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阿里 · 2024年11月09日

这道题如果选C,为什么不能选A?

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

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已采纳答案

净净_品职助教 · 2024年11月09日

嗨,从没放弃的小努力你好:


在这里,“positive screening”和“negative screening”在应用于私募股权(PE)时的差异,不在于数据披露的透明度,而更多体现在策略目的和实施方式上:

  1. Positive Screening(正面筛选):正面筛选是主动寻找符合ESG标准的高表现公司。这种策略对于私募股权而言,是为了在投资决策中增加ESG价值并创造回报,因此其投资决策更倾向于投资组合中主动引入符合ESG要求的公司,即便缺乏完全透明的数据,PE也可以通过自己的尽职调查(due diligence)和特有的评估标准来判断某些公司在ESG方面的潜力和积极因素。因此,在缺乏全面的公开数据下,PE可以通过积极筛选锁定符合ESG标准的机会,而不一定依赖市场的披露。
  2. Negative Screening(负面筛选):负面筛选是排除不符合特定道德或合规标准的公司。负面筛选要求对某些行业或行为进行完全排除,例如化石燃料或烟草。然而,PE投资通常集中于少数项目、长期持有和较深度的价值创造,这种情况下负面筛选会显著缩小PE的投资范围,并且在缺乏成熟市场数据对比的条件下,难以准确设定负面排除标准。负面筛选在PE投资策略中的适用性不如正面筛选和主题投资广泛,因为负面筛选减少了潜在的投资机会,可能会限制私募股权的整体回报空间。


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