NO.PZ2022120701000072
问题如下：
Which of the following is an example of an ESG-integrated valuation adjustment? Upward adjustment in:选项：
A.sales growth due to high employee engagement.
B.valuation due to weak governance of a company.
C.cost of debt for new project financing with low carbon intensity.
解释：
Practitioners assess the impact of material financial and ESG factors on the corporate and investment performance of a company and make adjustments to:► forecasted financials► valuation-model variables (eg , cost of capital or terminal growth rates in DCF analysis)► valuation multiples► forecasted financial ratios► internal credit assessments► assumptions in qualitative or quantitative modelsRather than changing model discount assumptions, explicit sales or margin assumptions may also be adjusted For example, an analysis of a company’s strong management of its employees (as assessed by employee engagement or satisfaction metrics) leads to an assessment of strong future customer satisfaction, which in turn leads to sales forecasts five years out being raised to above the industry average to account for this strong social factor score请对本题的解析再解释一下，英文有点看不明白。
