中国存托凭证投资的风险规制困境与法律建议

[中图分类号］DF438；F832 [文献标识码］A [文章编号]1008-1763（2025）04-0048-08

Abstract：As a bridge connecting domestic and international capital markets，China depository receipts （CDR） are of great significance for promoting the reform and innovation of financial markets in China，as wellas accelerating the internationalization process of the RMB. However，CDR investors face multiple regulatory challenges，including risks arising from information asymmetry，cross-border exchange rate fluctuations，settlement complexities，moral hazards by depository institutions，and disparities in transnational regulatory frameworks. Drawing on the experience of American depository receipts’ investor protection mechanisms，efforts should focus on：establishing investor education and risk disclosure systems，enhancing information transparency through rigorous disclosure oversight，refining accountability and compensation mechanisms，and advancing institutional reforms to strengthen regulatory eficacy and elevate investor safeguards.

Key words： depositary receipts;investor rights protection;dilemma of risk regulation

近年来，随着中国资本市场对外开放的步伐持续加快，中国存托凭证作为连接境内外资本市场的重要纽带，其推出与发展备受市场关注。（剩余12354字）