CDR基金是什么意思,全称叫什么?

2022-06-21 10:25

 CDR基金,英文全称“ChineseDepositoryReceipt”,即中国存托凭证。指的是海外和中国香港上市公司将部分已发行上市的股票托管在本地保管银行,由中国境内的存托银行发行、在境内A股市场上市、以人民币交易结算、供国内投资者买卖的投资凭证,从而实现股票的异地买卖。

发行CDR的优势如下:

1、能够推进股票市场的发展,加快我国资本市场国际化进程。

2、拓宽投资人的投资渠道,优化投资组合。

3、为我国境外上市公司内地融资提供方便,增加对新经济类公司融资的支持将加速新老经济结构转型,有利于增强我国银行的业务及盈利能力。

发行CDR的劣势如下:

1、三年的锁定期,资金流动性受影响。

2、获配股数存有不确定性,如果获配数量不多,对于几百亿的独角兽基金而言可能是杯水车薪,难以大幅增厚基金收益。

3、CDR发行数量存有不确定性,如果1年发行数量较少,基金常年依靠信用债和普通债券等维持收益,收益也不会太乐观。

4、基金经理有没有管理过这么大规模、有没有经历市场考验、有没有海外投资经验、有没有对于新经济深入的研究。

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CDR Fund, the full English name of "Chinese Depository Receipt", is the Chinese depositary receipt. It refers to the investment in which overseas and Hong Kong listed companies keep some of the issued and listed stocks in local custodian banks, which are issued by depository banks in China, listed on the domestic A-share market, traded and settled in RMB, and available for domestic investors to buy and sell. certificates, so as to realize the remote trading of stocks.

The advantages of issuing CDRs are as follows:

1. It can promote the development of the stock market and accelerate the internationalization of my country's capital market.

2. Broaden investment channels for investors and optimize investment portfolios.

3. Provide convenience for domestic financing of overseas listed companies in China, and increase the support for financing of new economy companies will accelerate the transformation of new and old economic structures, and will help enhance the business and profitability of Chinese banks.

The disadvantages of issuing CDRs are as follows:

1. The three-year lock-up period will affect the liquidity of funds.

2. There is uncertainty in the number of alloted shares. If the number of allotments is not large, it may be a drop in the bucket for the tens of billions of unicorn funds, and it is difficult to greatly increase the fund's income.

3. There is uncertainty in the number of CDR issuances. If the number of issuances in one year is small, the fund will rely on credit bonds and ordinary bonds to maintain income all year round, and the income will not be too optimistic.

4. Have the fund managers ever managed such a large scale, have they experienced market tests, have overseas investment experience, and have they conducted in-depth research on the new economy.

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