• 投资
  • 2019年07月26 日

ESG投资 — 良性循环渐成气候

  • 可持续或ESG投资旨在为所有人实现更美好、更可持续的未来
  • 越来越多的证据表明:ESG投资未必牺牲回报
  • 良性循环正在成形,将推动市场增加对可持续投资的需求

近年来,公众对可持续投资——也称为ESG(环境、社会和企业治理)投资的兴趣一直稳步增长。

部分原因是社会各界日益认识到气候变化和贫富差距加剧等全球可持续性问题的严重性,并积极采取行动,促使更多个人通过可持续投资和其他手段寻求积极变革。

就对可持续投资仍不熟悉的人而言,近期相关事件爆炸性增长可能会让他们望而生畏。因此,本文重新审视若干基本概念,以期有所帮助。

什么是可持续投资?

虽然精确定义各不相同,但可持续投资(也称为社会责任投资)作为一种投资手段,可以广义地描述为旨在为整个社会(而不仅仅是个人投资者)创造更美好且更可持续的未来。因此,可持续投资需要在投资过程中考虑环境、社会和企业治理(ESG)因素,通常也被称为ESG投资。

从广义上讲,目前可持续投资的实践可分为三个主要策略:

1.有选择地排除所开展业务与投资者的可持续或负责任做法观点不相符的公司或整个行业。常见的例子有武器、烟草、化石燃料、赌博和色情行业。

2.将财务上相关的ESG因素纳入投资决策。例如,在分析使用激进避税策略或拥有不良劳动或环保行为的企业的未来盈利能力时,需要将未来税收或法律成本的风险纳入其中。

3.影响力投资,投资者明确将通过投资决策实现ESG正面结果——指导社会公益资本配置。这方面的例子包括应对气候变化;减少贫困;消除性别或种族歧视;改善弱势群体获得清洁用水、医疗保健和教育的机会。

在早期,金融界广泛认为可持续投资会要求牺牲经风险调整的回报,将利润丰厚的行业(国防、化石燃料和烟草)排除在外;或要求对高风险企业进行投资,例如未经检验的清洁能源技术或利润动机明显服从于ESG目标的社会企业。

意料之中的是,许多热衷于实现积极社会变革的投资者,最初都倾向于主要根据财务标准来做出投资决策,并预留出单独的预算用于慈善事业,从而有效地将自己的财富创造与ESG活动分开。

然而,随着时间的推移,这种观点发生了显著的变化。现在,许多投资者对可持续投资采取更全面的方法,系统地将ESG因素纳入其投资流程,并更直接地参与影响投资,通过配置投入和资源改善ESG结果。

随着更多的资源用于研究可持续投资,也有少量但不断增加的证据表明,ESG因素可以在不牺牲回报的情况下成功融入到投资过程中。

根据纽约大学斯特恩商学院和定量投资公司QMA进行的2018年度学术研究回顾,总体而言,在ESG方面表现更好的公司(包括更好的环境标准和员工关系,以及更高比例的机构持股和外部董事)能够以更低利息的贷款拥有更高的信用排名和更低成本的股权资本。这些公司也拥有更高的估值。

最近的调查还表明:积极参与可持续投资的资深投资者不再认为在这个过程中必然牺牲经风险调整的回报。

全球影响力投资网络于上月发布的最新调查显示:在接受调查的266名影响投资者中,有三分之二(66%)主要将经风险调整的回报目标设定为市场回报水平,而其余投资者则将回报率目标设定为接近但低于市场水平(19%)或保本水平(15%)。

全球可持续投资联盟对可持续投资组织的广泛追踪年度调查最新数据显示,2018年,股票、固定收益、房地产和私募股权的可持续投资资产管理规模增至30.7万亿美元,较2016年的22.9万亿美元增长了34%,比2012年的13.3万亿美元增长超过一倍。

1:全球可持续投资资产估算总额(2012-2018年,按万亿美元计值)

资料来源:全球可持续投资联盟、《2018年全球可持续投资回顾》。

经改进的ESG框架,增强解决ESG问题的紧迫性,推动可持续投资趋势

我们认为三个关键且相辅相成的变量,正在推进投资者对可持续投资的兴趣。

  • 增强并提高ESG评分框架的可用性,用于区分使用ESG标准的投资,同时通过部署更多研究可持续投资的资源来为此提供支撑。

许多全球金融数据提供商,如彭博、路孚特、明晟(MSCI)、富时指数和标普道琼斯指数,现在都提供日益更精确的ESG证券评级和基准。这有助于改善和扩展投资者将ESG标准纳入其投资流程的能力。

  • 在日益成熟使用的社交媒体的支持下,不断提高公众对气候变化、财富和男女不平等全球问题的认识和行动。这鼓励了更多个人着手不断改变与这些问题有关的公共政策和私人商业。
  • 公司希望管理与ESG相关的声誉风险。随着公众对ESG问题的审查更加严格,以及用于分配ESG分数的工具得到改善且更容易获得,企业也越来越意识到,如果企业被认为存在对社会不负责任的行为,其品牌和声誉将面临重大下行风险。特别是,如果在已发布的ESG指标得分方面低于业内同行,企业可能面临损失市场价值的风险 。

可持续投资日益渗透到主流领域的一个实际指标是,承诺加入联合国主导的责任投资原则签约方的数目正在稳步增加。迄今为止,全球近2,400家资产所有者和管理公司(代表资产管理规模达86.3万亿美元)已签约,而在2006年推出时只有63个签约方,资产管理规模为6.5万亿美元。

2:承诺遵守《联合国负责任投资原则》的全球签约方数目和总资产增长

资料来源:联合国责任投资原则。

随着ESG方法论的改进,行业标准的出现,社会对全球性问题的认识和积极行动的增长,我们相信,可持续投资将日益被市场接受为投资过程的一个组成部分,而不是一个独特的或可选的投资纪律,与资深投资者在承担资本风险之前,期望根据财务标准进行最低尽职调查标准一样。

我们看到良性循环逐渐成形的迹象,对可持续投资的兴趣日益浓厚,鼓励研发高质量的ESG衡量指标和行业标准,从而推动更一致、更精确的ESG数据测量和报告,将ESG因素更紧密地融入到专业投资社区的投资决策中,以及ESG产品实现更大范围的普及和定制化,进一步加强市场对可持续投资更好的工具和产品的需求。

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