xixi2022-02-25 11:16:51

为什么sponsored DR是投资者有投票权，Unsponsored DR是depository bank有投票权?我看了原版书不是特别理解。Sponsor字面意思是赞助的意思，是站在foreign company whose shares are held by the depository 角度说的吗？如果这个foreign company参与发行（sponsored），投资者有投票权；foreign company不参与发行（unsponsored），depository bank参与发行，depository bank有投票权？附：原版书A DR can be sponsored or unsponsored. A sponsored DR is when the foreigncompany whose shares are held by the depository has a direct involvement in the issuance of the receipts. Investors in sponsored DRs have the same rights as the direct owners of the common shares (e.g., the right to vote and the right to receive dividends). In contrast, with an unsponsored DR, the underlying foreign company has no involvement with the issuance of the receipts. Instead, the depository purchases the foreign company’s shares in its domestic market and then issues the receipts through brokerage firms in the depository’s local market. In this case, the depository bank, notthe investors in the DR, retains the voting rights.