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Serena · 2023年04月26日

如何理解A选项

NO.PZ2022120703000055

问题如下:

Which of the following is most accurate regarding ESG issues in fixed income?

选项:

A.The ESG interests of long-term fixed income and equity investors do not often align

B.For sovereign issuers, ESG engagement is a more common approach than applying an ESG tilt

C.The probability of successful engagement is higher for private debt investors than for public debt investors

解释:

C is correct because "the greatest opportunity to push for conditions and disclosures around ESG is likely to be pre-issuance. This can be difficult to implement in fast-moving public markets, but is easier to effect in private debt issuance."

A is incorrect because "in almost all cases relating to ESG matters at companies that are going concerns, the interests of long-term investors (whether they are exposed to equity or debt) very much align".

B is incorrect because "the ESG approach usually applied in this asset class sovereign debt is screening or an ESG tilt in the investment process rather than engagement."

固定收益和股票投资者的利益不是不同么?对风险厌恶的程度也不同。股票更想高收益,fixed income 是稳定性?如何理解A选项呢

1 个答案

王岑 · 2023年04月28日

嗨,从没放弃的小努力你好:


我们教材上提到的 “in almost all cases relating to ESG matters at companies that are going concerns, the interests of long-term investors (whether they are exposed to equity or debt) very much align",这句话的意思是,在绝大多数涉及企业的ESG事项的情况下,长期投资者的利益(无论他们持有公司的股权或债务)与公司的利益非常一致。

这是因为,如果一个公司能够在ESG方面做得越好,就意味着它面临的风险越小。比如说,如果一个化学制造公司可以做到零排放,这意味着它满足了政府的环保监管要求,减少了污染的风险,并提高了员工和消费者的信任和满意度。这样一来,长期投资者将会认为该公司在环境和社会责任方面的表现良好,从而提高了其价值,进而受益于该公司的增值。这就显示了长期投资者(无论是股票还是固定收益)的利益与公司的ESG表现之间的高度一致性。

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S. Wang · 2023年07月01日

那么从短期来看,以下这个结论是否还成立呢? The ESG interests of short-term fixed income and equity investors do not often align。 我理解短期的一些投资行为是股票投资者愿意看到的,而债券投资者却更加担心其流动性风险

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