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externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e2e\u6392\u6c61\u4f01\u4e1a\u8282\u7701\u6392\u6c61\u8d39\uff0c\u5374\u524a\u5f31\u81ea\u7136\u73af\u5883\u7684\u4ef7\u503c\uff0c\u4e0d\u5229\u4e8e\u52b3\u5de5\u7684\u751f\u4ea7\u529b\uff0c\u5bfc\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u6765\u7684\u4f01\u4e1a\u65e0\u8d44\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u603b\u8d26\uff0c\u6700\u7ec8\u635f\u5bb3\u5230\u666e\u904d\u6240\u6709\u6743\u6301\u6709\u4eba\u7684\u8d44\u672c\u5229\u76ca\u3002<\/p>\n<h5>\u4f55\u53bb\u4f55\u4ece<\/h5>\n<p>\u6b63\u5982\u4f26\u6566\u5546\u5b66\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u5f53\u4eca\u4e16\u754c\u95ee\u9898\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6ca1\u6709ESG\uff0c\u4e5f\u4f1a\u5b58\u5728\u5185\u6838\u76f8\u4f3c\u7684\u5021\u8bae\u3002<\/p>\n<p>\u9762\u5bf9ESG\uff0c\u6211\u4eec\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u5e94\u8be5\u53e6\u8d77\u7089\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u8fd8\u662f\u6539\u5584ESG\u8fd9\u4e2a\u5df2\u6709\u57fa\u7840\u7684\u5171\u8bc6\uff0c\u4ee5\u514d\u628a\u300c\u5a74\u513f\u548c\u810f\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7b80\u5355\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u8d25\u7684\u8f6e\u56de\uff1b\u540e\u8005\u8270\u96be\uff0c\u4f46\u66f4\u9700\u8981\u793e\u4f1a\u7684\u5171\u8bc6\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u575a\u6301\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><a id=\"\u8a3b\" name=\"\u6ce8\"><\/a>\u3010\u6ce8\u3011<span> Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &#8220;The rise of socially responsible investment funds: The paradoxical role of the financial logic&#8221;. Administrative Science Quarterly, 64(2): 466-501<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span class=\"S1PPyQ\">\u989c\u793a\u787c\u535a\u58eb<\/span><br \/>\n<\/strong><strong><span class=\"S1PPyQ\">\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u7ba1\u7406\u53ca\u5546\u4e1a\u7b56\u7565\u52a9\u7406\u6559\u6388<\/span><\/strong><\/p>\n<p><strong>\u656c\u5174\u61ff\u5148\u751f<br 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Friedman\uff09\u5728\u534a\u4e2a\u4e16\u7eaa\u524d\u5c31\u5df2\u53d1\u6587\uff0c\u54ac\u5b9a\u516c\u53f8\u7684\u552f\u4e00\u4f7f\u547d\u662f\u76c8\u5229\uff0c\u800c\u793e\u4f1a\u8d23\u4efb\u662f\u653f\u5e9c\u7684\u4e8b\uff0c\u5e94\u8be5\u300c\u51ef\u6492\u7684\u5f52\u51ef\u6492\uff0c\u4e0a\u5e1d\u7684\u5f52\u4e0a\u5e1d\u300d\u3002\u7ebd\u7ea6\u5927\u5b66\u91d1\u878d\u5b66\u6559\u6388\u8fbe\u83ab\u8fbe\u5170\uff08Aswath