Sponsored DR(參與型DR) 和 Unsponsored DR(非參與性DR)。
上市公司是否直接參與發(fā)行作為主要區(qū)別。如果公司主動提供股票給境外存托銀行，由其發(fā)行DR給美國投資者，這就是參與型DR，參與型DR投資者和普通股票一樣有投票權;
如果以投行或大股東的名義委托境外存托銀行發(fā)行的DR，就是非參與型DR，像新東方的IPO主承銷投行瑞士信貸和高盛就是委托境外存托銀行發(fā)行的DR，非參與型DR投資者是沒有投票權的，投票權在存托銀行這里。
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