Mhedziso Pfupfupi yeZvipo Zvokugadzirisa
Chii Chinobva Pamusoro Chekugamuchira Mari?
Kuvhara madhipatimendi kunongova zviridzwa zvemari zvekutengesa pane zvekutsinhanisa kunzvimbo iyo inomiririra kambani yekune dzimwe nyika kuchengetedzwa kwepachena.
Kubhadhara mari yakagadziriswa inokonzerwa nemabhengi ekutsvaga mari mune imwe nzira inosanganisira kutenga zvikamu mune imwe kambani yekunze, kuisungira mumapatete (kazhinji inowanzo 10 pamapetet), uye kubudisa pakiti imwe neimwe semari yekuchengetedza mari pane imwe nzvimbo yekutengesa. Nhengo dzinotengeswa pamutengo wekutengesa dzinotengeswa mumari yemunharaunda uye dzinobhadhara chikamu mune mari yemunharaunda, iyo inonyorera iyo nzira yevatengesi vepamba vari kutarisa kutenga zvikamu kune dzimwe nyika.
Nhamba dzemarikiti yemari yakachengetwa inobva pane kukosha kwezvikamu zvepakati, asi zvinotengeserana zvakasununguka uye zvinogadziriswa. Semuenzaniso, Roche Holdings Ltd. (VTX: ROG) paSIX Swiss Exchange haichave nokuenzana kwakafanana neRoche Holdings Ltd. (OTC: RHHBY) ADR. Vatengesi vanogona kutowana mvumo yekutengesa mikana pakati pezvikamu zvavanokwanisa kutenga panguva imwechete kutenga zvinyorwa zvedzimwe nyika uye kutengesa ADR kune imwe nzvimbo inobatsira.
Mhando dzeDositary Receipts
Kurasikirwa kwemashesi kunoshanda zvakafanana pasinei nenharaunda yavo kunze kwekutsinhanisa mari uye mari yepasi.
Izvo zvakati, pane mitemo yakasiyana yakashandiswa nevarimi vemari kuti vawane mari yakagadziriswa munzvimbo dzakasiyana, iyo inokosha kuziva.
American Depositary Receipts (ADRs) inogona kuva inonyanya kuzivikanwa nevatengesi vepasi rose ve US. An ADR inomiririra nhamba yezvikamu zvekunze kune dzimwe nyika uye zvekutengeserana pamabhizimisi eSouth Exchange, akadai seNew York Stock Exchange (NYSE) kana NASDAQ.
European Receip Receipts (EDRs) inopa vashandi vekuEurope mabhizimusi nemari inotengeserana munzvimbo dzekambani dzisiri dzeEurope. Kunyange zvazvo EDRs inogona kubudiswa mune mari ipi zvayo yeEurope, mari yakawanda zvikuru iyo euro, sezvo ndiyo inonyanya kushandiswa munzvimbo iyi.
Global Depositary Receipts (GDRs) ndiyo maitiro akazara eAdR kana EDR. Mune mamwe mazwi, vanomiririra kwete maAmerica uye asiri eEurope mari yemari risiti. Iyo inowanzoshandiswa nemakambani akagadzirirwa kushandiswa mumiganhu kana maruva anobuda .
Kuderedza Receipt Trading
Vaya vanozivikanwa zvikuru vanobudisa GDRs vanosanganisira JPMorgan, Citigroup, Deutsche Bank, uye Bhizinesi reNew York Mellon, asi kune mabhanga akawanda anobudisa marudzi aya edziviriro pasi rose. Aya mabhanga anoita mari apo ADRs inotengeswa mumusika nekubhadhara komisheni pabasa racho-sezvinongoita mamwe mabasa ekutengeserana. Mabhangi anogonawo kutengesa mari yezvikwereti zvakabudiswa uye kudarika chero chero mari inoshandiswa maererano nemari yekushandurwa.
Aya ADRs akanyorwa pane kugoverana kwezviyo seFrankfurt Stock Exchange, Luxembourg Stock Exchange, uye London Stock Exchange. Panyaya idzi, ADRs inoshandiswa kune International Order Book-kana IOB-iyo inoshanda semabhuku ehurumende yehurumende yezvivimbiso zvepasi rose.
Vashandi vanotengesa ADRs, EDRs, kana GDRs vanofanirawo kuziva nezvezviitiko zvakasiyana-siyana zvinokonzerwa nehuwandu hunogona kukanganisa kubatsirwa kwavo:
- Dambudziko reMari : Dzimba dzinoshandiswa kubva kuDeositary dzinofanira kuchinjwa kuva mari yemusha pane imwe nguva, zvinoreva kuti mari inoshandiswa inogona kuita musiyano mukuru pamutengo uye mugove wekugovera. Varimi vanofanira kuchengetedza zvinhu izvi mupfungwa.
- Zvematongerwo Enjodzi : VaHondo Vanoremekedzwa Vanomiririra vanomiririra muvhoti muzvikamu zvepasi rose, izvo zvinoreva kuti vangave vachizviisa kune dzimwe nyika njodzi dzinokonzera njodzi, dzakadai sedambudziko rezvematongerwe enyika, zvikurukuru nokuti inowanzoisa mararamiro ari kubuda.
- Dambudziko rehutachiwana : Zvigadziriswa zvisingabatsiri zvinogona kutengeserana kakawanda sezvinobva kune dzimwe nyika, izvo zvinoreva kuti vatengesi vanogona kuva nenguva yakaoma kutenga kana kutengesa pamutengo wakakwana, kunyanya kana mushamba uri kufamba zvakanyanyisa pasi.
The Bottom Line
Vazhinji vatengesi vepasi pose vanozivikanwa neAmerican Depositary Receipts (ADRs) inoita kuti zvive nyore kutenga makambani ekune dzimwe nyika kuAmerican stock exchange. Asi, kune dzimwe mhando dzakawanda dzekutambira maitikiti ayo vatyairi vangawana, kusanganisira European Depositary Receipts (EDRs) uye Global Depositary Receipts (GDRs). Zvakakosha kune vashandi venyika dzakawanda kuti vanzwisise mazwi aya kuti vanzwisise zvizere nzira dzakanakisisa dzekutenga uye kutengesa zvikamu, pamwe chete nehutano humwe humwe hunogona kuve huchibatanidzwa mukugadzirisa.