| American Depositary Receipt (abbreviated ADR) is a financial derivative instrument, which was originated in the United States.In the 1960s to 1970s, the ADR had had considerable developments. As an important financing instrument in the U.S. stock market for foreign companies, ADR solved the difficulties on the securities trading systems between the USA and foreign as well as the management of foreign exchange. At the same time, ADR has widely accepted by investors as the financial investment instruments. With the development of the global economy, the majority of Chinese companies floated and financed in the shape of ADR in the U.S. stock markets, and to be successful. At present, China international board will be launched imminently, some professionals appealed to draw into the Chinese Depositary Receipt. In this context, how to establish a scientific and rational legal system of Chinese Depository Receipt will be the focus in this thesis.The dissertation is composed of four parts:Chapter 1 is the summary of American depositary receipt which including its meaning, classification, legal nature and the historical development.Chapter 2 is the legal relationship of the ADR which including the legal relationship of subject, object and content of American Depositary Receipt.Chapter 3 is the protection of the rights of the ADR investors which including the necessity of protecting investors'rights and the ADR investors'protected mechanisms.Chapter 4 is the enlightenment of issuing Chinese Depository Receipt that the ADR brought us, which including the background and significance of Chinese depositary receipt, the influence on the type of Chinese Depository Receipt and the choice of agencies, the obstacle and solvement of issuing Chinese Depository Receipt, and the conceivement of establishing Chinese Depositary Receipt's legal system which comprise the reference on the system of the regulatory of the Chinese Depositary Receipt's regulatory and the protection of the investors.
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