ꆡꆡꆡꆡ풤췐횤좯폫랢탐쫐뎡뗄뾪럅닟싔믆짙쏷3ꆡꆡ쓚죝쳡튪ꆡ뾪럅랢탐쫐뎡쫇횤좯쫐뎡뾪럅뗄쯄쿮쓚죝횮튻ꆣ떫퓚떱잰볠맜램맦쿞훆ꆢ죋쏱뇒늻뿉ퟔ평뛒뮻틔벰놾헋뮧쫜맜훆뗄풼쫸쿂,횤좯쫐뎡뗄뾪럅듦퓚늻뿉폢풽뗄헏낭ꆣ틽죫훐맺풤췐횤좯(CDR),닉좡헽좷뗄CDR랢탐랽쪽벰쫊떱뗄듫쪩,쓜릻뇜뾪헾닟헏낭,쪹랢탐쫐뎡쪵쿖폐쳵볾뗄뾪럅ꆣ퓚떱잰쳘뚨뗄뷰죚뮷뺳쿂,CDR놻뢳폨탂뗄릦쓜뫍쪹쏼,쯼폐훺폚췆뷸훐맺횤좯쫐뎡뗄컈늽뾪럅ꆣ맘볼듊ꆡ랢탐쫐뎡ꆡ풤췐횤좯ꆡ놾헋뮧ꆡꆡ횤좯쫐뎡뾪럅평쯄쿮쓚죝ퟩ돉:튻쫇퓊탭맺12퓂13죕WTO돉풱맺듯돉뗄늢폚1999쓪3퓂쓚랢탐죋떽몣췢짏쫐;뛾쫇몣췢릫쮾뿉틔퓚맺쓚1죕짺킧뗄ꆶ뷰죚럾컱쎳틗킭틩ꆷ,튪쟳쯹폐돉풱맒없;죽쫇퓊탭놾맺뻓쏱춶몣췢쫐뎡;쯄쫇럇뻓맺뗄뷰죚쫐뎡뛔췢뾪럅ꆣ평폚쫐뎡랢햹뗄쪵볊탨쏱뿉틔싲싴놾맺횤좯ꆣ잰뛾쿮뿉돆캪랢탐쫐뎡뗄튪,횤좯뷧벰샭싛뷧퓧틑뛔횤좯쫐뎡뗄뾪럅햹뾪뾪럅,뫳뛾쿮퓲뿉돆캪춶쫐뎡뗄뾪럅ꆣ룹뻝맺볊퇐뺿,내헕훰늽뾪럅뗄풭퓲,퓚죋쏱뇒캴쪵쿖ퟔ평뺭퇩뫍훐맺뷰죚뷧뗄릲쪶(훓컄,2001),놾쫐뛒뮻벰놾헊뮧캴뾪럅뗄쳵볾쿂,헫뛔퓊탭뺳췢뎡뗄뾪럅춨뎣틀쿂쇐쮳탲뷸탐:쿈럅뿭놾쇷죫릫쮾퓚훐맺듳슽맒없ꆢ퓊탭훐맺듳슽뻓쏱춶뺳뗄맜훆,퓙럅뿭놾쇷돶뗄맜훆;쿈럅뿭뛔뎤웚췢쫐뎡틔벰퓊탭럇뻓쏱싲싴훐맺듳슽횤좯뗈죽룶놾쇷죫뗄맜훆,퓙럅뿭뛔뛌웚놾쇷죫뗄맜훆;쿈뾪럅쿮쒿,럖뇰쳡돶쇋ꆰ훐맺풤췐횤좯ꆱ(chinese럅뾪횱뷓춶뗄맜훆,퓙럅뿭볤뷓춶뗄맜훆;쿈depositaryreceipt,CDR)ꆢ죏뿉뺳쓚믺릹춶헟럅뾪떽뺳췢돯뗄맜훆,퓙럅뾪럇뻓쏱뺳쓚돯(QDII)틔벰죏뿉뺳췢믺릹춶헟(QFII)죽쿮맽뗄맜훆;쿈럅뿭뛔뷰죚믺릹뗄췢믣맜훆,퓙럅뿭뛔뛉듫쪩ꆣ헢킩듫쪩뿉틔뷢뻶풼쫸쳵볾쿂뿉쓜닺짺뻓쏱뗄췢믣맜훆ꆣ뗄컊쳢,훮죧죋쏱뇒믣뛒ꆢ놾췢쇷ꆢ볠맜슩뚴뗈,맺쓚릫쮾떽몣췢짏쫐,횻짦벰놾(쟒쫇뎤웚캪쿂튻늽췪좫뾪럅뗬뚨솼뫃믹뒡ꆣ놾컄훷튪쳖싛놾)뗄쇷죫,떽몣췢돯늻뷶쓜릻컼틽췢,룼CDR폫랢탐쫐뎡뗄뾪럅ꆣ뿉틔뷥듋볓뿬웳튵룄퓬ꆣ웹뷱캪횹,훐맺듳슽웳튵틑퓚쿣룛쳘쟸ꆢ싗뛘ꆢ얦풼틔벰탂볓웂랢탐쇋뷼냙튻ꆢCDR랽낸뗄쳡돶횻HꆢLꆢN뫍S막럝ꆣ웤폠죽룶뾪럅쿮쒿,짦벰떽죋쏱뇒뗄뛒뮻벰놾헊뮧뗄뾪럅,튪쟳폐뷏췪짆CDR랽낸쫇뺳췢웳튵폻퓚훐맺듳슽맒없뗄뗄뷰죚쫐뎡뫍볠맜쳥쾵ꆣ틲듋,헢죽룶쿮쒿뗄췪좫뾪럅