中文版

为什么要存托凭证上市？

存托凭证，简称DR，是一种在国际资本市场广泛应用的金融衍生工具。它允许非本土公司的股票在另一国家的证券交易所上市交易，为国际投资者提供了便利的投资渠道。那么，为什么要推动存托凭证上市呢？

首先，存托凭证上市有助于扩大公司的融资渠道。对于许多有融资需求但难以在本国市场获得足够资金的公司来说，通过存托凭证在境外市场上市，可以吸引更多的国际投资者，从而拓宽资金来源，为公司的长远发展提供资金保障。

其次，存托凭证上市能够提升公司的知名度和国际影响力。在国际资本市场上挂牌交易，意味着公司得到了更广泛的关注和认可，这对于提升公司的品牌形象、增强市场竞争力具有重要意义。同时，与国际投资者的接触和合作也有助于公司学习借鉴先进的经营管理经验，提升公司治理水平。

此外，存托凭证上市还有助于促进国际资本流动和资源配置。通过存托凭证，国际投资者可以更加便捷地参与到不同国家的资本市场中，实现资本的跨境流动。这有助于优化全球资源配置，提高资本使用效率，促进国际经济的合作与发展。

然而，存托凭证上市也面临一些挑战和风险，如市场监管、法律合规、汇率波动等问题。因此，在推动存托凭证上市的过程中，需要充分考虑这些因素，制定合适的策略和措施，确保公司的利益和投资者的权益得到充分保障。

综上所述，存托凭证上市具有多方面的积极意义，有助于扩大融资渠道、提升公司知名度、促进国际资本流动等。然而，在实际操作中，也需要谨慎应对相关风险和挑战，确保上市过程的顺利进行。

英文版

Why Should Companies Seek Depositary Receipt Listings?

Depositary Receipts, commonly known as DRs, are widely used financial derivative instruments in the international capital market. They allow non-domestic companies to list their shares on a foreign stock exchange, providing convenient investment channels for international investors. So, why should companies pursue depositary receipt listings?

Firstly, a depositary receipt listing can help companies expand their financing channels. For many companies with financing needs but struggling to obtain sufficient funds in their domestic market, listing depositary receipts in overseas markets can attract more international investors, thereby broadening funding sources and providing financial security for the company's long-term development.

Secondly, a depositary receipt listing can enhance a company's visibility and international influence. Being listed on the international capital market means the company receives wider attention and recognition, which is crucial for boosting the company's brand image and enhancing its market competitiveness. At the same time, engaging with and collaborating with international investors can also help companies learn from advanced business management practices and improve corporate governance.

Furthermore, depositary receipt listings contribute to the promotion of international capital flows and resource allocation. Through depositary receipts, international investors can participate more conveniently in capital markets of different countries, enabling cross-border capital movements. This helps optimize global resource allocation, improve capital utilization efficiency, and promote international economic cooperation and development.

However, depositary receipt listings also face challenges and risks, such as market regulation, legal compliance, and exchange rate fluctuations. Therefore, in pursuing depositary receipt listings, companies need to fully consider these factors and formulate appropriate strategies and measures to ensure that the company's interests and investors' rights are fully protected.

In summary, depositary receipt listings have various positive implications, including expanding financing channels, enhancing company visibility, and promoting international capital flows. However, in practical operations, it is necessary to cautiously address related risks and challenges to ensure a smooth listing process.