Damodaran\uff09\u4e5f\u8ba4\u4e3aESG\u662f\u300c\u65e0\u53ef\u6551\u836f\u300d\uff0c\u5e76\u4e14\u5e0c\u671bESG\u80fd\u591f\u300c\u5b89\u606f\u300d\u3002 \u5de6\u6d3e\u540c\u6837\u4e0d\u4e4f\u6279\u8bc4\u8005\u3002\u8d1d\u83b1\u5fb7\u524dESG\u6295\u8d44\u4e13\u5bb6Tariq Fancy\u63ed\u8001\u4e1c\u5bb6\u4e4b\u77ed\uff0c\u75db\u65a5ESG\u865a\u6709\u5176\u8868\uff0c\u4ee4\u4f20\u5a92\u54d7\u7136\u3002\u5404\u56fd\u7684\u76d1\u7ba1\u8005\u4e5f\u7eb7\u7eb7\u8c03\u67e5\u300c\u6f02\u7eff\u300d\u884c\u4e3a\u3002\u8bb8\u591a\u6240\u8c13\u7eff\u8272\u57fa\u91d1\uff0c\u4f8b\u5982\u6700\u8fd1\u88ab\u7f5a\u7684\u5fb7\u56fd\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8DWS\uff0c\u5176\u5b9e\u6709\u6302\u7f8a\u5934\u5356\u72d7\u8089\u4e4b\u5acc\u3002\u5de6\u6d3e\u6279\u8bc4\u8005\u652f\u6301ESG\u7684\u613f\u666f\uff0c\u4f46\u8bdf\u75c5ESG\u7684\u73b0\u884c\u4f53\u7cfb\uff0c\u8ba4\u4e3aESG\u8ba9\u4f2a\u541b\u5b50\u5927\u884c\u5176\u9053\u3002 ESG\u6807\u51c6\u6df7\u4e71\u3001\u8bc4\u5206\u77db\u76fe\uff0c\u4f7f\u4f01\u4e1a\u548c\u6295\u8d44\u8005\u65e0\u6240\u9002\u4ece\u3002\u4e3a\u6b64\uff0c\u4f26\u6566\u5546\u5b66\u9662\u91d1\u878d\u5b66\u6559\u6388Alex Edmans\u5c31\u8ba4\u4e3a\uff0c\u6295\u8d44\u5e94\u8be5\u5173\u6ce8\u4f01\u4e1a\u5982\u4f55\u521b\u9020\u957f\u671f\u4ef7\u503c\uff0c\u800c\u4e0d\u4ec5\u5c40\u9650\u4e8e\u6240\u8c13\u7684ESG\u3002 \u5176\u6765\u6709\u81ea \u591a\u65b9\u5939\u51fb\u4e4b\u4e0b\uff0cESG\u662f\u5426\u4f1a\u9500\u58f0\u533f\u8ff9\uff1f\u7b14\u8005\u76f8\u4fe1\uff0c\u7eb5\u4f7fESG\u6709\u5343\u767e\u4e2a\u95ee\u9898\uff0c\u5176\u6839\u6e90\u6df1\u690d\u4e8e\u5e02\u573a\u7ecf\u6d4e\u548c\u5de5\u4e1a\u5316\u7684\u5b8f\u89c2\u80cc\u666f\uff0c\u5e76\u4e0d\u968f\u7740\u6279\u8bc4\u8005\u7684\u4e3b\u89c2\u610f\u5fd7\u800c\u8f6c\u79fb\u3002 ESG\u662f\u4eba\u7c7b\u8bd5\u56fe\u4fee\u8865\u8d44\u672c\u4e3b\u4e49\u5371\u673a\u7684\u91cd\u8981\u5c1d\u8bd5\uff0c\u53ea\u8981\u8d44\u672c\u4e3b\u4e49\u672c\u8eab\u53d1\u5c55\u4e0d\u5747\u8861\u7684\u95ee\u9898\u5c1a\u672a\u89e3\u51b3\uff0cESG\u5c31\u4f1a\u4e1c\u5c71\u518d\u8d77\u3002 MSCI\u884c\u653f\u603b\u88c1\u8d39\u5c14\u5357\u5fb7\u65af\uff08Henry Fernandez\uff09\u76f4\u8a00\u4e0d\u8bb3\uff0cESG\u662f\u4e3a\u4e86\u62ef\u6551\u8d44\u672c\u4e3b\u4e49\uff0c\u4e0d\u7136\u7f8e\u56fd\u5c31\u4f1a\u6ca6\u843d\u5230\u653f\u5e9c\u5f3a\u5236\u76d1\u7ba1\u7684\u793e\u4f1a\u4e3b\u4e49\u5883\u5730\u3002 