什么是CDR模式？

中文：

CDR模式，即中国存托凭证（Chinese Depositary Receipt），是一种金融创新工具，允许境外上市的公司将其股票在境内市场进行交易。CDR的发行相当于在境内市场创建了一个与境外原始股票挂钩的衍生产品。通过这种方式，境内投资者可以间接投资境外市场，而境外公司也能借此拓宽融资渠道，增加其股票的流动性。

CDR模式的运作机制相对简单。首先，境外上市公司将其股票委托给境内的存托银行，由存托银行发行相应数量的CDR。这些CDR在境内市场进行交易，价格受到多种因素影响，包括境外原始股票的价格、汇率、市场供需关系等。CDR的持有人实际上拥有的是对境外原始股票的权益，因此CDR的交易价格与境外原始股票的价格保持高度相关。

CDR模式的推出，对于促进中国资本市场与国际市场的接轨具有重要意义。它不仅为境内投资者提供了更多元化的投资选择，也为境外公司打开了一个潜在的新融资渠道。然而，CDR模式也面临一些挑战，如市场接受度、监管政策、汇率风险等。因此，在推进CDR模式时，需要充分考虑这些因素，以确保市场的健康稳定发展。

英文：

The CDR (Chinese Depositary Receipt) model is a financial innovation tool that allows companies listed overseas to trade their shares on the domestic market. The issuance of CDRs creates a derivative product linked to the underlying overseas shares on the domestic market. Through this mechanism, domestic investors can indirectly invest in overseas markets, while overseas companies can broaden their financing channels and increase the liquidity of their shares.

The operating mechanism of the CDR model is relatively straightforward. Firstly, overseas listed companies entrust their shares to domestic depositary banks, which then issue a corresponding number of CDRs. These CDRs are traded on the domestic market, and their prices are influenced by various factors, including the price of the underlying overseas shares, exchange rates, and market supply and demand relationships. Holders of CDRs actually own rights to the underlying overseas shares, and therefore the trading price of CDRs is highly correlated with the price of the underlying overseas shares.

The introduction of the CDR model is significant in promoting the integration of China's capital market with international markets. It not only provides domestic investors with more diversified investment options but also opens up a potential new financing channel for overseas companies. However, the CDR model also faces some challenges, such as market acceptance, regulatory policies, and exchange rate risks. Therefore, when promoting the CDR model, it is necessary to fully consider these factors to ensure the healthy and stable development of the market.