{"id":5880,"date":"2025-03-17T09:30:00","date_gmt":"2025-03-17T01:30:00","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=5880"},"modified":"2025-03-17T09:27:33","modified_gmt":"2025-03-17T01:27:33","slug":"%e7%be%8e%e5%9c%8b-%e9%a0%90%e8%a8%97-%e8%ad%89%e5%88%b8-%e8%8b%b1%e6%96%87-adr-%e6%84%8f%e6%80%9d-%e5%83%b9%e6%a0%bc-%e6%b8%af%e8%82%a1-%e5%8f%83%e8%80%83-%e5%83%b9%e5%80%bc","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%be%8e%e5%9c%8b-%e9%a0%90%e8%a8%97-%e8%ad%89%e5%88%b8-%e8%8b%b1%e6%96%87-adr-%e6%84%8f%e6%80%9d-%e5%83%b9%e6%a0%bc-%e6%b8%af%e8%82%a1-%e5%8f%83%e8%80%83-%e5%83%b9%e5%80%bc\/","title":{"rendered":"\u80a1\u7968\u5165\u9580\uff5c\u9810\u8a17\u8b49\u5238\u662f\u4ec0\u9ebc\uff1fADR\u50f9\u683c\u7684\u53c3\u8003\u50f9\u503c\u6709\u591a\u5927?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\u6bcf\u5929\u9999\u6e2f\u7684\u96fb\u8996\u53f0\u6668\u9593\u65b0\u805e\u6642\u6bb5\u5c11\u4e0d\u514d\u6703\u5831\u5c0e\u6ed9\u8c50\u3001\u9a30\u8a0a\u3001\u963f\u91cc\u5df4\u5df4\u7b49\u91cd\u78c5\u85cd\u7c4c\u80a1\u7684\u7f8e\u570b\u9810\u8a17\u8b49\u5238 \uff08\u53c8\u7a31\u7f8e\u570b\u5b58\u8a17\u6191\u8b49\uff0c\u82f1\u6587American Depositary Receipt\uff0c\u82f1\u6587\u7c21\u7a31ADR\uff09\u50f9\u683c\u3002\u672c\u6587\u5411\u6295\u8cc7\u8005\u8aaa\u660e\u9810\u8a17\u8b49\u5238\u7684\u610f\u601d\uff0c\u4ee5\u53ca\u6e2f\u80a1ADR\u5831\u50f9\u7684\u53c3\u8003\u50f9\u503c\u4f55\u5728\u3002<\/p>\n\n\n\n

\u9810\u8a17\u8b49\u5238\u7684\u6b77\u53f2\u548c\u610f\u601d<\/h1>\n\n\n\n

\u9810\u8a17\u8b49\u5238\uff08\u53c8\u7a31\u5b58\u8a17\u6191\u8b49\uff0c\u82f1\u6587Depositary Receipt\uff0c\u82f1\u6587\u7c21\u7a31DR\uff09\u662f\u7531\u9280\u884c\u767c\u884c\u7684\u4e00\u7a2e\u53ef\u6d41\u901a\u91d1\u878d\u5de5\u5177\uff0c\u4ee3\u8868\u5916\u570b\u516c\u53f8\u7684\u516c\u958b\u4ea4\u6613\u8b49\u5238\u3002<\/p>\n\n\n\n

\u9810\u8a17\u8b49\u5238\u6700\u65e9\u65bc1927\u5e74\u7531\u6469\u6839\u5927\u901a (JPMorgan Chase) \u767c\u884c\u3002\u7576\u6642\u82f1\u570b\u7981\u6b62\u570b\u5167\u4f01\u696d\u5728\u6d77\u5916\u4e0a\u5e02\uff0c\u800c\u7f8e\u570b\u5247\u7981\u6295\u8cc7\u8005\u6295\u8cc7\u570b\u5916\u80a1\u7968\uff0c\u800c\u6469\u6839\u5927\u901a\u900f\u904e\u300c\u4fe1\u8a17\u300d\u7684\u65b9\u5f0f\u767c\u660e\u4e86\u7f8e\u570b\u9810\u8a17\u8b49\u5238\uff0c\u4f7f\u7f8e\u570b\u6295\u8cc7\u8005\u80fd\u5920\u6295\u8cc7\u82f1\u570b\u516c\u53f8\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

