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】43. Who holds shares on ADRs?
(A)Individual investors.
(B) Corporations that issue them.
(C)A bank in the United States.
(D) A bank in a foreign country.
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