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】45. The passage implies that anyone selling foreign stocks in the United States __________________.
(A)can only do so after 1933
(B) may actually benefit from the law
(C)may be breaking a law
(D) may be required to pay local taxes
(A) can only do so after 1933 只能在 1933 年後這樣做 文章並未提及只有在1933年之後才能這樣做。 (B) may actually benefit from the law 可能實際上受益於法律 應為「可能違反 1933 年證券法」 (C) may be breaking a law 可能違法 (D) may be required to pay local taxes. 可能需要繳納地方稅 文章提到了ADRs的持有人不需要支付當地稅款，但並未提及直接出售外國股票是否需要繳交當地稅款
中英對照 Most US investors who own shares in foreign corporations do so via American depositary receipts (ADRs). 大多數持有外國公司股份的美國投資者都是通過美國存託憑證 (ADRs) 持有的。
(ABC)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). 沒有什麼可以阻止他們直接購買海外股票（儘管從技術上講，他們在出售海外股票時可能違反了 1933 年證券法）。
ADRs, however, are much more convenient. 然而，ADRs 更方便。 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. 基本上，它們是可交易的收據，上面寫著 ADRs 所代表的股份由公司本國的銀行存放。 (D) The depositary bank collects dividends, pays local taxes, and distributes them converted into dollars. 存託銀行收取股息，繳納地方稅，並將其兌換成美元進行分配。
dividend (n.) 被除數；紅利；股息 [ˋdɪvə͵dɛnd]
Additionally, holders of ADRs usually have all the rights of shareholders who own their stocks directly. 此外，ADRs 持有人通常擁有直接擁有其股票的股東的所有權利。
The vast majority of overseas corporations that list their shares on a US exchange use ADRs. 在美國交易所上市的絕大多數海外公司都使用 ADRs。
list (v.) 列成表；（公司）上市；(n.) 單子 exchange (v.) 交換；調換；兌換；(n.) 交換；交流；交易所
At the end of 2002, there were over 1,000 such listings. 到 2002 年底，此類上市公司已超過 1000 家。 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. ADRs 催生了模仿者，現在有全球存托憑證 (ADRs) ，它們在美國和歐洲市場的場外交易市場上交易；以及歐洲存托憑證，在歐洲交易所上交易。
寫作批改
VIP與詳解卡管理
私人筆記( 0 )