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\u9810\u8a17\u8b49\u5238\u7684\u985e\u578b<\/h1>\n\n\n\n
\"\"<\/figure>\n\n\n\n

\u7f8e\u570b\u9810\u8a17\u8b49\u5238<\/h2>\n\n\n\n

\u7f8e\u570b\u9810\u8a17\u8b49\u5238\uff08American Depositary Receipt\uff0cADR\uff09\u662f\u76ee\u524d\u91d1\u878d\u5e02\u5834\u6700\u591a\u88ab\u63d0\u53ca\u7684\u9810\u8a17\u8b49\u5238\u985e\u578b\uff0c\u6307\u5728\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u548c\u4ea4\u6613\u3002\u7f8e\u570b\u9810\u8a17\u8b49\u5238\u4ee5\u7f8e\u5143\u8a08\u50f9\uff0c\u80a1\u606f\u4e5f\u4ee5\u7f8e\u5143\u652f\u4ed8\uff0c\u4f7f\u7f8e\u570b\u6295\u8cc7\u8005\u53ef\u4ee5\u50cf\u8cfc\u8cb7\u7f8e\u570b\u516c\u53f8\u80a1\u7968\u4e00\u6a23\u5728\u7576\u5730\u4ea4\u6613\u6642\u9593\u9032\u884c\u6295\u8cc7\u3002<\/p>\n\n\n\n

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\u3010\u66f4\u591a\u6295\u8cc7\u5165\u9580\u6587\u7ae0\uff5c\u6708\u4f9b\u7f8e\u80a1ETF\u5b8c\u6574\u653b\u7565\uff1a\u512a\u52e2\u3001\u98a8\u96aa\u53ca\u5177\u9ad4\u64cd\u4f5c\u65b9\u6cd5<\/a>\u3011<\/p>\n\n\n\n

\u6b50\u6d32\u9810\u8a17\u8b49\u5238<\/h2>\n\n\n\n

\u5728\u6b50\u6d32\u6b50\u6d32\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u548c\u4ea4\u6613\u7684\u9810\u8a17\u8b49\u5238\u5247\u7a31\u70ba\u6b50\u6d32\u9810\u8a17\u8b49\u5238\uff08European Depositary Receipt\uff0cEDR\uff09\uff0c\u4ee5\u6b50\u5143\u8a08\u50f9\u53ca\u652f\u4ed8\u80a1\u606f\uff0c\u4f7f\u7576\u5730\u6295\u8cc7\u8005\u53ef\u4ee5\u50cf\u666e\u901a\u80a1\u7968\u4e00\u6a23\u4ea4\u6613\u6d77\u5916\u7684\u4e0a\u5e02\u516c\u53f8\u3002<\/p>\n\n\n\n

\u5168\u7403\u9810\u8a17\u8b49\u5238<\/h2>\n\n\n\n

\u5168\u7403\u9810\u8a17\u8b49\u5238\uff08Global Depositary Receipts\uff0cGDR\uff09\u662f\u6307\u975e\u672c\u570b\u767c\u884c\u7684\u5b58\u8a17\u6191\u8b49\u7684\u901a\u7528\u8853\u8a9e\uff0c\u8a31\u591a\u6642\u88ab\u6307\u662f\u5728\u502b\u6566\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u7684\u9810\u8a17\u8b49\u5238\uff0c\u4f46\u4e5f\u53ef\u80fd\u5728\u5176\u4ed6\u570b\u969b\u5e02\u5834\u4ea4\u6613\u3002<\/p>\n\n\n\n

\u3010\u66f4\u591a\u6295\u8cc7\u5165\u9580\u6587\u7ae0\uff5cSyfe \u4e3b\u6253\u7522\u54c1\uff1a\u74b0\u7403\u7d44\u5408\u63a1\u7528\u751a\u9ebc\u6295\u8cc7\u7b56\u7565\uff1f<\/a>\u3011<\/p>\n\n\n\n

