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陈Ivy · 2023年08月20日

可否说明下 A 和 C 错误的地方,什么情况戏 可以选择A或者C

NO.PZ2022072501000003

问题如下:

Qualitative analysts and portfolio managers seek to integrate their qualitative investment opinion by incorporating:

选项:

A.

Negative screening.

B.

Quantitative adjustments to financial models and valuations.

C.

Qualitative measures only.

D.

None of the above.

解释:

解析:

选项B正确。投资小组在做ESG定性分析时,通常会有三个程序。他们首先会分析ESG数据来形成自己的观点,然后将这些观点和财务分析结合起来,最后会将最终观点以量化的方式来调整财务模型中的假设,完成整合工作。

Qualitative ESG analysis typically involves three procedures.

First, investment teams analyse ESG data to form their opinion on the ability of the firm to manage certain ESG issues.

Second, they combine this opinion with their financial analysis by linking specific aspects of the company’s ESG risk management strategy to different value drivers (such as costs, revenues, profits and capital expenditure requirements.

Third, analysts and portfolio managers then seek to integrate their opinion in a quantified way in their financial models by adjusting assumptions used in the model, such as growth, margins or costs of capital.

Qualitative analysts and portfolio managers seek to integrate their qualitative investment opinion by incorporating:


A

Negative screening.

B

正确Quantitative adjustments to financial models and valuations.

C

Qualitative measures only.

D

None of the above. 

1 个答案

Tina_品职助教 · 2023年08月21日

嗨,从没放弃的小努力你好:


定性分析师和投资组合经理希望通过某种方式将他们的定性投资观点整合起来。我们需要选择一个与整合定性观点相关的选项。

选项A:Negative screening。

“Negative screening”(负面筛选)通常用于社会责任投资,它指的是从投资组合中排除某些有害或不道德的投资。虽然这与ESG投资有关,但它并不是关于如何整合定性投资观点的方法。

选项B:Quantitative adjustments to financial models and valuations。

这是一个方法,投资组合经理和分析师通过对财务模型进行量化调整,将他们的定性观点与现有的财务数据整合起来。这个选项与解释中提到的内容相符,即投资组合经理和分析师将其观点以量化的方式整合到他们的财务模型中。

选项C:Qualitative measures only。

这意味着只采用定性措施,而不采用任何量化方法。这与题目要求的整合方法不符,因为整合方法应该包括将定性观点转化为量化调整。


什么情况戏可以选择A或者C?

A选项错误的地方是它主要关注负面筛选,而不是关于如何整合定性观点。如果题目是询问关于如何从投资组合中排除某些投资的策略,那么可能会选择A。

C选项错误的地方是它只涉及到定性措施,而没有涉及到如何将这些定性观点与财务数据整合起来的方法。如果题目是询问哪种方法只采用定性措施而不采用任何量化方法,那么可以选择C。





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