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这个四月不太冷 · 2025年06月23日

这个是讲义哪里的知识点啊,感觉好混淆,为什么不选B

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."

这个是讲义哪里的知识点啊,感觉好混淆,为什么不选B

1 个答案

Tina_品职助教 · 2025年06月24日

嗨,努力学习的PZer你好:


这个内容在第八章课件的85页。

在这里,“positive screening”和“negative screening”在应用于私募股权(PE)时的差异:

  1. Positive Screening(正面筛选):正面筛选是主动寻找符合ESG标准的高表现公司。这种策略对于私募股权而言,是为了在投资决策中增加ESG价值并创造回报,因此其投资决策更倾向于投资组合中主动引入符合ESG要求的公司。
  2. Negative Screening(负面筛选):负面筛选是排除不符合特定道德或合规标准的公司。负面筛选要求对某些行业或行为进行完全排除,例如化石燃料或烟草。然而,PE投资通常集中于少数项目、长期持有和较深度的价值创造,它比较少在一个大的投资集合中去剔除一些负面企业。更多是积极选择较优企业。并且在缺乏成熟市场数据对比的条件下,难以准确设定负面排除标准。负面筛选在PE投资策略中的适用性不如正面筛选和主题投资广泛。


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