\u9999\u6e2f\u9810\u8a17\u8b49\u5238 <\/h2>\n\n\n\n

\u9999\u6e2f\u4ea4\u6613\u6240\u57282008\u5e747\u67081\u65e5\u63a8\u51fa\u9999\u6e2f\u9810\u8a17\u8b49\u5238 (Hong Kong Depositary Receipt, HDR)\u6a5f\u5236\uff0c\u5169\u5e74\u5f8c\u624d\u8fce\u4f86\u5df4\u897f\u7926\u696d\u5de8\u982d\u6de1\u6c34\u6cb3\u8c37\u65bc2010\u5e7412\u67088\u65e5\u5176HDR\uff0c\u96a8\u5f8c\u7f8e\u570b\u5962\u4f88\u54c1\u724cCoach\u3001\u65e5\u672c\u77e5\u540d\u670d\u88dd\u54c1\u724cUNIQLO\u7684\u6bcd\u516c\u53f8\u8fc5\u92b7\u53ca\u65e5\u672cSBI\u63a7\u80a1\u9678\u7e8c\u767c\u884c\u904eHDR\u3002<\/p>\n\n\n\n

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\u9810\u8a17\u8b49\u5238\u50f9\u683c\u7684\u53c3\u8003\u50f9\u503c<\/h1>\n\n\n\n
\"\"<\/figure>\n\n\n\n

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<\/p>\n\n\n\n

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\u8209\u4f8b\u53f0\u7a4d\u96fb\u7684ADR\u8207\u53f0\u80a1\u50f9\u683c\u904e\u53bb\u5341\u5e74\u7684\u5e73\u5747\u6ea2\u50f9\u70ba6.4%\uff0c\u4f46\u57282025\u5e741\u6708\u6ea2\u50f9\u53cd\u8986\u64f4\u5927\u81f3\u5e73\u5747\u7d0425\uff05\uff0c\u53cd\u6620\u7f8e\u80a1\u5e02\u5834\u7684\u6295\u8cc7\u8005\u71b1\u5207\u5730\u8ffd\u6367\u53f0\u7a4d\u96fb\uff0c\u540c\u6642\u53f0\u7a4d\u96fbADR\u88ab\u7d0d\u5165\u591a\u500b\u570b\u969b\u6027\u4e3b\u8981\u6307\u6578\uff0c\u5f15\u4f86\u5927\u91cf\u88ab\u52d5\u8cc7\u91d1\u3001\u63d0\u5347\u53f0\u7a4d\u96fbADR\u7684\u5e02\u5834\u9700\u6c42\u3002<\/p>\n\n\n\n

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\u8cb7\u8ce3\u9810\u8a17\u8b49\u5238\u7684\u6ce8\u610f\u4e8b\u9805<\/h1>\n\n\n\n

ADR\u8207\u5176\u4ee3\u8868\u7684\u80a1\u7968\u6709\u7279\u5b9a\u7684\u514c\u63db\u6bd4\u7387\uff0c\u7531\u767c\u884c\u6a5f\u69cb\u81ea\u884c\u6c7a\u5b9a\uff0c\u4e0d\u4e00\u5b9a\u662f1:1\uff0c\u6709\u6642\u5019\uff0c1\u80a1ADR\u5df2\u4ee3\u88685\u80a1\u300110\u80a1\u3001\u751a\u81f3100\u80a1\u7684\u80a1\u7968\u3002\u9019\u4f7f\u5f97\u6295\u8cc7\u8005\u5728\u6bd4\u8f03ADR\u8207\u539f\u80a1\u50f9\u6642\u9700\u8981\u5c0f\u5fc3\u8a08\u7b97\u3002\u4f8b\u5982\uff0c\u532f\u8c50\u63a7\u80a1\u7684\u514c\u63db\u6bd4\u7387\u662f1:5\uff0c\u800c\u9a30\u8a0a\u63a7\u80a1\u7684\u514c\u63db\u6bd4\u7387\u662f1:1\u3002<\/p>\n\n\n\n

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