Page 36 - CCFA Journal - Third Issue

加中金融
Investment Forum 投资论坛
一些公司已经超越了传统的孤立手段（譬如我所在的公
司），融汇整合，排除，影响和参与策略。 从传统意义上
讲，影响力投资与对小型私营或社区企业的投资息息相关，
这些企业致力于解决特定的社会或环境问题。举例说，其
中包括了投资致力于为缺乏服务的人群，社区，社区债券，
和微观金融提供技术支持的初创公司的基金。影响力要与
意识始终保持一致，做能产生积极的，可衡量的社会和环
境效应的投资。
另一方面， 在选择证券时，ESG 集成在传统上被视为对环
境，社会和治理因素以及财务因素的系统分析。与影响力
投资所不同的是，影响力投资与非公开市场相关，而 ESG
投资经常与公开市场相关联。
但是，影响力投资和 ESG 集成这两个概念是相互碰撞的，
或者更恰当地说，它们在公开股权市场中是可以组合在一
起的。虽然影响力投资包含了特定的产品和服务，以及特
殊的社会和环境目标，但总体来说，它产生的效果是积极
和正面的。ESG 是用于找到在环境，社会和治理能力都表
现优异的公司的工具。这种优异的表现主要来源于规避风
险，更高风险调节后的回报，但也得益于公司所有利益方
的高度配合，和公司形成的规模效应。
我们坚信，当公司专注于各个部门带有使命感的业务增长，
并为所有利益方提供支持时，就会产生真正的，系统性的
广泛影响。对于一家存在可疑的或剥削性的雇用政策的公
司来说，光靠生产电动车来为应对气候变化做出积极贡献
是远远不够的。我们的投资流程能找出那些长期财务表现
非常优异的公司。它们的成功都与对社区，员工，供应链，
客户和竞争对手产生积极正面的影响密不可分。
ESG 基金投资的公司，都致力于目标驱动和利益方治理的
融合，治理方式以公司目标为前体。专注于责任感的业务
发展，使我们能够找出系统性变化的领导者，进而使它能
大规模的影响其他所有部门。
从以上投资方法所产生的现实来看，它也有一些例外，包
括常规能源行业，即煤炭和天然气生产。但简单来说，我
们极具信念的量化投资流程，主要关注于那些带有使命感
的增长型公司，也就是那些具有强大基础的，并将战略重
点放在对世界产生积极和正面影响的公司。石油和天然气
等某些行业之所以被排除在外，主要是由于财务状况不佳
以及未能表现出向低碳经济过渡所必需的领导能力和创新
能力。
5. ESG 和财务表现
在学者的支持下，ESG 行业长期以来一直试图回答有关
ESG和绩效的问题：将 ESG 原则纳入投资流程是否会对收
益产生负面影响？ 在股票选择和管理过程中添加 ESG 因
素能否获得更高的风险调整后收益？
根据现有证据，对于第一个问题已经有了非常明确的答案：
将 ESG 原则纳入投资过程可产生与其他投资方法一样有效
的市场回报率。
第二个问题相对难回答，因为缺乏明确的证据。然而，迄
今为止的学术和投资者研究表明，ESG 投资组合的表现往
往要优于传统投资组合，前提是这是一个为了改善风险调
整后收益而设计的系统性的 ESG 投资组合。举例说，
MSCI 于 2018 年做了一个研究，将 ESG 作为一个评判标准
应用于 100 家有价值创造能力的公司中，这些公司都是通
过考察其资本回报率（ROIC），经济价差，利润率和资
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产周转率而筛选出来的 。经研究后发现，在过去的五年
中，与 ESG评级较低公司相比，ESG评级较高的公司的平
均投资回报率更高。此外，他们的估值也比同等绩效但
ESG 评级较低的公司更高。
7 MSCI (2018). 利用 ESG 提高经济价值
CCFA JOURNAL OF FINANCE
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加中金融
On the other hand, ESG integration is traditionally seen as the
systematic analysis of environmental, social and governance
factors, alongside financial factors in security selection. Unlike
Impact, which was associated with private markets, ESG was
initially and most often associated with the public equity space.
But the concepts of Impact and ESG integration collide, or more
appropriately said, can be holistically combined, even in the
public equity space. While impact is typically associated with a
particular product or service and a specific environmental or
social goal, it is, broadly speaking, about achieving positive
outcomes. ESG integration is used as a tool to systematically
identify those companies that outperform on a broad range of
environmental, social and governance factors. This
outperformance is associated with risk mitigation and higher
risk-adjusted returns, but also strong stakeholder focus and the
large scale impact these companies make.
We believe true system wide impact comes when companies
focus on responsible growth in all parts of their businesses and
in support of all stakeholders. It is not enough for a company
that produces electric cars, contributing positively in the fight
against climate change, to also have dubious or exploitative
employment practices. Our investment process identifies those
companies where long term financial success is inextricably
linked to making a direct positive impact on communities,
employees, supply chains, customers and competitors.
The companies invest in ESG funds are focused on a full
embrace of stakeholder governance driven by their purpose.
Focusing on responsible growth allows us to identify the leaders
of this system wide change, making large scale impacts across
all parts of their business.
This approach has resulted in the fact that we have certain
exclusions, including the conventional energy sector, namely
coal oil and gas production. The simple fact is that our high-
conviction quantamental investment process focuses on
companies that demonstrate “responsible growth” which we
define as companies with strong fundamentals, and a strategic
focus on making a net positive impact on the world. Certain
industries, like oil and gas, are excluded based on both weak
financials and a failure to demonstrate the leadership and
innovation necessary to transition to a low-carbon economy.
5. ESG and Financial Performance
The ESG industry, supported by the work of academics, has
long attempted to answer questions around ESG and
performance: Does incorporating ESG principles into the
investment process negatively impact returns? Can ESG factors
added to the stock selection and stewardship process achieve
higher risk-adjusted returns?
Available evidence suggests that the answer to the first question
is clear: the incorporation of ESG principles into the investing
process produces market-rate returns as effectively as other
investment approaches.
The answer to the second is more difficult and the evidence is
not definitive. However, academic and investor research to date
has shown that ESG portfolios have outperformed traditional
portfolios more often than not, suggesting that an intentional
and systematic approach to ESG has the potential to improve
risk-adjusted returns. For example, a 2018 study by MSCI
applied an ESG filter to a selected universe of 100 companies
that had been screened for value creation as measured by return
on invested capital (ROIC), economic spread, margins and asset
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turnover ratio . The study found that over the previous five
years, companies with higher ESG ratings exhibited higher
average return on invested capital compared to companies with
lower ESG ratings. They were also valued at a premium over
their other top performing peers with lower ESG ratings.
8 MSCI (2018). Enhancing Economic Value with ESG
MARCH 2021