죔폐듽쪱죕ꆣꆡꆡ3믆짙쏷:훐맺틸탐(쿣룛)폐쿞릫쮾뺭볃퇐뺿늿ꆡ쿣룛뮨풰좻뛸,쫀쎳ퟩ횯뗄폐맘킭틩,폈웤쫇1997쓪뗀1뫅훐틸듳쿃11슥ꆡ뗧ퟓ탅쿤:shuang@ꆣ쫀뷧뺭볃3ꆡ2002쓪뗚9웚ꆡꆤ52ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
믆짙쏷ꆡꆡ뇤춨맽뛉탎쪽,튪쟳ퟮ잿쇒뗄쫇퓚쿣룛쳘쟸짏쫐짏쫐,평살틑뻃ꆣ1995쓪9퓂,붭쇥웻뎵랢탐뗄훐릫쮾ꆣ쯼쏇폐떽쓚뗘쫐뎡(훷튪쫇A막)돯틚B막,쏀맺뢣쳘릫쮾죏릺쇋웤훐뗄80%ꆣ뢣쳘벯뷰뗄웈쟐탨튪,뛸떼훂헢훖탨쟳뗄풭틲폐틔쯤좻횻엤쫛쇋B훖막럝,떫붭쇥쫇튻볒볈폐A막쿂솽룶ꆣ폖폐B막뗄짏쫐릫쮾,뛸뢣쳘펵폐붭쇥25%틔짏쫗쿈,훐릫쮾쯤퓚쿣룛쳘쟸짏쫐,떫웤뫋탄뗄막좨ꆣ2000쓪7퓂퓚짏몣A막짏쫐뗄놱랽막튵컱퓚쓚뗘,탨튪듳솿뗄죋쏱뇒뷰뫍쓚뗘춶럝,웤뗚뛾듳막뚫쫇펢맺뗄튻볒릫쮾,돖막뇈샽룟헟뗄횧돖ꆣ뷼쓪살,평폚맺볊놾쫐뎡뮷뺳뗄뇤듯%ꆣ샠쯆짏쫶췢닎막뗄AꆢB막릫쮾폐뮯,쪹펵폐ꆰ훐맺룅쓮ꆱ늢뻟폐슢뛏탔훊뗄훐릫50폠볒,웤훐췢돖막뎬맽25%뗄폐20뛠볒(쇖쮾뗄볛횵,퓚쿣룛쳘쟸벰몣췢쫐뎡쓑틔쳥쿖,훂쪹쿾쓏,2001)ꆣ헢킩췢돖막릫쮾,퇏룱뗘쮵,늢럇붻춶샤떭,쫐횵욫뗍ꆣ뛸랴맛쓚뗘막놾쫐뎡,늻뷶뺳췢릫쮾횱뷓짏쫐,횻쫇죫막훐맺듳슽짏쫐릫쮾,죚돉놾뗍,뛸쟒뷰돤ퟣ,짏쫐릫쮾뗄볛횵웕뇩뿉놻쫓캪췢볤뷓짏쫐ꆣ뗚튻볒쳡돶횱뷓짏쫐틢룟맀,쫐펯싊뎤웚놣돖퓚30-50놶,뇈쿣룛뫬돯쿲뗄쫇쏀맺솪뫏샻뮪(Unilever)ꆣ솪뫏샻뮪퓚쫽막뗄10-20놶룟돶탭뛠,쫇샭쿫뗄돯뎡쯹ꆣ웤쓪잰쿲훐맺횤볠믡뗝붻쇋A막짏쫐짪쟫,늢ퟶ쇋듎,폫춬퇹쫇맺폐웳튵뗄H막쿠뇈,뫬돯막평폚듳솿뗄잰웚릤ퟷ,죧쫕릺맺쓚욷없ꆢ훘ퟩ튵컱뷡늻퓚쓚뗘힢닡,늻쓜퓚쓚뗘랢탐막럝ꆣ뛸퓚쓚뗘힢릹ꆢ쳡룟놾뗘뮯쮮욽뗈ꆣ돽솪뫏샻뮪췢,뮹폐뛠볒닡뗄H막릫쮾,좴뿉믘쓚뗘퓶랢A막,쿭쫜룟쫐췢웳튵벰쿣룛뫍첨췥웳튵뇭쪾폐틢떽A막짏펯싊뗄죚킧맻ꆣ평폚짏쫶솽룶풭틲,튻킩폐엓듳쫐,냼삨쏀맺놦뷠ꆢ뎤붭쪵튵릫쮾ꆢ뚫퇇틸탐ꆢ믣럡죚탨쟳뗄듳탍뫬돯막릫쮾,죧훐맺틆뚯ꆢ짏몣쪵틸탐뗈뗈ꆣ튵뗈,쫗쿈쳡돶쇋퓚쓚뗘막놾쫐뎡랢탐CDR뗄췢릫쮾벰훐맺룛뫍첨릫쮾헹좡퓚A랽낸,뇜뾪폐맘램싉쳵컄뗄쿞훆,떽쓚뗘A막쫐막짏쫐,볈뿉뷢뻶뛔뷰뗄웈쟐탨튪,폖뿉뷢뻶믵뎡돯벯뷰,틔냚췑뷰탨쟳엓듳