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何汶珈 · 2023年12月06日

为什么信用评级较低的企业 吸收ESG负面影响的能力会较弱

NO.PZ2022120701000063

问题如下:

A portfolio has equal holdings of the following investments:


According to PRI’s guide to ESG Engagement for Fixed Income Investors, which investment is most likely to be highest priority for engagement?

选项:

A.Bond 1 B.Bond 2 C.Bond 3

解释:

The guide recommends prioritizing engagement with issuers that have weak ESG scores and lower credit quality Bond 1 has the lowest credit score and along with Bond 3, the lowest ESG score Issuers with low ESG scores are prioritized because there is greater scope for improvement; those with lower credit quality are prioritized because they are less able to absorb negative ESG impacts

为什么信用评级较低的企业 吸收ESG负面影响的能力较弱

1 个答案

Tina_品职助教 · 2023年12月07日

嗨,从没放弃的小努力你好:



信用评级较低的企业吸收ESG(环境、社会和治理)负面影响的能力较弱,这一点可以从以下几个方面理解:

  1. 财务脆弱性:低信用评级通常意味着企业的财务状况不稳定或较弱。这样的公司可能有较高的债务水平、较低的利润率或现金流问题。当这些企业面临ESG相关的负面事件(如环境事故、社会责任问题、治理失败等)时,它们可能缺乏足够的财务资源来有效应对和缓解这些问题,从而导致更严重的财务影响。
  2. 市场和投资者信心:低信用评级的企业在市场上的信誉可能较低。当这些公司遭遇ESG问题时,可能会进一步削弱投资者和市场对其的信心,导致融资成本上升,投资减少,甚至股价下跌。
  3. 有限的应对能力:低信用评级的企业可能在资源分配上面临限制,无法充分投资于必要的ESG改进措施,如环保技术、社会责任项目或提高治理标准。这限制了它们在ESG领域的表现和改进能力。
  4. 长期影响:ESG问题往往与公司的长期持续性和声誉密切相关。对于信用评级较低的企业来说,ESG负面影响可能导致长期的经济和声誉损失,从而进一步恶化其财务和市场表现。

因此,低信用评级企业在面对ESG挑战时,其吸收和应对负面影响的能力通常较弱,这也是为什么投资指南会推荐优先与这类企业进行接触和合作,以促进它们在ESG方面的改进。

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