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momo · 2023年12月16日

gdr

  1. CFA I
  2. Equity

NO.PZ2023040301000110

问题如下：

A U.S. institutional money manager prefers to invest in depository instruments of non-domestic equity securities that are privately placed in the U.S. and not subject to the foreign ownership and capital flow restrictions. The type of security that is most appropriate for this investor is:

选项：

A.

global registered shares

B.

global depository receipts

C.

American depository shares

解释：

Global depository receipts (GDRs) meet the investor preferences. They are not subject to the foreign ownership and capital flow restrictions that may be imposed by the issuing company’s home country because they are sold outside of that country. GDRs cannot be listed on U.S. exchanges, but they can be privately placed with the institutional investors based in the United States.

为什么选b呢。。。

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1 个答案

王园圆_品职助教 · 2023年12月16日

同学你好，本题考察的就是讲义上的结论

请看以下讲义截图

题干说这种证券是在美国市场上以私募方式发行的（privately placed in the U.S）——而ADRS是在美国交易所发行的，不是私募方式发行的，所以不选A

题干还说这种证券不受资本管控和海外投资者控股的限制（ not subject to the foreign ownership and capital flow restrictions. ），也就是下面截图中黄色部分GDR的特征，所以选B

C是GDS，也是要在交易所发行交易的额，不能私募交易，所以C错

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