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."
如果最不可能采用negative screening, 是因为PE投资缺乏数据披露,透明度等等,那么同样需要采用数据披露的possitive screening 同样也没办法采用啊?如果说会采用正面筛选,选择ESG表现好的公司去投,披露不足的情况下,谁知道你做得好不好呢,同理,也不知道你做得不好。所以对于PE来说,不知道C和A的最本质区别到底在哪里