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chenlalalalalala · 2024年08月02日

如何理解B中提到的not possible

NO.PZ2024021802000082

问题如下:

Which of the following is most accurate? With respect to property investments, investors should:

选项:

A.support research on climate risks.

B.screen investments for an ESG tilt as engagement is not possible.

C.prioritize engagement based on the property developer's credit quality.

解释:

A. Correct because property is also exposed to the physical impacts of climate change, which contributes to stranded asset risk. In addition, the UNEP Finance Initiative and others recommend that real estate investment stakeholders support research on ESG and climate risks.

B. Incorrect because the ESG approach usually applied in the sovereign debt asset class is screening or an ESG tilt in the investment process rather than engagement. Therefore, ESG tilts are preferred for sovereign debt, not for property investments, as engagement is possible in the latter case.

C. Incorrect because in relation to fixed income, PRI’s guide "ESG Engagement for Fixed Income Investors: Managing Risks, Enhancing Returns" recommends that investors prioritize engagement with issuers with lower credit quality (with less balance sheet flexibility to absorb negative ESG impacts). Therefore, this argument applies to fixed-income investments, not for property investments.

如何理解B中提到的not possible

1 个答案

Carol文_品职助教 · 2024年08月02日

嗨,爱思考的PZer你好:


学员,你好,我们先解释一下这一题。

关于房地产投资,投资者应该:

A. 支持关于气候风险的研究。

B. 筛选投资以获得ESG倾向,因为无法进行参与。

C. 根据房地产开发商的信用质量优先考虑参与。

解释:

A. 正确,因为房地产也暴露于气候变化的物理影响,支持关于ESG和气候风险的研究是必要的。

B. 错误,因为ESG筛选通常适用于主权债务类资产,而不是房地产投资,因为在后者中可以进行参与。

C. 错误,因为优先与信用质量较低的发行方进行参与适用于固定收益投资,而不是房地产投资。


选项B提到的"not possible"是指在主权债务类资产中,投资者通常使用筛选或ESG倾斜(ESG tilt)方法,而不是与发行方进行直接接触或参与。由于主权债务涉及国家级别的发行方,投资者难以进行直接的ESG参与或沟通,因此在这种情况下,筛选或ESG倾斜是更可行的策略。而对于房地产投资,投资者可以与物业开发商直接进行ESG相关的参与或沟通,因此选项B中的方法不适用于房地产投资。

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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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