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S. Wang · 2023年06月21日

之所以选A是因为A meta study by Friede, Busch and Bassen比CFA官方的调研结果更可靠吗？这个meta study是啥呀？

  1. ESG
  2. Governance factors

NO.PZ2022120702000019

问题如下：

CBT’s Annual General Meeting (AGM) is two months away. Patrick Weeze is a portfolio manager who owns a significant number of CBT shares in his portfolio. His fund is a concentrated portfolio with high idiosyncratic risk and, as a result, Patrick believes that a detailed analysis of the governance of each of his portfolio holdings is paramount to its long-term performance. He reviews the relevant documentation regarding CBT’s AGM and notes the following:

− CBT provides information on the total amount of CEO remuneration, but no detail on the Key Performance Indicators (KPIs) that influence variable compensation. The CEO’s total compensation last year was GBP 1.2 million, 30% of which comprised fixed salary.

− CBT currently has 10 individuals sitting on its board, 3 of whom are independent. The Chairman is the former CEO who stepped down last year.

− One of the resolutions to be voted at the AGM was put forward by a minority shareholder. The investor asks the company to produce a report on how climate change may affect the company’s strategy and financial stability in the long-term.

Which argument can Patrick use to best highlight the importance of appropriate governance

to enterprises?

选项：

A.A meta study by Friede, Busch and Bassen has shown that the majority of studies showed a positive correlation between governance and corporate financial performance. B.The CFA Institute's 2017 ESG survey showed that governance has the strongest correlation with company margin growth. C.Enron's case provides evidence that governance is simple and failures usually link to one single factor. D.Bernile, Bhagwat and Yonker's 2017 study concludes that board diversity adds to governance complexity, thus destroying company value.

解释：

本题问的是Patrick用哪一个论点最能强调适当治理对企业的重要性。A选项指的是弗里德、布希和巴森在2015年关于ESG和财务绩效的元研究，该研究表明他们审查62%的研究显示治理与公司财务绩效之间存在正相关关系。这表明了适当的治理对企业的重要性。

B选项的ESG调查不如A选项的元研究有说服力；

C选项错误，通过安然事件并不能得到相关结论；

D选项错误，董事会的多元化会给企业创造价值，而非增加治理的复杂性，破坏公司价值。

之所以选A是因为A meta study by Friede, Busch and Bassen比CFA官方的调研结果更可靠吗？这个meta study是啥呀？

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王岑 · 2023年06月25日

嗨，努力学习的PZer你好：


meta study的意思是元研究，这是一种统计技术，用于结合来自特定主题的多个研究的数据。我们教材里提到，弗里德、布希和巴森在2015年关于ESG和财务绩效的元研究，该研究表明他们审查62%的研究显示治理与公司财务绩效之间存在正相关关系。

而2017年CFA协会的一项ESG调查显示，67%的全球受访者在分析和投资决策中考虑了治理(高于2014年的64%)，领先于环境和社会因素(均为54%)。相比之下，弗里德、布希和巴森的研究，对强调公司治理的重要性而言，更具有说服力。

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努力的时光都是限量版，加油！

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