뛸죚쟾뗀쿠뇒탨쟳뗄듭엤ꆣ평폚훐맺듳슽놾헋뮧짐캴뾪럅,뛔쿁킡뗄삧뺳ꆣ췢벰룛ꆢ첨짏쫐뿉쒼벯뗍돉놾뗄죋쏱뇒,쿻뛔CDR랽낸뗄퇐뺿뮹폐살ퟔ쿣룛쳘쟸헾뢮돽믣싊럧쿕,폐킧퓋폃뷰ꆣ뛸쟒A막뷰돤엦,뗄췆뚯ꆣퟔ퇇훞뷰죚캣믺틔살,쿣룛쳘쟸뻍튻횱뒦쫐펯싊룟,릫쮾짏쫐쓜좡뗃룼듳킧틦ꆣ춬쪱,춨맽퓚춴뿠뗄뷡릹뗷헻횮훐,캪쇋캬돖뫍릮만맺볊뷰짏쫐,췢웳벰쿣룛뫍첨췥웳튵뿉틔쳡룟퓚훐맺듳죚훐탄뗄뗘캻,쿣룛쳘쟸헾뢮웈쟐쾣췻쓜릻틽뷸슽뗄쫐뎡뗘캻뫍횪쏻뛈,볓잿웳튵뗄놾뗘뮯뺭펪,뷰듙뷸웤뺭볃뫍뷰죚쫐뎡뗄랢햹,늢쳡돶쇋튻폐훺폚캴살뗄튵컱랢햹ꆣ듳뛠쫽췢웳벰쿣룛ꆢ첨췥쾵쇐뗄랽낸,웤훐ퟮ훷튪뗄쫇쿲훐퇫헾뢮쳡돶뗄웳튵믡냑벯쯹뗃폃폚삩돤훐맺듳슽뗄튵컱,뛸CDR벰죏뿉뺳쓚믺릹춶헟뗈쯹캽ꆰ놱쮮쓏뗷ꆱ쟒평폚퇏룱뗄췢믣맜훆,뷰튲쓑틔쇷돶뺳췢ꆣ좻뗄랽낸붨틩ꆶ(쿣룛뺭볃죕놨ꆷ,2001),늢믡춬훐뛸,평폚뺳췢웳튵뗄훷튪튵컱벰춶뎡쯹늢늻퓚맺횤볠믡뛔랽낸뷸탐뿉탐탔퇐뺿ꆣ퓚훐맺볓죫쫀훐맺듳슽,퓚훐맺듳슽뗄튵컱믲믺릹횻쫇뺳췢쒸쎳ퟩ횯ꆢ횤좯쫐뎡쫆뇘훰붥뾪럅뗄놳뺰쿂,훐맺폐릫쮾뗄튵컱퇓짬믲쿂쫴릫쮾ꆣ죧맻쒸릫쮾폫ퟓ릫맘늿쏅듓볓뿬쫐뎡붨짨ꆢ퓶볓뷰죚뒴탂뫍릤뻟뗄쮾뗄튵컱벰뺭펪맜샭볜릹룟뛈벯훐,쯤룷ퟔ퓚뺳뷇뛈돶랢,틠뾪쪼뛔횤좯쫐뎡뗄뾪럅,폈웤쫇퓊탭췢뫍뺳쓚틀뻝늻춬뗄램싉뿲볜퓋ퟷ,떫쮫랽뗄튵훐맺듳슽뻓쏱춶뺳췢쫐뎡ꆢ뺳췢릫쮾퓚훐맺듳컱ꆢ닆컱맘쾵쏜쟐,볓짏쿈뷸뗄탅쾢뿆벼뫍닆컱맜슽짏쫐뗄믺훆뗈뷸탐퇐뺿ꆣ샭벼쫵뗄쪹폃,죎뫎쿞훆솽헟뷰쇷뚯뗄맦뚨,뚼쓑틔ퟨ횹쒸릫쮾뫍뢽쫴릫쮾횮볤뷰뗄쿠뮥쳗뛾ꆢCDR쫇랢탐쫐뎡뾪럅뗄춻웆뿚폃ꆣ헢뻍뿉쓜떼훂훐맺듳슽뒢탮뫍췢믣뗄쇷쪧ꆣ쇭췢,퓊탭췢웳벰쿣룛ꆢ첨췥웳튵퓚훐맺듳슽짏쫐,뺳췢웳튵쿫뷸죫훐맺듳슽놾쫐뎡,퓚A막럅뾪죚쫐뎡,믡듟뮯뫍볓뿬뷰죚훐뷩믮뚯뗄뾪쫀뷧뺭볃3ꆡ2002쓪뗚9웚ꆡꆤ53ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡ풤췐횤좯폫랢탐쫐뎡뗄뾪럅닟싔럅뫍맺볊뮯ꆣ퓚붡좫뗄뷰죚쫐뎡볜릹뫍볠맜쳥쾵뮹쫇폫쓚뗘뢽쫴릫쮾돉솢탂뗄뫏릫쮾,튲뚼컞짐캴붨솢횮잰,뷰죚훐뷩믮뚯믲횤좯튵뗄쳡잰뾪램죆맽짏쫶램맦뗄쿞훆ꆣ헽틲캪죧듋,쯤좻훐맺헾럅,믡펰쿬뷰죚훈탲뗄컈뚨,늻샻폚뺭볃뗄붡뾵랢뢮퓚1999쓪뻍쏷좷퓊탭ꆢ맄샸췢짌벰룛짌뫍첨짌햹(죎횾룕,2001)ꆣ뛀웳튵퓚훐맺듳슽맒없,떫훁뷱쎻폐튻볒헦헽폐본폚듋,훐맺헾뢮뛔뾪럅놾쫐뎡,퓊탭뺳틢틥짏뗄췢웳튵믲룛ꆢ첨웳튵짏쫐ꆣCDR췢웳튵샻폃A막짏쫐벯,튻횱돖컈붡짳짷뗄첬랽낸뗄췆돶,뿋럾쇋?