四、閱讀測驗
（一）Most US investors who own shares in foreign corporations do so via American depositary receipts (ADRs).
There is nothing to stop them from buying overseas shares directly (although they may technically be breaking
the 1933 Securities Act when they sell them). ADRs, however, are much more convenient. Basically, they are
tradable receipts which say that the shares represented by the ADRs are held on deposit by a bank in the
corporation’s home country.
The depositary bank collects dividends, pays local taxes, and distributes them converted into dollars.
Additionally, holders of ADRs usually have all the rights of shareholders who own their stocks directly. The vast
majority of overseas corporations that list their shares on a US exchange use ADRs.
At the end of 2002, there were over 1,000 such listings. ADRs have spawned imitators and nowadays there
are global depositary receipts, or ADRs, which are traded on over-the-counter markets in both the United States
and the Euromarket, and European depositary receipts, which are traded on European exchanges.
【題組】41. Why do United States investors prefer ADRs to shares overseas?
(A)ADRs give them more rights to the stocks.
(B) ADRs are more convenient.
(C)They can trade ADRs in the Euromarket.
(D) They cannot buy overseas stocks directly.
overseas （在）海外的；（在）國外的[Z][B] ADRs 美國存託憑證（American Depositary Receipt，ADR），又稱美國預託證券，是大多數的外商公司在美國的股票市場交易股票的方式。 ======= 【題組】41. Why do United States investors prefer ADRs to shares overseas? (A)ADRs give them more rights to the stocks. (B)ADRs are more convenient. (C)They can trade ADRs in the Euromarket. (D)They cannot buy overseas stocks directly. . 答案：B 41.為什麼美國投資者更喜歡美國存託憑證而不是海外股票? (A)ADRs 給予他們更多的股票權利。 (B)ADRs 更方便。 (C)他們可以在歐洲市場交易美國存託憑證。 (D)他們不能直接購買海外股票。 答案:B
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