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阿里 · 2024年11月19日

主题投资为什么是最无效的？

  1. ESG

NO.PZ2024010509000017

问题如下：

If an investor wants to make investments that they believe have relatively fewer negative effects and more positive effects, which of the following ESG-related approaches would be least effective?

选项：

A.Impact investing B.Thematic investing C.Best-in-class investing

解释：

B is correct. Thematic investing would not be the most effective way to achieve the investment objective of selecting investments with relatively fewer negative effects and more positive effects. Impact investing and best-in-class investing could be more effective ways to achieve that objective.

该题中，减少负面影响增加正面影响最无效的是主题投资，为什么？ 与A和C选项比较，它最无效在哪里？

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1 个答案

王岑 · 2024年11月20日

嗨，努力学习的PZer你好：


同学你好，

这道题考察的是三种 ESG 投资方法 (Impact Investing, Thematic Investing, Best-in-Class Investing) 的目标和特点，特别是它们在实现“减少负面影响和增加正面影响”这一目标上的相对有效性。

这道题目解题的关键点是：投资者希望减少负面影响（fewer negative effects）并增加正面影响（more positive effects），哪种方法最无效 (least effective)？

Impact Investing 的核心是实现双重回报，即在产生财务回报的同时产生显著的社会或环境正面影响。这种投资方法直接瞄准对社会或环境的改善，例如可再生能源项目、扶贫计划、教育项目等，目标明确，执行直接。Impact Investing 旨在最大化正面影响，同时减少负面影响。因此，它非常符合题目目标，不是“最无效”的选项。

Thematic Investing 是围绕特定 ESG 主题（例如清洁能源、气候变化适应、社会责任债券等）进行投资，更多聚焦于“主题本身”。它通常基于某个主题（theme）构建投资组合，而不是直接关注减少负面影响或增加正面影响。投资组合可能会选择某个 ESG 主题相关的行业或公司，但并不一定逐一评估每个投资标的的具体负面或正面影响。主题投资更倾向于策略层面（以主题为核心），而非具体解决负面影响或增加正面影响。例如，投资清洁能源主题的公司可能未必减少其整体负面影响（如其他领域的碳排放）。因此，它可能会在减少负面影响和增加正面影响方面显得不够有效，相对最无效。

Best-in-Class 投资在每个行业内选择 ESG 表现最好的公司。它通过行业内的比较，排除 ESG 表现较差的公司，同时优选 ESG 表现相对较好的公司。这种方法关注减少负面影响（排除表现差的公司），但对增加正面影响的直接性不如 Impact Investing。Best-in-Class 投资比 Thematic Investing 更有效，因为它明确针对 ESG 表现进行筛选，而不是单纯以主题为核心。

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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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