뫡퓚뺳췢웳튵A막짏쫐뗀뛈ꆣ쫊뛈뗄뾪럅폐샻폚훐맺듳슽뗄뷰죚쫐뎡뫍뺭슷짏뗄램맦쿞훆ꆣ뺳췢웳튵퓚훐맺듳슽랢탐볃붨짨,퓊탭맺볊횪쏻뗄뿧맺릫쮾샻폃뺳쓚놾CDR,늻뷶쫖탸볲뇣,쟒늻짦벰횤좯볠맜컊쳢ꆣ틲쫐뎡쪵쿖룼뫃뗄랢햹,뿉틔웰떽쪾랶ퟷ폃,듙뷸룼듋,CDR믺훆뿉쮵쫇랢탐쫐뎡뾪럅ꆢ쪵쿖뺳췢웳뛠폅탣췢짌벰룛짌ꆢ첨짌떽훐맺듳슽랢햹,폐샻폚튵퓚훐맺듳슽짏쫐뗄춻웆뿚ꆣ룄짆훐맺듳슽샻폃췢뷡릹ꆣ뺡맜죧듋,훐맺헾뢮튻횱놣돖쟥탑춷쓔,쏷좷틢쪶웤훐틾몬뗄럧쿕,뻍죽ꆢCDR퓋ퟷ랽쪽뗄톡퓱벰웤쯻듫쪩죚쫐뎡뗄뛔췢뾪럅훆뚩쇋쏷좷뗄쳵샽맦퓲ꆣ룹뻝ꆶ릫쮾램ꆷ뫍ꆶ횤좯램ꆷ,횻폐퓚훐맺듳슽듓랢탐죋뗄뷇뛈살뾴,CDR뗄좷돉캪뺳췢웳힢닡ퟩ붨뗄릫쮾,쟒탫폐죽쓪틔짏펪튵볇슼,닅뿉튵쪵쿖퓚훐맺듳슽짏쫐뗄춻웆뿚;떫듓볠맜뗄뷇퓚A막쫐뎡짪쟫맒없ꆣ램싉뛔뺳췢웳튵짏쫐릫쮾뛈돶랢,랢탐CDR죔좻듦퓚헾닟헏낭,헢뻍쫇죋뗄탎쪽틠폐퇏룱튪쟳:뿘막릫쮾늻쓜짏쫐,튵컱럇쏱뇒늻쓜ퟔ평뛒뮻뫍놾헋뮧뗄맜훆ꆣ랢탐CDR뛀솢뺭펪뗄릫쮾늻쓜짏쫐,훐맺듳슽짏쫐웳튵돖펦폐쿠펦뗄믹뒡막욱,솽헟뗄볛횵쫇쿠뗈뗄,죧늻폐뗄뺳췢닺늻쓜뎬맽50%,뗈뗈ꆣ쇭췢,퓚죫쫀닉좡쫊떱뗄듫쪩,CDR폫믹뒡막욱횮볤뿉쿠뮥잰쾦뗄2001쓪11퓂14죕,훐맺췢뺭쎳늿폫횤볠뮻,듓뛸짦벰죋쏱뇒뗄뛒뮻,헢늻뷶틽웰훐맺헾뢮믡솪뫏랢늼쇋ꆶ맘폚짏쫐릫쮾짦벰췢짌춶폐맘뛔죋쏱뇒믣싊뗄떣폇,뛸쟒퓚뿉볻뗄붫살,죋쏱뇒컊쳢뗄죴룉틢볻ꆷ,뛔뺳췢웳튵퓚훐맺듳슽랢탐짏뮹늻쓜ퟔ평뛒뮻,헢뻍탎돉쇋CDR랢탐뗄ퟮ듳쫐ퟶ쇋뻟쳥맦뚨ꆣ훐맺헾뢮폐맘죋쪿틑쏷좷뇭쪾,헾닟헏낭ꆣ폫듋헾닟헏낭쿠맘솪뗄쫇뷰뫍췢믣퓊탭췢릫쮾벰룛ꆢ첨릫쮾퓚훐맺듳슽짏쫐뗄쇷쪧ꆣ틲캪퓚좱랦쫊떱듫쪩뗄쟩탎쿂,뺳췢믹뒡럖죽룶뷗뛎뷸탐,쫗쿈쫇훐맺듳슽뗄훐췢뫏웳막욱뗄돖폐헟폐뿉쓜붫횮냼ힰ돉CDR떽훐맺듳튵,웤듎쫇룛ꆢ첨웳튵벰췢웳튵,횮뫳닅뾼슽쫐뎡돶쫛(평폚쫐펯싊뗄닮틬),틔쳗좡샻죳ꆣ싇뿧맺웳튵뗄짏쫐컊쳢ꆶ(컄믣놨ꆷ,2001)ꆣ죧뫎뿋럾죋쏱뇒뛒뮻뗄헾닟헏낭?죧뫎럀횹룹뻝짏쫶맦뚨,캴퓚훐맺듳슽힢닡뗄뺳췢웳CDR랢탐훐뿉쓜뗄뷰뫍췢믣쇷쪧?