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157****0450 · 2024年09月14日

什么叫从更广泛的投资决策中分解出特定的EGS驱动因素?

NO.PZ2024021801000069

问题如下:

Which of the following statements about ESG performance attribution is most accurate?

选项:

A.ESG engagement value is easy to measure B.The performance impact that comes from excluding a specific sector is easy to measure C.Continued ESG integration improves the ability to disaggregate a particular ESG driver from the broader investment decision

解释:

A is incorrect because it is hard to demonstrate the value added by a programme of engagement, particularly given the timescales usually required for engagement programmes to reach positive outcomes.

B is correct because it is relatively easy to assess the performance drag or enhancement that comes from excluding an industrial sector (such as tobacco).

C is incorrect because the more fully integrated ESG becomes into the investment process, the harder it becomes to disaggregate a particular ESG driver from the broader investment decision.

这句话中文意思都不太明白

1 个答案

净净_品职助教 · 2024年09月16日

嗨,爱思考的PZer你好:


这道题的关键是理解ESG表现归因(performance attribution)及其挑战,尤其是如何评估特定的ESG因素对投资表现的影响。

  • C 选项提到的随着ESG整合程度的加深,分解特定的ESG驱动因素变得更加困难。这是因为当ESG因素被广泛整合到投资流程中时,它们可能影响到公司估值的多个方面(如风险、现金流、增长率等),这使得很难单独分离出某一个具体的ESG因素的表现归因。这种情况尤其在ESG已成为主流时更加明显,因为每一个投资决策中可能都已经隐含了ESG的考虑。

简单来说,当投资决策中ESG因素变得更加普遍且深度融合时,每个决策都可能包含多个ESG相关的因素,这些因素之间可能互相影响,导致很难单独评估某一个因素的作用。例如,企业的环境政策可能会影响其财务表现,但同时,社会和治理因素也在发挥作用。由于这些因素难以彼此独立,这样的复杂性使得投资者难以从更广泛的投资决策中准确地分离出某一个具体的ESG因素所带来的表现影响。

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