存股证(Depository Receipts简称DR) 又称存托凭证或存券收据,是指在一国证券市场上流通的代表外国公司有价证券的可转让凭证,属公司融资业务范畴的金融衍生工具。以股票为例,存股证是这样产生的:某国一公司为使其股票在外国流通,就将一定数额的股票委托某一中间机构(通常为一银行,称为保管银行或受托银行)保管,由保管银行通知外国的存托银行在当地发行代表该股份的存股证,之后存股证便开始在外国证券交易所或柜台市场交易。存股证的当事人,在本国内有发行公司、保管机构,在国外有存托银行、证券承销商硬投资人。从投资人的角度来说,存股证是由存托银行所签发的一种可转让股 Depository Receipts (DR), also called depositary receipts or securities receipts, refers to negotiable instruments that represent the negotiable securities of foreign companies circulating in the securities market of a country and are financial derivatives within the scope of corporate finance business. In the case of shares, a certificate of stock right is created in the following way: a company of a certain country, for the purpose of circulating its shares in a foreign country, entrusts a certain amount of stock to an intermediary institution (usually a bank called a custodian bank or a fiduciary bank) , The custodian bank will notify the foreign depositary bank to issue a certificate of local stock representative of the said shares. After that, the certificate of deposit will begin to be traded on the foreign exchange or counter market. Stock holders of the parties, in their own domestic issuers, custodians, overseas depository banks, securities underwriters hard investors. From an investor’s point of view, a CFL is a negotiable unit issued by a depository bank