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荒诞的肉丸 · 2024年05月05日

老师可以解释下这道题么

NO.PZ2022120703000089

问题如下:

Which of the following ESG strategies is least likely used by private equity firms?

选项:

A.Positive screening

B.Thematic investing

C.Negative screening

解释:

C is correct because "like other investor types, private equity investors may certainly impose exclusionary screening i.e. negative screening on any number of criteria to restrict investment in certain sectors, either normatively or ethically defined. However, private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria. However, portfolio managers can benchmark segments of the portfolio against smaller investment universes, even including public companies, if data comparability exists. Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter"; and least likely that they would use negative screening.

A is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

B is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

另外,怎么区分positive screening和negative的呢?

4 个答案

Tina_品职助教 · 2024年09月06日

嗨,努力学习的PZer你好:


积极筛选是可以单独筛选出几个ESG表现优质的去投资。

而负面筛选是在众多投资中剔除掉ESG表现不佳的企业。往往是针对有大量、大范围、多类型投资的公司(这类公司是采取分散化投资来降低风险),去剔除掉其中不佳的企业。

因为私募股权投资,它往往是选择一些比较好的公司,在一级市场进行股权投资。是不会大规模去投资,缺少广度和宽度去实施负面筛选的策略。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

Tina_品职助教 · 2024年08月09日

嗨,从没放弃的小努力你好:


针对私募股权基金,它相对盘子小,投资范围没有那么广泛。很少会基于指数大范围的投资。相反私募更有可能的是积极的选择一些公司去投资,采用主动积极筛选的可能性更大。而跟踪指数或是在一个大范围内,去剔除不符合特定ESG标准的公司的可能性更小。这个是基于私募投资特性所决定的~

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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!

大兵张嘎 · 2024年08月09日

关键是却是私募,正面筛选行,负面筛不行,主要差异点在哪? 正面数据为什么比负面数据充分?

Tina_品职助教 · 2024年05月06日

嗨,从没放弃的小努力你好:



Positive Screening(积极筛选)

  • 积极筛选是指选择那些在某一或多个ESG标准上表现优异的公司进行投资。这种筛选方法关注于寻找和投资那些在环保、社会责任或公司治理方面表现积极的企业。

Thematic Investing(主题投资)

  • 主题投资涉及围绕特定ESG主题(如可持续能源、清洁技术或社会公平)构建投资组合。

Negative Screening(消极筛选)

  • 消极筛选涉及排除那些在某些ESG标准上表现不佳的公司,或者是那些从事某些被认为不道德或不可持续的行业(如烟草、武器制造等)的公司。


其中Positive Screening 着眼于寻找并投资于那些在ESG方面表现突出的公司,强调积极的选择和支持。Negative Screening 则是从投资列表中剔除那些不符合特定ESG标准的公司,主要是基于排除原则。


针对私募股权基金,它相对盘子效,投资范围没有那么广泛。不会基于指数大范围的投资。所以(消极筛选)被认为是私募股权公司最不可能使用的策略。虽然私募股权公司可能会实行某种形式的排除性筛选,但他们在ESG标准上的限制主要是由于缺乏广泛多样的指数和基准,这使得他们难以进行同行比较分析或围绕ESG标准的投资组合优化。相比之下,积极筛选和主题投资更有可能被私募股权公司采用,因为它们可以根据特定的投资逻辑,在相对较小的投资范围中选择表现良好的公司或主题进行投资。



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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!

白石 · 2024年09月06日

看了所有的回答,都很泛泛,麻烦给出相对恰当的例证。 根据上述回答 “积极筛选是指选择那些在某一或多个ESG标准上表现优异的公司进行投资。这种筛选方法关注于寻找和投资那些在环保、社会责任或公司治理方面表现积极的企业。” “消极筛选涉及排除那些在某些ESG标准上表现不佳的公司,或者是那些从事某些被认为不道德或不可持续的行业(如烟草、武器制造等)的公司。” 积极筛选和消极筛选都提到了“ESG标准的表现”,那么是否可以理解为,通过特定的ESG标准,既可以进行积极筛选,也可以进行消极筛选。 比如对于某一个具体的ESG指数,投资前10%是否算作积极筛选,剔除后20%是否算消极筛选?

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