NO.PZ2024010507000022
问题如下：
Which of these is least likely to be an ESG-integrated valuation technique?
选项：
A.Adjusting cash flows due to cash tax adjustments
B.Adjusting cost of capital due to poor governance ratings
C.Adjusting sales growth assumptions due to weak employee engagement scores
解释：
A is correct. The rationale for the adjustment to cash flows does not directly relate to an ESG factor. The other options do integrate ESG because the adjustment to sales growth assumptions relates to a social (S) factor (employee engagement scores), and the adjustment to cost of capital relates to a governance (G) factor (governance ratings).A为什么不对？cash tax什么意思？