헢킩붫폐삵튵,틔벰퓚훐맺듳슽힢닡떫튵컱늻쓜뛀솢뺭펪뗄폚CDR랢탐랽쪽뗄헽좷톡퓱틔벰웤쯻뫏샭듫쪩뺳췢웳튵늻쓜컊뚦A막쫐뎡ꆣ틔믣럡캪샽,늻뷶뗄닉폃ꆣ쿂쏦틔튻냣풤췐횤좯(DR)뗄랢탐뫍붻틗믣럡뿘막쓑짏쫐,뛸쟒틀삵믣럡좫쟲닙ퟷ뗄훐맺캪샽볓틔쮵쏷ꆣ튵컱틠늻쓜짪쟫짏쫐ꆣ탭뛠췢웳뫍첨웳튵뗄춶DR뗄쫗듎랢탐뷏캪볲떥,뺳췢웳튵냑랢탐뚼쫇평튻볒퓚뺳췢뗄뿘막릫쮾돉솢뛠볒샫낶릫뗄탂막(늢늻춶죫쫐뎡쇷춨,뛸쫇듦럅퓚췐맜틸쮾,퓙평헢킩샫낶릫쮾럖뇰춶훐맺듳슽,뛸쟒캪탐)ퟷ캪랢탐DR뗄믹뒡막욱벴뿉ꆣ뛸DR뗄붻틗쇋뷚쪡돉놾,퓚훐맺듳슽뗄웳튵췹췹평ퟜ릫쮾뢺퓲싔캪뢴퓓,짦벰떽DR뫍믹뒡막욱솽룶쫐뎡,퓚퓰닉릺벰닺욷뾪랢뗈,퓚훐맺듳슽뗄웳튵횻뺭펪춬쪱붻틗뗄쟩뿶쿂,뮹믡펰쿬DR쇷춨쫽솿뗄퓶짺닺벰뺭쿺,늻쫇뛀솢뺭펪뗄쪵쳥ꆣ헢킩웳튵죧맻복ꆣ내솽룶쫐뎡훐DR붻틗뫍믹뒡막욱붻틗뗄늻튪짪쟫A막짏쫐,뻍뇘탫훘탂퓚훐맺듳슽돉솢탂춬뮻돌뛈,DR뗄랢탐붻틗폐쯄훖랽쪽(.릫쮾,뷸탐뢴퓓럑쪱뗄릫쮾볜릹뫍튵컱훘ퟩꆣ벴쪹Morgan,2000)ꆣ뛔폚뫬돯막,컞싛쫇럖닰쓚뗘ퟓ릫쮾랢탐A막,뗚튻훖쫇떥쿲늻뿉뮻랽쪽(oneway쫀뷧뺭볃3ꆡ2002쓪뗚9웚ꆡꆤ54ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
믆짙쏷ꆡꆡissuancewithoutfungibility)ꆣ퓚헢훖랽쪽쿂,DR쪽퓋ퟷ폐샻폚헾뢮뗄볠뿘,룴샫몣쓚췢뷰,폐샻쫐뎡뛀솢폚몣췢쫐뎡ꆣ몣췢랢탐죋내맺쓚듦좯틸폚쫐뎡뗄컈뚨ꆣ평듋뿉볻,횻튪톡퓱뫏쫊뗄랢탐뫍탐(depository)뗄튪쟳붫믹뒡막욱듦죫몣췢췐맜퓋ퟷ랽쪽,CDR랢탐뗄헾닟헏낭쫇췪좫뿉틔뿋럾틸탐(custodian),듦좯틸탐캪몣췢랢탐죋퓚맺쓚뫍뇜쏢뗄ꆣ냼ힰ랢탐DR,랢탐뫳퓚맺쓚쪵탐럢뇕퓋ퟷ,폫몣캪쇋뷸튻늽쿻돽뫍뛅뻸죋쏱뇒믣뛒뫍췢믣쇷췢쫐뎡룴샫,풤췐횤좯폫웤쯹듺뇭뗄믹뒡막욱늻쪧뗄뿉쓜탔,뮹뿉틔닉좡웤쯻쫊떱뗄듫쪩ꆣ뗚튻,쓜쿠뮥뮻(늻듦퓚믵뇒뛒뮻컊쳢)ꆣ뗚뛾훖쫇떥퓚췆돶CDR뗄돵웚,뛔랢탐죋뗄톡퓱랶캧ퟶ돶쿲뿉뮻랽쪽(onewayfungibility),DR쫐뎡폫쿞훆:랢탐릫쮾펦평헾뢮뿘막;릫쮾뗄훷튪닺펦몣췢막쫐듦퓚튻뚨돌뛈뗄쿠춨,떫횻쫇떥쿲쿠춨ꆣ퓚훐맺듳슽;릫쮾뗄뫋탄튵컱틔훐맺듳슽캪훷뗈ꆣDR뿉뮻캪믹뒡막욱,떫늻쓜ퟶ쿠랴뗄뮻ꆣ떥룹뻝헢킩쿞훆,랢탐CDR뗄뎢쫔펦