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占庆画 · 2025年05月06日

DRS的汇率风险不是由存托银行承担吗?

NO.PZ2023040301000117

问题如下:

For a US investor, which of the following statements concerning investing in depository receipts(DRs) is least accurate?

选项:

A.

Investors in unsponsored DRs would have the same voting rights as the direct owners of common shares

B.

Investing in DRs could provide arbitrage opportunities and entail currency risk

C.

Sponsored DRs are subject to greater reporting requirements than unsponsored DRs

解释:

Investors of unsponsored DRs would not have the same voting rights as the direct owners of common shares because the depository bank retains the voting rights.

DRS的汇率风险不是由存托银行承担吗?,所以答案B是不是也不对


1 个答案

王园圆_品职助教 · 2025年05月06日

同学你好,存托银行怎么可能承担汇率风险呢?存托银行只是赚取托管股票的手续费的钱,才不可能自己承担风险,风险都是转给投资者的

存托银行只负责把譬如香港以港币计价的股票买过来,然后按照实时的汇率转成美元计价的ADR在美国发行

之后只要汇率变化,哪怕港币计价的原股票价格没有变化,以美元计价的这个ADR的价格也依然要发生变化的——所以投资者最终依然要承担汇率变化的风险的,投资者只是不用自己去兑换货币并且去国外市场交易就能买到该股票从而更方便而已