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fssjyb · 2024年02月17日

关于优先级的理解和疑惑

  1. ESG
  2. Engagement and stewardship

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

老师，如下图中排在前面的guid是优先于排在后面的吗？ 也就是在做这个资产投资筛选的时候首先看规模？还是说在做engagement的时候先看规模？ 麻烦您再给解释下bs的flexibility较差无法吸收负面esg影响是啥意思？能举个例子吗？谢谢

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3 个答案

净净_品职助教 · 2024年02月17日

嗨，努力学习的PZer你好：


前面的问题问了两遍，下面是回复的截图：

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加油吧，让我们一起遇见更好的自己！

fssjyb · 2024年02月17日

看哪一个前面的对话框？

净净_品职助教 · 2024年02月17日

嗨，爱思考的PZer你好：


举例说明：

考虑一家高度依赖化石燃料的能源公司，该公司在其资产负债表上拥有大量的与化石燃料相关的资产。这家公司可能面临以下几方面的挑战，导致其资产负债表灵活性较低，难以吸收负面ESG影响：

  1. 环境法规变更：随着全球对气候变化的关注加剧，可能出台更严格的环境保护法规，限制化石燃料的使用和开采。对于高度依赖这些资源的公司来说，这可能导致巨大的合规成本，甚至是资产贬值。
  2. 社会责任压力：公众和投资者对公司的环境责任提出更高要求，特别是在污染和碳排放方面。如果公司不能有效应对这些要求，可能会面临声誉损失和投资减少。
  3. 治理挑战：如果公司治理结构不支持可持续发展和环境保护的决策过程，那么在应对由于ESG因素引起的市场和法律环境变化时，公司可能会变得缓慢和不适应。

对于这样的公司，由于其资产组合过于集中在高风险、高污染的行业，且可能缺乏足够的现金储备或其他灵活的资产来平衡或转移风险，其资产负债表的灵活性较低。这意味着，面对负面ESG影响时，比如环境政策的变化或社会对可持续发展的要求提高，这家公司可能难以快速调整其业务模式或资产结构来减轻这些影响，从而可能导致财务表现下滑和信用评级下降。

其他问题的解答请同学看前面一个提问对话框。

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加油吧，让我们一起遇见更好的自己！

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