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157****0450 · 2024年10月02日

C选项的解析是不是错误的?

NO.PZ2024021801000006

问题如下:

Which of the following asset classes is most likely to have fund managers actively involved in governance?

选项:

A.Infrastructure B.Index tracking C.Active fixed income

解释:

A is correct because infrastructure engagement managers can exert influence on underlying companies or asset management through governance arrangements (e.g. board seats).

B is incorrect because passive/index tracking engagement managers can exert influence on companies through engagement and voting. There is also scope for influence on market- and system-wide issues.

C is incorrect because active fixed income engagement managers can exert influence on companies through engagement and voting.

李老师讲过fixed income一般都是在投前根据信用评级或者ESG title来选择这个债券是否要投资,没有投票权,为什么C选项还说可以通过engagement和voting来治理呢?而且engagement和voting不就是governance factor吗?

1 个答案

Carol文_品职助教 · 2024年10月05日

嗨,努力学习的PZer你好:


你说得很对,选项C的解析可以更清晰一些。不过目前还没有收到出自CFA协会的勘误。

对于主动固定收益 (C),虽然提到的“engagement”确实可以被视为一种治理方式,但对于固定收益投资者而言,他们通常没有实际的投票权,这使得他们在治理方面的影响力相对有限。与股票投资者能够通过投票权直接参与公司治理相比,固定收益投资者的影响主要是通过与公司沟通来表达关切或影响决策,但这种方式通常效果较弱。

因此,C选项的描述可能会让人产生误解,认为固定收益投资者能够有效参与治理。实际上,他们在治理中的作用不如A选项的基础设施投资那么直接和有效。

总之,A选项(基础设施投资)因能够直接参与公司治理而是正确的,而C选项由于对治理影响的理解不够准确而被视为不正确。你对这个解析的补充是很有帮助的!

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