듓훐맺듳슽쿲뮻뿉쪹DR뗄쇷춨솿복짙,믹뒡막욱쿠펦퓶퓚쿣룛쳘쟸ꆢ탂볓웂ꆢ얦풼ꆢ싗뛘뗈뗘짏쫐뗄맺웳볓ꆣ웤맽돌죧쿂:떱춶헟튪쟳돶쫛DR뛸쫐뎡컞뾪쪼,쳘뇰쫇듓맺볒뿘막뻟폐닺튵슢뛏뗘캻뗄뫬죋뷓믵쪱,맺쓚좯짌벴캯췐뺳췢좯짌싴돶믹뒡막돯막뾪쪼(맺웳막틲퓚쓚뗘힢닡,뿉틔퓶랢A막,욱;뷓떽막욱돶쫛춨횪뫳,맺쓚좯짌벴냑DR붻믘벯쳵볾룼폅풽)ꆣCDR랢햹돉쫬뫳,랶캧뿉틔삩맺쓚듦좯틸탐,듦좯틸탐폚쫇좡쿻DR늢횸쪾뺳듳떽틔훐맺듳슽튵컱캪훷뗄룛뫍첨웳튵,퓙췢췐맜틸탐붫쿠펦뗄믹뒡막욱죫몣췢좯짌헋쿂튻늽닅뾼싇웤쯻룛ꆢ첨웳튵벰췢웳ꆣ뗚뛾,뮧;춬쪱맺쓚좯짌붫몣췢좯짌횧뢶뗄췢믣뛒뮻캪쿞뚨랢탐릫쮾뗄벯폃춾,랢탐CDR벯쯹뗃놾뇒,붻뢶DR뗄돖폐죋ꆣ뫜쏷쿔,웤볤듦퓚믵뇒횻쓜폃폚훐맺듳슽튵컱뗄랢햹뫍춶,늻뗃믣돶뗄뛒뮻ꆣ뗚죽훖쫇쮫쿲뿉뮻뚨뛮랢탐랽쪽(two2뺳췢믲짏붻뺳췢뗄쒸릫쮾ꆣ뛸쟒퓚쿠떱뎤뗄쪱볤wayfungibilitywithacapontotalDRissued)ꆣ샯,퓚훐맺듳슽뺭펪쯹뗃샻죳틠늻쓜믣돶ꆣ뗚죽,DR쫐뎡폫몣췢막쫐쮫쿲쇷춨,늻뷶DR뿉캪쿞훆춶헟랶캧,횻퓊탭훐맺듳슽춶헟싲싴막욱,막욱튲뿉돉DR,떫DR뗄랢탐폐뚨뛮쿞CDRꆣ폫듋쿠펦,뺡맜폐랢탐죋쾣췻돯벯쏀풪,떫훆,훆풼믹뒡막욱쿲DR뗄뮻ꆣ떱춶헟폻릺죫맦뚨CDR횻쓜틔떱뗘믵뇒벴죋쏱뇒랢탐,뷸튻DR(퓚랢탐뚨뛮쓚)뛸쫐뎡컞죋돶믵쪱,맺쓚좯짌늽쿻돽뛒뮻뫍뷰쇷쪧뗄럧쿕ꆣ벴캯췐몣췢좯짌싲죫쿠펦믹뒡막욱;뷓떽싲죫막욱춨횪뫳,맺쓚좯짌튪쟳듦좯틸탐붫DR죫웤쯄ꆢ틽죫CDR,췆뷸횤좯쫐뎡뗄컈늽뾪럅횤좯헋뮧;듦좯틸탐랢탐DR뗄춬쪱,횸쪾몣췢췐맜틸탐붫몣췢좯짌뗄쿠펦믹뒡막욱죫췐맜틸탐ퟔ1927쓪뒴퓬랢탐쇋뗚튻횻뷸탐췐맜;맺쓚좯짌붫춶헟횧뢶뗄놾뇒뛒뮻돉쏀맺풤췐횤좯(ADR)웰,헢훖뒴탂릤뻟뻍튻횱쫜췢뇒붻뢶몣췢좯짌,췪돉붻틗맽돌ꆣ뗚쯄훖쫇쮫쿲떽뮶펭ꆣADR쫐뎡랢햹톸쯙,폈웤쫇90쓪듺,뿉뮻컞뚨뛮랢탐랽쪽(two2wayfungibilityADR쫐뎡뗄붻틗뛮쎿쓪틔30%뗄뢴샻퓶뎤ꆣwithoutacapontotalDRissued),웤퓋ퟷ믺훆폫2000쓪,ADR붻틗뛮룟듯췲틚쏀풪,좫쓪랢뗚죽훖샠쯆,떫컞랢탐솿쿞뛮ꆣ퓚헢훖랽쪽쿂,솽탐벯300뛠틚쏀풪ꆣ훐맺듳탍맺폐웳튵죧훐맺룶쫐뎡뗄솪쾵룼캪뷴쏜,뷰뫍췢믣쇷쪧뗄뿉쓜틆뚯ꆢ훐맺솪춨뗈뚼퓸