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yuqijeffery · 2024年10月13日

如下题

NO.PZ2024010507000029

问题如下:

A company in the technology sector contracted an ESG rating agency for an evaluation of its ESG performance. The ESG rating agency assigned the company an ESG risk rating of 24 (medium risk) on a scale from 0 (negligible risk) to 40+ (severe risk). The same company learned that it was also rated by another ESG rating agency and assigned an ESG score of 83 on a scale from 0 (defaulting ESG performance) to 100 (perfect ESG performance). This ESG score places the company among the 10 best ESG performing companies in the technology sector. The difference in methodologies and the outcomes of the rating process of the two ESG rating agencies is most likely to:

选项:

A.inform the company’s management on actions to improve ESG performance. B.hinder the ESG performance of the company from being reflected in the stock price. C.reduce the variability in findings of empirical research focusing on assessment of ESG scores.

解释:

B is correct. The difference in methodologies of ESG agency raters poses challenges for companies and investors. Since one of the ESG agency raters places the company in the medium-risk category, while another rater places the company in the ESG best-performing companies category, it might be difficult for the investors to reflect the ESG scores in the company’s stock prices. Such a difference in ratings prevents the company’s management from understanding whether and which actions are needed to improve ESG performance and poses challenges for empirical research efforts.

如何理解答案?

1 个答案

净净_品职助教 · 2024年10月13日

嗨,努力学习的PZer你好:


答案选 B 的原因可以从以下几个方面理解:

  1. 不同ESG评级方法的差异
  • ESG评级机构的评分方法和指标体系通常有所不同。例如,一家评级机构使用基于风险的评分(0-40+),而另一家则使用基于绩效的评分(0-100)。这会导致同一公司在不同评级机构中的得分差异很大。
  • 在这个例子中,一家机构将该公司评为中等风险(24分),而另一家将其评为前10%的ESG表现公司(83分)。这样的巨大差异会导致投资者对公司的实际ESG表现产生不一致的看法。
  1. 影响股票价格的挑战
  • 投资者常常依赖ESG评级来评估公司的可持续性表现,并可能据此调整其投资决策。然而,当两家评级机构给出截然不同的评价时,投资者可能难以判断公司的真实ESG表现,导致其无法准确反映在股票价格中。
  • 如果一个评级机构认为公司风险较大,而另一个评级机构认为公司表现优异,投资者可能会感到困惑,不确定该如何评价公司的长期风险和机会。这种不一致会削弱ESG评级对股票价格的影响。
  1. ESG绩效改进的困惑
  • 对于公司管理层来说,ESG评级应该能够提供有关公司ESG表现的反馈,以帮助公司识别需要改进的领域。然而,评级差异使管理层难以理解到底哪些方面需要改善。一家机构的中等风险评级可能暗示公司需要在某些方面改进,而另一家的高评分则可能使管理层觉得当前的表现已经非常好。这会让公司在制定ESG改进策略时感到迷茫。
  1. 实证研究的复杂性
  • 不同ESG评级机构的评分差异也会对实证研究造成挑战。研究人员在分析不同公司的ESG表现时,可能会发现不同评级机构之间的结果不一致,增加了研究中变异性的复杂性。这也就是选项C的内容,而答案正确性表明差异性会增加,而不是减少。


综上,ESG评级方法的差异使得投资者和公司管理层难以获得一致的ESG表现评估。这种差异会削弱评级对股票价格的反映,并使管理层难以明确需要采取哪些措施来改进ESG绩效,因此选项 B 是正确的。

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