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\u8fdc\u79bbESG\uff0c\u635f\u4eba\u5229\u5df1\uff0c\u56fa\u7136\u53ef\u4ee5\u8d62\u5f97\u4e00\u65f6\u4e00\u5730\u4e4b\u5229\uff0c\u4f46\u4f1a\u5236\u9020\u6c61\u67d3\u7b49\u8d1f\u9762\u754c\u5916\u6548\u5e94\uff08negative externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e2e\u6392\u6c61\u4f01\u4e1a\u8282\u7701\u6392\u6c61\u8d39\uff0c\u5374\u524a\u5f31\u81ea\u7136\u73af\u5883\u7684\u4ef7\u503c\uff0c\u4e0d\u5229\u4e8e\u52b3\u5de5\u7684\u751f\u4ea7\u529b\uff0c\u5bfc\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u6765\u7684\u4f01\u4e1a\u65e0\u8d44\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u603b\u8d26\uff0c\u6700\u7ec8\u635f\u5bb3\u5230\u666e\u904d\u6240\u6709\u6743\u6301\u6709\u4eba\u7684\u8d44\u672c\u5229\u76ca\u3002 \u4f55\u53bb\u4f55\u4ece \u6b63\u5982\u4f26\u6566\u5546\u5b66\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u5f53\u4eca\u4e16\u754c\u95ee\u9898\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6ca1\u6709ESG\uff0c\u4e5f\u4f1a\u5b58\u5728\u5185\u6838\u76f8\u4f3c\u7684\u5021\u8bae\u3002 \u9762\u5bf9ESG\uff0c\u6211\u4eec\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u5e94\u8be5\u53e6\u8d77\u7089\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u8fd8\u662f\u6539\u5584ESG\u8fd9\u4e2a\u5df2\u6709\u57fa\u7840\u7684\u5171\u8bc6\uff0c\u4ee5\u514d\u628a\u300c\u5a74\u513f\u548c\u810f\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7b80\u5355\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u8d25\u7684\u8f6e\u56de\uff1b\u540e\u8005\u8270\u96be\uff0c\u4f46\u66f4\u9700\u8981\u793e\u4f1a\u7684\u5171\u8bc6\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u575a\u6301\u3002 \u3010\u6ce8\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &quot;The rise of socially\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta 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Governance\uff0c\u7b80\u79f0ESG\uff09\u8fd1\u5e74\u597d\u4f3c\u96e8\u540e\u6625\u7b0b\u822c\uff0c\u5df2\u7ecf\u65e0\u5904\u4e0d\u5728\u3002\u5f53\u4f17\u4eba\u8fd8\u5206\u4e0d\u6e05\u8fd93\u4e2a\u5b57\u6bcd\u987a\u5e8f\u7684\u65f6\u5019\uff0cESG\u65e9\u5df2\u7275\u52a8\u65e0\u6570\u8de8\u56fd\u516c\u53f8\u7684\u91cd\u5927\u51b3\u7b56\uff0c\u4e5f\u6df1\u523b\u5f71\u54cd\u5404\u56fd\u653f\u5e9c\u7684\u76d1\u7ba1\u51b3\u5b9a\u3002\u4e00\u65b9\u9762\uff0cESG\u6253\u9020\u4e86\u4e00\u4e2a\u7f8e\u597d\u613f\u666f\uff0c\u8ba9\u8d44\u672c\u5411\u5584\uff0c\u4fc3\u8fdb\u53ef\u6301\u7eed\u53d1\u5c55\u3002\u53e6\u4e00\u65b9\u9762\uff0cESG\u4e5f\u9047\u5230\u4e86\u524d\u6240\u672a\u6709\u7684\u6311\u6218\u3002\u53cd\u5bf9\u529b\u91cf\u7fa4\u8d77\u653b\u4e4b\uff0c\u7eb7\u7eb7\u8d28\u7591ESG\u53e3\u60e0\u800c\u5b9e\u4e0d\u81f3\u3002 ESG\u7a76\u7adf\u662f\u7a0d\u7eb5\u5373\u901d\u8fd8\u662f\u4f1a\u6301\u7eed\u4e0d\u65ad\uff1f\u7b14\u8005\u8ba4\u4e3a\uff0c\u5176\u4ea7\u751f\u57fa\u4e8e\u6df1\u5c42\u6b21\u7684\u793e\u4f1a\u80cc\u666f\uff0c\u5e76\u975e\u5076\u7136\u3002\u53ea\u8981ESG\u6240\u9488\u5bf9\u7684\u793e\u4f1a\u95ee\u9898\u5f97\u4e0d\u5230\u89e3\u51b3\uff0cESG\u5c31\u4f1a\u91ce\u706b\u70e7\u4e0d\u5c3d\uff0c\u6625\u98ce\u5439\u53c8\u751f\u3002 \u524d\u4e16\u4eca\u751f ESG\u7684\u524d\u8eab\u53ef\u8bf4\u662f\u793e\u4f1a\u8d23\u4efb\u6295\u8d44\uff08Socially Responsible Investment\uff0c\u7b80\u79f0SRI\uff09\uff0c\u4e3a\u5b83\u7684\u5b9e\u8df5\u63d0\u4f9b\u4e86\u91cd\u8981\u57fa\u7840\u3002\u7b14\u8005\u53d1\u8868\u5728\u300a\u884c\u653f\u79d1\u5b66\u5b63\u520a\u300b\uff08Administrative Science 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\u8fdc\u79bbESG\uff0c\u635f\u4eba\u5229\u5df1\uff0c\u56fa\u7136\u53ef\u4ee5\u8d62\u5f97\u4e00\u65f6\u4e00\u5730\u4e4b\u5229\uff0c\u4f46\u4f1a\u5236\u9020\u6c61\u67d3\u7b49\u8d1f\u9762\u754c\u5916\u6548\u5e94\uff08negative externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e2e\u6392\u6c61\u4f01\u4e1a\u8282\u7701\u6392\u6c61\u8d39\uff0c\u5374\u524a\u5f31\u81ea\u7136\u73af\u5883\u7684\u4ef7\u503c\uff0c\u4e0d\u5229\u4e8e\u52b3\u5de5\u7684\u751f\u4ea7\u529b\uff0c\u5bfc\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u6765\u7684\u4f01\u4e1a\u65e0\u8d44\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u603b\u8d26\uff0c\u6700\u7ec8\u635f\u5bb3\u5230\u666e\u904d\u6240\u6709\u6743\u6301\u6709\u4eba\u7684\u8d44\u672c\u5229\u76ca\u3002 \u4f55\u53bb\u4f55\u4ece \u6b63\u5982\u4f26\u6566\u5546\u5b66\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u5f53\u4eca\u4e16\u754c\u95ee\u9898\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6ca1\u6709ESG\uff0c\u4e5f\u4f1a\u5b58\u5728\u5185\u6838\u76f8\u4f3c\u7684\u5021\u8bae\u3002 \u9762\u5bf9ESG\uff0c\u6211\u4eec\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u5e94\u8be5\u53e6\u8d77\u7089\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u8fd8\u662f\u6539\u5584ESG\u8fd9\u4e2a\u5df2\u6709\u57fa\u7840\u7684\u5171\u8bc6\uff0c\u4ee5\u514d\u628a\u300c\u5a74\u513f\u548c\u810f\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7b80\u5355\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u8d25\u7684\u8f6e\u56de\uff1b\u540e\u8005\u8270\u96be\uff0c\u4f46\u66f4\u9700\u8981\u793e\u4f1a\u7684\u5171\u8bc6\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u575a\u6301\u3002 \u3010\u6ce8\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &quot;The rise of socially\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/is-esg-a-fad-or-the-future\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2024-01-24T01:46:23+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2024-01-25T02:25:14+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"ESG\u662f\u6619\u82b1\u4e00\u73b0\u6291\u6216\u957f\u4e45\u8d8b\u52bf? - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u73af\u5883\u3001\u793e\u4f1a\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff0c\u7b80\u79f0ESG\uff09\u8fd1\u5e74\u597d\u4f3c\u96e8\u540e\u6625\u7b0b\u822c\uff0c\u5df2\u7ecf\u65e0\u5904\u4e0d\u5728\u3002\u5f53\u4f17\u4eba\u8fd8\u5206\u4e0d\u6e05\u8fd93\u4e2a\u5b57\u6bcd\u987a\u5e8f\u7684\u65f6\u5019\uff0cESG\u65e9\u5df2\u7275\u52a8\u65e0\u6570\u8de8\u56fd\u516c\u53f8\u7684\u91cd\u5927\u51b3\u7b56\uff0c\u4e5f\u6df1\u523b\u5f71\u54cd\u5404\u56fd\u653f\u5e9c\u7684\u76d1\u7ba1\u51b3\u5b9a\u3002\u4e00\u65b9\u9762\uff0cESG\u6253\u9020\u4e86\u4e00\u4e2a\u7f8e\u597d\u613f\u666f\uff0c\u8ba9\u8d44\u672c\u5411\u5584\uff0c\u4fc3\u8fdb\u53ef\u6301\u7eed\u53d1\u5c55\u3002\u53e6\u4e00\u65b9\u9762\uff0cESG\u4e5f\u9047\u5230\u4e86\u524d\u6240\u672a\u6709\u7684\u6311\u6218\u3002\u53cd\u5bf9\u529b\u91cf\u7fa4\u8d77\u653b\u4e4b\uff0c\u7eb7\u7eb7\u8d28\u7591ESG\u53e3\u60e0\u800c\u5b9e\u4e0d\u81f3\u3002 ESG\u7a76\u7adf\u662f\u7a0d\u7eb5\u5373\u901d\u8fd8\u662f\u4f1a\u6301\u7eed\u4e0d\u65ad\uff1f\u7b14\u8005\u8ba4\u4e3a\uff0c\u5176\u4ea7\u751f\u57fa\u4e8e\u6df1\u5c42\u6b21\u7684\u793e\u4f1a\u80cc\u666f\uff0c\u5e76\u975e\u5076\u7136\u3002\u53ea\u8981ESG\u6240\u9488\u5bf9\u7684\u793e\u4f1a\u95ee\u9898\u5f97\u4e0d\u5230\u89e3\u51b3\uff0cESG\u5c31\u4f1a\u91ce\u706b\u70e7\u4e0d\u5c3d\uff0c\u6625\u98ce\u5439\u53c8\u751f\u3002 \u524d\u4e16\u4eca\u751f ESG\u7684\u524d\u8eab\u53ef\u8bf4\u662f\u793e\u4f1a\u8d23\u4efb\u6295\u8d44\uff08Socially Responsible Investment\uff0c\u7b80\u79f0SRI\uff09\uff0c\u4e3a\u5b83\u7684\u5b9e\u8df5\u63d0\u4f9b\u4e86\u91cd\u8981\u57fa\u7840\u3002\u7b14\u8005\u53d1\u8868\u5728\u300a\u884c\u653f\u79d1\u5b66\u5b63\u520a\u300b\uff08Administrative