NO.PZ2022120702000031
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 (5) to those which may impose a significant strain
on financial streams (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.
……
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.
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.
Daniel provided examples of the rating system applied to two different sovereigns, as detailed
below.
What might explain the different trends Country A and Country B are experiencing with
regards to demographics?
选项：
A.In developed markets, such as Country A, the ratio between the active and inactive part of the workforce drops. B.In developed markets, such as Country B, the ratio between the active and inactive part of the workforce rises. C.In developing markets, such as Country B, the ratio between the active and inactive part of the workforce drops. D.In developing markets, such as Country A, the ratio between the active and inactive part of the workforce drops.解释：
A选项正确。根据评分规则，得分越高说明这个国家在ESG方面因素的管理更加充分，因此A国为发达国家，B国为发展中国家。其中A国在人口结构这个因素上的得分较低，且未来趋势将会变得更糟，说明其劳动力市场结构恶化，活跃劳动力的占比将会进一步降低。B国的情况与之相反。这个迷惑了半天，需要老师讲解一下