춨맽ADR퓚쏀맺짏쫐ꆣ떱탔룼듳ꆣ잰,폐뎬맽80룶맺볒뗄2200뛠룶럇쏀맺릫쮾랢짏쫶쯄훖랢탐랽쪽훐,돽뗚튻훖췢,웤쯻뚼폐탐ADR,웤훐600뛠횻ADR퓚쏀맺횤좯붻틗쯹솽훖횤좯뗄뮻,벴믵뇒뛒뮻탐캪,듓뛸듸살뷰맒없(,2000)ꆣ뫍췢믣쇷쪧뗄뿉쓜ꆣ떥쿲늻쇷춨랽쪽뿉듯떽쿂쇐ADR쫜떽쫐뎡뮶펭,퓚폚쯼컞싛뛔랢탐죋뮹킧맻:쫗쿈,DR폫믹뒡횤좯늻쓜쿠뮥뮻,늻짦쫇춶헟짵훁훐뷩좯짌뚼듸살웄듳틦뒦ꆣADR폐벰믵뇒뛒뮻,튲뻍쎻폐췢믣췢쇷컊쳢;웤듎,럢뇕샻랢탐죋뷸죫맺볊쫐뎡,퓶잿웳튵뗄맺볊탔,췘뿭쫀뷧뺭볃3ꆡ2002쓪뗚9웚ꆡꆤ55ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡ풤췐횤좯폫랢탐쫐뎡뗄뾪럅닟싔웳튵뗄막뚫믹뒡,돯벯맺췢놾ꆣ뛔놾맺춶헟뛸놾헊뮧쫜맜훆뗄풼쫸쿂,횤좯쫐뎡뾪럅뗄죎뫎뎢퇔,ADR쪹쯻쏇쓜릻춶몣췢릫쮾,럖쿭몣췢뗄쫔뚼춽샍컞틦,듓뛸펰쿬훐맺볓죫WTO뫳뗄뾪뺭볃퓶뎤,쪹놾짽횵,뛸쟒폐훺폚붨솢뛠퇹뮯뗘럅뷸돌ꆣ틽죫CDR뗈맽뛉탔랽낸,쪹횤좯쫐뎡퓚쟸춶ퟩ뫏,럖즢럧쿕ꆣ뛔폚랢탐죋퓚쏀맺뗄맍풱풼쫸쳵볾늻뇤뗄쟩뿶쿂쪵쿖폐쿞뛈뗄뾪럅ꆣ폫듋살쮵,ADR뮹뿉떱ퟷ죏막좨횤,ퟷ캪킽돪벤샸믺춬쪱,퓚웤쯻듫쪩뗄엤뫏쿂,훐맺헾뢮튲뿉볓잿뛔훆뗄릤뻟ꆣ쇭췢,ADR뗄뻞듳붻틗솿벰붻틗쾵춳뷰죚쫐뎡뗄볠맜,폐샻폚췆뷸뷰죚쫐뎡뗄컈늽뾪뗄룟킧탔캪훐뷩짌듸살쇋듳솿뗄튵컱믺믡ꆣ럅ꆣ퓚떱잰쳘뚨뗄뷰죚쫐뎡뮷뺳쿂,퓚훐맺듳슽뫍죎뫎뷰죚릤뻟튻퇹,CDR틠폐웤럧쿕,돽틽뷸CDR,늻뷶믡듸살짏쫶뫃뒦,뛸쟒뮹믡룸틑쳡벰떽뗄췢믣뛒뮻뫍뿉쓜뗄쇷쪧췢,쯼뛔뺳쓚CDR뢳폨탂뗄릦쓜뫍쳘뚨뗄쪹쏼ꆣ1.듙뷸훐맺듳췢쫐뎡튲뿉쓜폐튻킩뢺쏦뗄펰쿬,훮죧탎돉탂뗄슽횤좯쫐뎡뗄붡뾵랢햹ꆣ훐맺듳슽횤좯쫐뎡퓚맽쫐뎡럖룮뻖쏦,폐쯰풭폐막뚫뗄샻틦,붵뗍뫬돯막좥10폠쓪뎬뎣맦쳸풾쪽랢햹,틑돉캪퇇훞뗚뛾듳릫쮾쯘훊,평폚붻틗뗄틆뛸펰쿬풭폐쫐뎡뗄붻횤좯쫐뎡,떫춬퇹듦퓚늻죝뫶쫓뗄컊쳢,죧릫쮾쯘춶솿ꆣ듋췢,풭막뚫틲컞램볠맜CDR릫쮾벯뗄훊욫뗍ꆢ춶믺웸럕얨뫱ꆢ쫐뎡놻웳튵쫓ퟷ샭쯹떱좻폃춾,뿉쓜믡퓬돉풴샋럑(색쿌욽,2001)ꆣ늻뗄ꆰ좦잮뎡쯹ꆱꆣ춨맽CDR틽죫룟쯘훊뗄췢릫맽,폫웤폅뗣쿠뇈,CDR뮹쫇샻듳폚뇗ꆣ뛸쟒,퓚쮾벰룛ꆢ첨릫쮾,폐훺폚쳡룟짏쫐릫쮾뗄ퟜ쳥CDR랢탐뗄춬쪱엤뫏쫊떱뗄듫쪩,웤럧쿕쫇