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188****9315 · 2025年06月17日

第八章中提到负面筛选是最先发展起来的投资方法？

  1. ESG
  2. The ESG market

NO.PZ2024010502000028

问题如下：

How has the ESG offering by asset managers evolved over time?

选项：

A.It started with active funds invested in listed equities and evolved to other asset classes and passive investing.

B.It started with passive investing and evolved to active funds invested in listed equities.

C.It has remained constant and focused on listed equities.

解释：

A is correct. The ESG offerings by asset managers began with active funds invested in listed equities. Over time, this has evolved to include other asset classes and methodologies, such as passive investing and ESG considerations in the valuation of corporate bonds and non-corporate issuers.

被动投资和负面筛选的区别是什么？为什么这里又说主动投资是最先发展起来的投资方法？

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1 个答案

Carol文_品职助教 · 2025年06月17日

嗨，努力学习的PZer你好：


同学，你好。

负面筛选是一种ESG投资策略/方法，通过筛选标准去排除某些行业、公司或国家（如烟草、军火、高碳排）。可以用于主动管理基金（如主动选择不投煤炭行业），也可以设计成ESG主题指数用于被动基金跟踪（如MSCI ESG Leaders Index）。因此，它不是与“主动”或“被动”直接挂钩的概念。


而被动投资是一种投资策略，投资组合设计目的是复制市场指数或特定基准指数的表现，而非主动选股或择时。关键词： 跟踪、复制、低成本、不主动择股

常见产品形式：

  • 指数基金（Index Fund）
  • ETF（Exchange Traded Fund）
  • ESG主题指数基金（如MSCI Low Carbon Index）


早期ESG市场规模较小，ESG数据不成熟，只有少部分主动型基金经理愿意“超越财务指标”去分析社会、环境、治理因素，并将其纳入主动选股和估值决策中。因此：随着数据和评级工具逐步成熟，后来才出现了ESG指数，推动了被动ESG投资发展（如ETF、指数基金），要比主动晚了20年。详见2024年考纲第二章水印版讲义第30页。

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努力的时光都是限量版，加油！

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