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王万一 · 2024年11月03日

b 选项为啥不对

NO.PZ2022120703000056

问题如下:

Which of the following statements about ESG integration is most accurate?

选项:

A.More firms integrate ESG into the investment process to lower investment risk than to enhance returns

B.Asset managers should incorporate beneficiaries' sustainability-related preferences only if they are financially material

C.Alternative asset investors are more likely to integrate ESG into their investment processes than fixed income investors

解释:

A is correct because "many investors seek to integrate ESG into investment processes to better understand and lower investment risk. Some also seek to enhance returns via ESG by seeking higher alpha. Recent surveys suggest that more firms do so to lower the risk rather than enhance returns, but some firms do both."

B is incorrect because UN PRI argues that the fiduciary duties of investors require them to... "understand and incorporate beneficiaries’ and savers’ sustainability-related preferences, regardless of whether these preferences are financially material."

C is incorrect because "a significant number of investment professionals still do not integrate ESG. According to a 2017 CFA Institute global ESG survey, 24% of equity investors, 55% of fixed income investors and between 79% and 92% of alternative asset investors (across private equity, real estate, infrastructure and hedge funds) do not integrate ESG into their processes."

具有财务实质性的才考虑,不对吗

1 个答案

净净_品职助教 · 2024年11月03日

嗨,爱思考的PZer你好:


B选项是一个特例,例如基于信仰的负面筛选,可能不会在意投资标的对财务是否有重大性,因此资产经理在帮助投资者进行投资时,如果这个投资者有类似偏好,也要按照客户偏好来进行组合构建,而不是一味的追求超额回报。

同样的例子包括:追求环境和社会的影响力而愿意牺牲部分财务回报;即使军工类股票涨势良好,但是基于一些universal的筛选,反而不投资这一类股票。

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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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