뿉틔훊솿,룄뇤짏쫐릫쮾뗄막좨뷡릹ꆣ춨맽뛔쫐뎡뷰복짙짵훁맦뇜뗄ꆣ본폚죫쫀뫳횤좯쫐뎡쏦쇙뗄뾪뷸탐퓙럖엤,뛔훐맺듳슽웳튵쪩볓톹솦,쪹ꆰ좦잮ꆱ럅톹솦뫍쟷쫆,내헕훐맺헾뢮횤좯쫐뎡뾪럅뗄ퟜ뇤뗃삧쓑ꆣ퓚뺺헹쳵볾쿂,훊솿닮뗄릫쮾쫜떽쫐뎡쳥햽싔뫍늽훨,떱쫐뎡틑믹놾뻟놸틽죫CDR뗄업벷,폐훺폚훐맺듳슽횤좯쫐뎡뎯ퟅ붡뾵뗄랽쿲쳵볾뫳,퓚닉좡ퟣ릻뗄볠맜듫쪩뫍헽좷뗄랢탐퓋랢햹ꆣ2.캪복돖맺폐막뫍랢햹짧놣믹뷰쏾쯷뺭퇩ꆣퟷ랽쪽쿂,쫊쪱뗘췆돶CDR랽낸,붫폐훺폚쪵쿖춨맽CDR뿉틽죫뗄뫬돯막쫽솿폐쿞,뛸뫬돯막훐맺듳슽횤좯쫐뎡뗄훰늽뾪럅뫍붡뾵랢햹ꆣ뗄맺폐막쇷춨짦벰쏦뷏킡,샻폃뫬돯막랢탐CDR뗄믺믡,뷸탐맺폐막복돖뗄쫔퇩,늻믡뛔쫐뎡닺짺닎뾼컄쿗:돥믷ꆣ죴뎢쫔좡뗃돉릦,늻뷶폐훺폚맺폐막뗄복돖냍즽탐(2001):ꆶ틽죫훐맺풤췐횤좯폐뺭볃쪹쏼ꆷ,ꆶ탅놨ꆷ6뫍짧놣믹뷰뗄붨짨,뛸쟒뺭맽막좨뷡릹뗷헻뫳,뫬퓂11죕ꆣ돯막룼쓜믱뗃맺볊쫐뎡뗄죏춬색쿌욽(2001):ꆶ췆탐CDR뗄뛱쏎ꆷ,ꆶ탅놨ꆷ6퓂11죕ꆣ(냍즽탐,2001)ꆣ쇖쿾쓏(2001):ꆶ췢릫쮾A막짏쫐짐듽쪱죕ꆷ,ꆶ탅놨ꆷ1퓂3.캪훐맺듳슽춶헟쳡릩맺볊춶뗄뇣뷝쟾뗀ꆣ31죕ꆣ훐맺듳슽뷰죚닺뷼10쓪살톸쯙샛믽,뻓쏱쫖훐죎횾룕(2001):ꆶ놾룛릫쮾퓚쓚뗘짏쫐ꆷ,ꆶ쿣룛짌놨ꆷ8퓂24뗄뒢탮룟듯뷼8췲틚죋쏱뇒,췢믣뒢탮풼800틚죕ꆣ쏀풪ꆶ컄믣놨ꆷ(2001):ꆶ췢웳쓚뗘짏쫐럖죽뷗뛎ꆷ,10퓂30죕ꆣ,쿖폐릤뻟풶늻쓜싺ퟣ엓듳닺뗄춶탨튪ꆣ틽죫CDR,춶헟뿉퓚뺳쓚춶뺳췢막럝,늻뷶ꆶ쿣룛뺭볃죕놨ꆷ볇헟(2001):ꆶ룛웳쓚뗘랢CDR뫲훐퇫뚨뛡ꆷ,ꆶ쿣룛뺭볃죕놨ꆷ8퓂16죕ꆣ럖즢쇋럧쿕,럡뢻쇋닺ퟩ뫏,쇴힡쇋쏱볤췢믣,훓컄(2001):ꆶ죋쏱뇒맺볊뮯뷸죫ꆰ떹볆쪱ꆱꆷ,ꆶ뺭볃떼놨ꆷ1뛸쟒뿉쪹춶헟뷓뒥떽뺳췢쫐뎡쿈뷸뗄닙ퟷ돌퓂8죕ꆣ탲ꆢ탅쾢엻슶풭퓲틔벰릫쮾맜샭뗄맺볊뇪ힼ,폐훺(2000):TheADRReferenceGuide,http:öö폚쳡룟춶헟뗄쯘훊뫍뛔쫐뎡뗄샭탔죏쪶ꆣ41폐.훺폚췆뷸훐맺듳슽횤좯쫐뎡뗄컈늽뾪럅,헢튲쫇CDRퟮ훘튪뗄릦쓜ꆣ퓚죋쏱뇒늻뿉ퟔ평뛒뮻ꆢ(뷘룥:2002쓪4퓂ꆡ퓰죎뇠벭:뛅퇇욽)쫀뷧뺭볃3ꆡ2002쓪뗚9웚ꆡꆤ56ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
