存托凭证发行与资本市场开放

加入WTO后 ,中国资本市场面临更大的开放压力。由于监管法规限制 ,人民币尚未实现可自由兑换以及资本帐户严格管制 ,资本市场的开放 ,存在难以克服的障碍。正确选择资本市场开放的突破口 ,能够有效解决约束条件下可能产生的诸如人民币汇兑、资本外流、监管漏洞等问题。通过CDR将有良好公司治理制度和高透明度的信息披露政策的海外公司股票引入中国市场 ,有利于促使境内上市公司提高经营业绩、公司治理状况以及信息披露程度 ,向国际标准靠拢。从而有利于活跃整个市场 ,推动中国资本市场与国际接轨

The Issuance of Depository Receipts and the Opening of Capital Market

With China' entry into WTO, the capital markets in China face severe challenges of liberalization. Due to the limitation of supervision laws, the control of free exchange of RMB into foreign currency, and the strict control of capital account, there are still some obstacles that are difficult to be surmounted in the process of opening the capital markets. To overcome the difficulty, it is desirable to choose a proper breakthrough of the liberalization of capital markets. It can prevent the domestic economy from the damaging effect of capital flows, foreign exchange risks and the weaknesses in supervision. Depository receipts are desirable instruments, through which, we can recommend the stocks of foreign companies with good corporate governance system and the policy for transparent disclosure of necessary information, enhance the operation of achievements, the corporate governance and the degree of information disclosure, and invigorate the whole capital market. So, CDR can promote the capital markets in China to engage themselves with their counterparts in the world.