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今天读书了吗 · 2023年08月10日

不理解B选项

  1. ESG
  2. ESG analysis, valuation and integration

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."

第九章讲到主权财务基金常用的ESG方法提到 主权财务基金主要用engagement的方法去获得好的影响。这里的B选项中提到的主权债投资人与前面的主权财务基金的区别在哪里？B选项为什么不对？

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已采纳答案

王岑 · 2023年08月10日

嗨，从没放弃的小努力你好：


我们先来明确两个不同的概念：

  1. 主权债务（Sovereign Debt）：这是由国家政府发行的债务，通常以国债的形式存在。
  2. 主权财富基金（Sovereign Wealth Fund）：这是由国家政府管理的投资组合，用于投资全球的股票、债务、房地产、大宗商品、外汇和其他资产类别。这些基金通常是由于大量的外汇储备，特别是从石油或天然气出口中获得的收入，从而建立的。

这两者是完全不同的金融工具或机构。主权债务与一个国家的债务策略有关，而主权财富基金与一个国家的投资策略有关。


B选项说：“对于主权发行人，ESG参与比应用ESG倾斜更常见。”但教材中提到，对于主权债务这一资产类别，通常应用的ESG方法是筛选或在投资过程中的ESG倾斜，而不是参与（engagement）。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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