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YvonneYeh · 2024年02月19日

私募投资者无法获取到一些指数和基准为什么就代表着最不可能用负面筛选呢?

NO.PZ2022120703000089

问题如下:

Which of the following ESG strategies is least likely used by private equity firms?

选项:

A.Positive screening B.Thematic investing C.Negative screening

解释:

C is correct because "like other investor types, private equity investors may certainly impose exclusionary screening i.e. negative screening on any number of criteria to restrict investment in certain sectors, either normatively or ethically defined. However, private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria. However, portfolio managers can benchmark segments of the portfolio against smaller investment universes, even including public companies, if data comparability exists. Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter"; and least likely that they would use negative screening.

A is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

B is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

私募投资者无法享受到上市股票领域指数和基准的广度和多样性带来的好处(可选的投资标的非常少),和负面筛选的相排斥性在哪里?这个逻辑可以帮忙梳理一下吗,感谢!

1 个答案

净净_品职助教 · 2024年02月19日

嗨,爱思考的PZer你好:


私募股权投资者通常直接投资于非上市公司,这意味着他们无法利用上市股票领域中广泛可用的指数和基准进行对比分析或基于ESG标准的投资组合优化。

虽然私募股权投资者确实可以采用负面筛选来排除某些行业或公司,但他们面临的一个主要局限是缺乏广泛的投资标的选择。在上市股票市场中,投资者可以通过比较大量的指数和基准来优化其基于ESG标准的投资组合,而私募股权投资者由于投资标的的限制性更强,这种比较和优化的机会较少。

  • 简单来说,因为没有上市,所以这些股票流通差、透明度低,市面上基本没有什么可供做被动投资的私募股权指数,不像公开发行的股票,各种指数可供投资者选择,投资者可以根据指数构成来搭建自己的投资组合,剔除ESG做的不好的公司,采用负面筛选。
  • 私募股权投资者的投资决策更依赖于深入的尽职调查和对被投资公司的直接影响。因此,与其通过负面筛选排除某些投资,私募投资者可能更倾向于通过积极的参与和影响被投资公司的管理来实现ESG目标。


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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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