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139****0989 · 2024年05月24日

这题不是很理解,请解释说明下

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."

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1 个答案

净净_品职助教 · 2024年05月24日

嗨,从没放弃的小努力你好:


选项 A: 积极筛选 (Positive screening)

  • 解释:积极筛选是一种 ESG 策略,投资者选择在 ESG 评分高或表现突出的公司进行投资。私人股本投资者可能会应用这种策略,以便挑选符合他们 ESG 标准的公司进行投资。尽管私人股本市场没有上市股票市场那样广泛和多样的指数和基准,但这并不妨碍他们通过积极筛选找到优质的投资标的。

选项 B: 主题投资 (Thematic investing)

  • 解释:主题投资是一种集中于特定主题或趋势(例如清洁能源、健康科技等)的投资策略。私人股本投资者可以利用这种策略,专注于具有良好 ESG 表现的特定领域或行业。因此,主题投资在私人股本投资中也相对常见。

选项 C: 排除性筛选 (Negative screening)

  • 解释:排除性筛选是一种基于排除某些不符合特定伦理或环境标准的行业或公司的投资策略。虽然私人股本投资者也可能使用排除性筛选,但由于他们缺乏上市股票市场那样广泛和多样的指数和基准,这限制了他们在 ESG 标准方面的可比性分析和投资组合优化机会。因此,私人股本投资者不太可能依赖排除性筛选来进行投资决策。

为什么选择 C 作为最不可能使用的策略

排除性筛选的限制

  • 市场特性:私人股本市场没有上市股票市场那样广泛的指数和基准,这使得私人股本投资者在实施排除性筛选时,缺乏足够的数据和基准进行比较和分析。
  • 投资多样性:排除性筛选的应用会限制投资的多样性,而私人股本投资者通常希望通过多样化投资组合来分散风险,增加回报。
  • 比较和优化:由于缺乏可比的基准,私人股本投资者在应用排除性筛选时难以进行有效的投资组合优化和同行业比较。

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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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