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潔 · 2024年04月25日

请解释一下

NO.PZ2022120703000056

问题如下:

Which of the following statements about ESG integration is most accurate?

选项:

A.More firms integrate ESG into the investment process to lower investment risk than to enhance returns

B.Asset managers should incorporate beneficiaries' sustainability-related preferences only if they are financially material

C.Alternative asset investors are more likely to integrate ESG into their investment processes than fixed income investors

解释:

A is correct because "many investors seek to integrate ESG into investment processes to better understand and lower investment risk. Some also seek to enhance returns via ESG by seeking higher alpha. Recent surveys suggest that more firms do so to lower the risk rather than enhance returns, but some firms do both."

B is incorrect because UN PRI argues that the fiduciary duties of investors require them to... "understand and incorporate beneficiaries’ and savers’ sustainability-related preferences, regardless of whether these preferences are financially material."

C is incorrect because "a significant number of investment professionals still do not integrate ESG. According to a 2017 CFA Institute global ESG survey, 24% of equity investors, 55% of fixed income investors and between 79% and 92% of alternative asset investors (across private equity, real estate, infrastructure and hedge funds) do not integrate ESG into their processes."

麻烦解释一下,不太理解

1 个答案

Tina_品职助教 · 2024年04月26日

嗨,努力学习的PZer你好:


这个问题及其选项是关于ESG(环境、社会和公司治理)整合进投资过程中的一些观点。


选项A: 更多的公司将ESG整合到投资过程中是为了降低投资风险而非提高回报

选项A是正确的,因为许多投资者希望通过整合ESG到投资过程中来更好地理解和降低投资风险。当然,也有一些公司试图通过寻求更高的阿尔法值(α,即超额回报)来通过ESG提高回报。但根据最近的调查显示,更多的公司采用ESG是为了降低风险而非提高回报,尽管有些公司同时追求两者。

选项B: 资产管理者应仅将具有财务实质性影响的因素纳入受益人的可持续性相关偏好

选项B是不正确的,因为根据联合国负责任投资原则(UN PRI),投资者的受托责任要求他们“理解并纳入受益人和储蓄者的可持续性相关偏好,不管这些偏好是否具有财务实质性。”这意味着,从受托责任的角度,投资者应考虑受益人的可持续性偏好,而不仅仅是那些直接影响财务表现的偏好。

选项C: 另类资产投资者比固定收益投资者更可能将ESG整合到他们的投资过程中

选项C是不正确的。根据2017年CFA协会全球ESG调查,有24%的股权投资者、55%的固定收益投资者和79%至92%的另类资产投资者(包括私募股权、房地产、基础设施和对冲基金)没有将ESG整合进他们的投资过程中。这表明固定收益投资者整合ESG的比例高于另类资产投资者,与选项C相反。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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