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潞河 · 2023年05月27日

这个题没看懂,他不是说是平均加权吗

NO.PZ2022120702000028

问题如下:

Daniel Stinner was asked by the head of Research at Lopse Ratings to propose a methodology to rate sovereigns. Lopse Ratings is a well regarded rating agency, but it has been falling behind its peers because, whilst it has integrated ESG within corporate issuers, it has not yet integrated ESG within sovereign issuers.

After a few months of research in the industry and within Lopse, Daniel proposed the following to the Head of Research:

E, S and G weights to a final ESG score reflect the extent that the individual factor is a driver from a credit perspective.

Scores range from factors that individually are adequately managed or contributing to the sovereign’s financial capacity (highest 5) to those which may impose a significant strain on financial streams (lowest 1). They do not make value judgments on whether a sovereign engages in 'good' or 'bad' ESG practices. Instead, they draw out how E, S and G factors are influencing the credit rating decision.

Political risk, rule of law and corruption have been key drivers of rating actions in the past, indicating that governance was already playing a role in the rating model. It should be made explicit that these are governance-related matters, and thus considered as the ‘G’ within ESG. No other governance issue was deemed material across all types of sovereigns. Data could be gathered fromthe World Bank's Governance Indicators (WBGI) and Transparency International.

Social factors also have an important influence on sovereign ratings. Certain factors are related to government’s accountability, while others impact the longer-term productivity, and thus growth (plus indirectly, taxing capability) of the country. These factors are considered as the ‘S’ within ESG. Environmental risks, the ‘E’ within ESG, were identified as more idiosyncratic to each country based on their location and dependency.

The weighted average of the factors within each of the E, S and G pillars provide the score for that pillar, and the weighted average of the pillars provide the final ESG score for the sovereign issuer.

What might be a reasonable distribution of weight among each of the E, S and G pillars?

选项:

A.E = 33.3%, S= 33.3%, G= 33.3%

B.E = 33.3%, S= 44.4%, G= 22.2%

C.E = 40%, S= 40%, G= 20%

D.E = 20%, S= 30%, G= 50%

解释:

G因素对债权人来说更加重要,尤其是主权债。因此在评估E,S,G三个方面的因素时,应给予G最高的权重,上述选项只有D选项符合。

​这个题没看懂,他不是说是平均加权吗

1 个答案

净净_品职助教 · 2023年05月28日

嗨,从没放弃的小努力你好:


这道题的逻辑就是哪个因素更重要,就给哪个因素更多的权重。加权平均的计算方式并不是(E+S+G)除以3,这个是普通的算数平均,没有体现加权的思想,按照这道题加权的思想,计算方法应该是:E得分×20%+S×30%+G×50%。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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2024-03-11 23:01 1 · 回答

NO.PZ2022120702000028 问题如下 niel Stinner waskethe heof ResearLopse Ratings to propose a methology to rate sovereigns. Lopse Ratings is a well regarrating agency, but it hbeen falling behinits peers because, whilst it hintegrateESG within corporate issuers, it hnot yet integrateESG within sovereign issuers. After a few months of researin the instry anwithin Lopse, niel proposethe following to the Heof Research: E, S anG weights to a finESG score reflethe extent ththe invifactor is a iver from a cret perspective. Scores range from factors thinvially are aquately manageor contributing to the sovereign’s financicapacity (highest 5) to those whimimpose a significant strain on financistreams (lowest 1). They not make value juments on whether a sovereign engages in 'goo or 'ba ESG practices. Instea they out how E, S anG factors are influencing the cret rating cision. Politicrisk, rule of lancorruption have been key ivers of rating actions in the past, incating thgovernanwalrea playing a role in the rating mol. It shoulma explicit ththese are governance-relatematters, anthus consirethe ‘G’ within ESG. No other governanissue wememateriacross all types of sovereigns. ta coulgatherefromthe WorlBank's GovernanIncators (WBGI) anTransparenInternational. Socifactors also have important influenon sovereign ratings. Certain factors are relateto government’s accountability, while others impathe longer-term proctivity, anthus growth (plus inrectly, taxing capability) of the country. These factors are consirethe ‘S’ within ESG. Environmentrisks, the ‘E’ within ESG, were intifiemore iosyncratic to eacountry baseon their location anpenncy. The weighteaverage of the factors within eaof the E, S anG pillars provi the score for thpillar, anthe weighteaverage of the pillars provi the finESG score for the sovereign issuer. Whmight a reasonable stribution of weight among eaof the E, S anG pillars? A.E = 33.3%, S= 33.3%, G= 33.3% B.E = 33.3%, S= 44.4%, G= 22.2% C.E = 40%, S= 40%, G= 20% E = 20%, S= 30%, G= 50% G因素对债权人来说更加重要,尤其是主权债。因此在评估E,S,G三个方面的因素时,应给予G最高的权重,上述只有合。 是因为只在结尾处提到了 for the sovereign issuer?

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