嗨，爱思考的PZer你好：
以下是根据第五版教材总结的有关CRA在考虑ESG进行评级时遇到的挑战，同学在另一个对话框里追问的要注意一下，那个对话框里是第四版教材内容，第五版里面已经删除，请以下面的内容为准。此外，教材并没有专门针对信用评级机构本身相关的挑战讲解。
- 评级缺乏一致性：
- 英文：The agreement or correlation between ESG ratings of issuers by different providers is low, much lower than the >0.9 correlation between credit ratings by the three major credit rating agencies.
- 中文：不同提供商对发行人的ESG评级之间的一致性或相关性较低，远低于三大主要信用评级机构对信用评级的相关性（>0.9）。
- 潜在的偏差：
- 英文：ESG ratings in credit could suffer bias as is seen in other asset classes. Three key types of bias are typically encountered: Company size bias, where larger companies might obtain higher ratings because of the ability to dedicate more resources to nonfinancial disclosures. Geographical bias, where a geographical bias exists toward companies in regions with high reporting requirements or some other cultural factor (e.g., higher unionization levels in Europe). Industry and sector bias, where rating providers oversimplify industry weighting and company alignment.
- 中文：ESG评级在信用领域可能像在其他资产类别中一样存在偏差。通常会遇到三种主要的偏差类型：公司规模偏差，即较大的公司可能因其能够投入更多资源进行非财务披露而获得更高的评级；地理偏差，即在报告要求较高的地区或由于其他文化因素（例如欧洲的工会化水平较高），对公司存在地理偏差；行业和部门偏差，即评级提供商简化了行业权重和公司对齐。
- 信息分散和噪音：
- 英文：This means that the information that decision makers receive from ESG rating agencies is relatively noisy. First, ESG performance is less likely to be reflected in corporate stock and bond prices, as investors face a challenge when trying to identify outperformers and laggards. Investor tastes can influence asset prices, but only when a large enough fraction of the market holds and implements a uniform nonfinancial preference. Therefore, even if a large fraction of investors has a preference for ESG performance, the divergence of the ratings disperses the effect of these preferences on asset prices. Second, the divergence hampers the ambition of companies to improve their ESG performance, because they receive mixed signals from rating agencies about which actions are expected and will be valued by the market. Third, the divergence of ratings poses a challenge for empirical research, as using one rater versus another may alter a study's results and conclusions.
- 中文：这意味着决策者从ESG评级机构收到的信息相对嘈杂。首先，ESG绩效不太可能在公司股票和债券价格中得到反映，因为投资者在试图识别表现优异者和落后者时面临挑战。投资者的口味可以影响资产价格，但只有当市场中有足够大的一部分人持有并实施统一的非财务偏好时才会如此。因此，即使有很大一部分投资者偏好ESG绩效，评级的差异也会分散这些偏好对资产价格的影响。其次，这种差异阻碍了公司改善其ESG绩效的积极性，因为它们从评级机构收到的信号不一致，不知道哪些行动是预期的并将被市场重视。第三，评级的差异对实证研究构成挑战，因为使用不同的评级机构可能会改变研究的结果和结论。
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