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kirawang · 2023年02月19日

b选项说 governance has the strongest correlation

  1. ESG
  2. Governance factors

NO.PZ2022120702000019

问题如下：

CBT’s Annual General Meeting (AGM) is two months away. Patrick Weeze is a portfolio manager who owns a significant number of CBT shares in his portfolio. His fund is a concentrated portfolio with high idiosyncratic risk and, as a result, Patrick believes that a detailed analysis of the governance of each of his portfolio holdings is paramount to its long-term performance. He reviews the relevant documentation regarding CBT’s AGM and notes the following:

− CBT provides information on the total amount of CEO remuneration, but no detail on the Key Performance Indicators (KPIs) that influence variable compensation. The CEO’s total compensation last year was GBP 1.2 million, 30% of which comprised fixed salary.

− CBT currently has 10 individuals sitting on its board, 3 of whom are independent. The Chairman is the former CEO who stepped down last year.

− One of the resolutions to be voted at the AGM was put forward by a minority shareholder. The investor asks the company to produce a report on how climate change may affect the company’s strategy and financial stability in the long-term.

Which argument can Patrick use to best highlight the importance of appropriate governance

to enterprises?

选项：

A.A meta study by Friede, Busch and Bassen has shown that the majority of studies showed a positive correlation between governance and corporate financial performance. B.The CFA Institute's 2017 ESG survey showed that governance has the strongest correlation with company margin growth. C.Enron's case provides evidence that governance is simple and failures usually link to one single factor. D.Bernile, Bhagwat and Yonker's 2017 study concludes that board diversity adds to governance complexity, thus destroying company value.

解释：

本题问的是Patrick用哪一个论点最能强调适当治理对企业的重要性。A选项指的是弗里德、布希和巴森在2015年关于ESG和财务绩效的元研究，该研究表明他们审查62%的研究显示治理与公司财务绩效之间存在正相关关系。这表明了适当的治理对企业的重要性。

B选项的ESG调查不如A选项的元研究有说服力；

C选项错误，通过安然事件并不能得到相关结论；

D选项错误，董事会的多元化会给企业创造价值，而非增加治理的复杂性，破坏公司价值。

a和b的力度该怎么理解

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2 个答案

王岑 · 2023年03月15日

嗨，从没放弃的小努力你好：


同学你好，

B选项中的“CFA协会2017年ESG调查显示，治理与公司利润率增长的相关性最强”，这个选项的说法本身也是不正确的。CFA的研究，是显示67%的全球调查对象会将治理因素考虑到他们的分析和决策中。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王岑 · 2023年02月21日

嗨，爱思考的PZer你好：


同学你好，

A和B选项种提到的，对于Governance这个因素的研究结果，我们可以通过教材中的说法来理解一下：

A选项中的Friede，Busch和Bassen的元研究证明，62%的研究显示公司治理和公司的财务绩效之间是正相关的关系。

而B选项中的CFA的研究，是显示67%的全球调查对象会将治理因素考虑到他们的分析和决策中。

因此就A和B选项而言，A选项的解释力度更强一些。

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加油吧，让我们一起遇见更好的自己！

kirawang · 2023年02月23日

但是单从题干的话感觉b也挺有力度，和margin growth有强相关

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