Page 33 - CCFA Journal - Third Issue

Investment Forum 投资论坛
纵观黑石集团，就可以了解 ESG 在当今投资界的主导地位。
黑石集团是全球最大的资产管理公司，资产管理规模达
7.81 万亿美元。 每年，黑石集团首席执行官拉里·芬克
（Larry Fink）都会致信黑石集团所投资的公司。 这封信
代表着黑石集团的客户，其中大多数客户具有数十年以上
的投资周期，并计划退休。 作为这些客户的受托人，黑石
集团倡导可持续性的，具有长期增长和盈利能力的投资理
念。
关于 ESG 的讨论，已经从它的传统驱动因素（在下文进一
步阐述），上升到了把公司在社会中所扮演的角色与 ESG
投资者的理念匹配起来。正如拉里·芬克（Larry Fink）
所说，“目标不仅仅是贴标签或搞营销手段，而是公司存
在的根本原因：每天如何为股东创造价值。目标不是单纯
的追求利润，而是实现目标的雄心壮志。利润和目标不可
能是相反的，实际上它们是密不可分的。如果一家公司要
长期有效地为利益相关人士（不光是股东，还包括员工，
客户和社区）提供服务，那么盈利是至关重要的。同样，
当一家公司真正理解并阐明了它的目标时，它的工作重点
和战略部署将推动长期盈利。公司目标把管理层，员工和
社区统一在了一起。它推动了道德规范，并对有损公司所
有者利益最大化的行为进行必要的监督。企业目标指导着
公司文化，为所有决策提供了标准框架，从而给公司股东
带来了可持续的长期回报。”
以上的引用总结了我公司的投资理念，以及 ESG 在寻找以
目标驱动为主旨的投资标的时起到的作用。
2. ESG 投资的驱动因素
为了理解什么是具有使命感的投资，这里有几个重要的驱
动因素和战略方针需要重点介绍：
以下是几个关键的驱动因素：
2.1 积极的社会效应
为社会和环境带来积极的效应是 ESG 投资的基石和强大的
动力。故而有人将其视为投资与价值的融合。通过向具有
良好 ESG 表现的公司提供资金或通过参与改善业绩来为社
会或环境做出积极贡献的理念吸引了很多投资者。
2.2 风险管理
投资经理和研究人员越来越意识到，ESG 的驱动因素与公
司发展密切相关。 另外投资者也越来越相信，如果一家公
司无法处理好 ESG 投资理念，它将会面临一系列风险，包
括实际风险，监管风险，竞争风险，诉讼风险和声誉风险，
这些风险可能会对其市场价值产生巨大的影响。
在投资过程中，融入对 ESG 的考量可以减少风险敞口，因
为综合分析公司的 ESG 理念和财务指标，可以更全面地了
解公司的整体风险状况。
CCFA JOURNAL OF FINANCE
加中金融
To understand just how dominant ESG investing is today,
consider Blackrock. This is the world’s largest asset manager,
with 7.81 trillion USD in assets under management. Every year,
Larry Fink, the CEO of BlackRock, writes to the companies in
which Blackrock invests. This letter is on behalf of Blackrock’s
clients, the majority of whom have decades-long investment
horizons and are planning for retirement. As a fiduciary to these
clients Blackrock advocates for practices that it believes will
drive sustainable, long-term growth and profitability.
The conversation has moved beyond the traditional drivers of
ESG (stated further below) to a more comprehensive
understanding of the company’s role in society which serves the
mindset of the ESG investor. As Larry Fink expresses it,
“purpose is not a mere tagline or marketing campaign; it is a
company’s fundamental reason for being – what it does every
day to create value for its stakeholders. Purpose is not the sole
pursuit of profits but the animating force for achieving them.
Profits are in no way inconsistent with purpose – in fact, profits
and purpose are inextricably linked. Profits are essential if a
company is to effectively serve all of its stakeholders over time
– not only shareholders, but also employees, customers, and
communities. Similarly, when a company truly understands and
expresses its purpose, it functions with the focus and strategic
discipline that drive long-term profitability. Purpose unifies
management, employees, and communities. It drives ethical
behavior and creates an essential check on actions that go
against the best interests of stakeholders. Purpose guides culture,
provides a framework for consistent decision-making, and,
ultimately, helps sustain long-term financial returns for the
shareholders of your company.”
The above quote sums up the investment philosophy of my firm,
Honeytree Investment Management, and the idea that ESG
collides with ‘impact’ in the form of identifying and seeking out
‘purpose driven’ companies to invest in. In other words, given
the pressing social and environmental problems we are facing
today, like climate change and growing inequality, all investors
must think about the companies they are investing in and if a
company’s “purpose” contributes to positive sustainable
growth or if it exacerbates social and environmental problems.
Companies that fulfill their purpose and responsibilities to
stakeholders reap rewards over the long-term. Companies that
ignore them stumble and fail.
2. Drivers of ESG Investing
In an attempt to understand responsible investing, there are
several key drivers and strategic approaches worth highlighting:
2.1 Positive societal outcomes
The goal of positive societal and environmental outcomes was
the foundation for the ESG movement and continues to be a
strong motivator. This is referred to by some as the alignment
of investments with values. The idea that individuals can
contribute to positive societal and environmental outcomes by
providing capital to companies with strong ESG performance
or by improving performance through engagement is
compelling for many investors.
2.2 Risk management
There is a growing recognition among investment managers and
researchers that ESG factors are relevant to companies.
Investors increasingly believe that companies that fail to
manage ESG issues expose themselves to a range of risks,
including physical, regulatory, competitive, litigation and
reputational, that can have a measurable effect on market value.
Considering ESG factors in the investment process can reduce
exposure to risks because analyzing a company’s ESG
performance in combination with financial metrics provides a
more holistic view of that company’s overall risk profile.
MARCH 2021 Page 33