摘要
本文对我国现有制度环境下发展CDR的利弊进行综合比较分析 ,认为从国民经济发展全局的角度和我国资本市场的现状来看 ,发展CDR的条件并不成熟 ,CDR应缓行。
Overseas financing of the 'Red-Chip' companies has seen more and more difficulties due to the internal weakness of state-owned enterprises and the volatility of international capital market. Against such a background, many large and medium-sized SOEs listed in overseas stock exchanges plan to issue China Depository Receipt (CDR) as an instrument for further financing back at the domestic stock market in China, which has triggered much debate in the academic and business circles at home and abroad. By analyzing the benefits and disadvantages in launching CDR under the current institutional, economic and market circumstances in China, the author concluded that conditions are far from matured and a hasty introduction of the instrument will not help achieve its initial goals.
出处
《金融研究》
CSSCI
北大核心
2002年第1期75-81,共7页
Journal of Financial Research