Science Quarterly\uff09\u7684\u7814\u7a76\u53d1\u73b0\u3010\u6ce8\u3011\uff0cSRI\u5728\u897f\u65b9\u7684\u8d77\u6e90\u4e0e\u5b97\u6559\u3001\u5de5\u4f1a\u548c\u653f\u5e9c\u5bc6\u4e0d\u53ef\u5206\uff0c\u5e76\u4e14\u65e9\u5728\u4e0a\u4e2a\u4e16\u7eaa\u5c31\u8003\u91cf\u4e86\u73af\u5883\u3001\u793e\u4f1a\u548c\u516c\u53f8\u7ba1\u6cbb\u7684\u5f71\u54cd\u3002\u7136\u800c\u4f5c\u4e3a\u4e00\u79cd\u72ec\u7279\u7684\u6295\u8d44\u7406\u5ff5\uff0cSRI\u4e00\u76f4\u5904\u4e8e\u975e\u4e3b\u6d41\u4f4d\u7f6e\uff0c\u76f4\u5230ESG\u51fa\u73b0\u3002 \u8054\u5408\u56fd\u4e3aESG\u7684\u5174\u8d77\u63d0\u4f9b\u4e86\u6982\u5ff5\u7684\u4f9d\u6258\u3002 2004\u5e74\uff0c\u8054\u5408\u56fd\u5728\u5176\u300a\u5728\u4e4e\u8005\u8d62\u300b\uff08Who Cares Wins\uff09\u62a5\u544a\u4e2d\u6b63\u5f0f\u63d0\u51faESG\u6982\u5ff5\uff0c\u5e76\u4e0e\u5168\u7403\u591a\u5bb6\u91d1\u878d\u673a\u6784\u643a\u624b\uff0c\u63d0\u5021\u5c06ESG\u7b49\u56e0\u7d20\u7528\u4e8e\u6295\u8d44\u8003\u91cf\uff0c\u575a\u4fe1\u300c\u5f97ESG\u8005\u5f97\u5e02\u573a\u300d \u3002\u8be5\u62a5\u544a\u95ee\u4e16\u540e\uff0c\u66fe\u7ecf\u6709\u597d\u4e9b\u5e74\u90fd\u98ce\u5e73\u6d6a\u9759\uff0c\u4f46\u7ea6\u57282015\u5e74\uff0c\u5f62\u52bf\u9010\u6e10\u53d1\u751f\u53d8\u5316\u3002 ESG\u5f97\u4ee5\u8fc5\u901f\u53d1\u5c55\uff0c\u4ee5\u4e0b\u51e0\u4e2a\u9020\u738b\u8005\u5b9e\u5728\u529f\u4e0d\u53ef\u6ca1\u3002\u9ea6\u80af\u9521\uff08McKinsey\uff09\u4f5c\u4e3a\u5168\u7403\u4e00\u5927\u7ba1\u7406\u987e\u95ee\u516c\u53f8\uff0c\u4e00\u76f4\u662f\u5546\u4e1a\u70ed\u8bcd\u7684\u7f14\u9020\u8005\uff0c\u5f00\u59cb\u4e0d\u65ad\u63a8\u5e7f\u7c7b\u4f3cESG\u7684\u6982\u5ff5\u3002\u4e16\u754c\u6700\u5927\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u8d1d\u83b1\u5fb7\uff08BlackRock\uff09\u4e5f\u662fESG\u7684\u5173\u952e\u62e5\u8db8\uff0c\u884c\u653f\u603b\u88c1\u82ac\u514b\uff08Larry Fink\uff09\u5728\u516c\u5f00\u4fe1\u4e2d\u9891\u9891\u63d0\u53ca\u5e76\u63a8\u5e7fESG\u3002\u5404\u5730\u653f\u5e9c\u4e5f\u843d\u529b\u4e3aESG\u52a9\u9635\uff0c\u632a\u5a01\u56fd\u5bb6\u4e3b\u6743\u57fa\u91d1\u548c\u65e5\u672c\u653f\u5e9c\u517b\u8001\u6295\u8d44\u57fa\u91d1\u5206\u522b\u57282004\u5e74\u548c2018\u5e74\u8eab\u5148\u58eb\u5352\uff0c\u7528\u5343\u4e07\u4ebf\u7f8e\u5143\u91cd\u8d44\u8df5\u884cESG\u3002\u4e00\u65f6\u95f4\uff0cESG\u98ce\u884c\u4e00\u65f6\u3002\u6295\u8d44\u673a\u6784\u8d8b\u4e4b\u82e5\u9e5c\uff0c\u5e7f\u7eb3\u76f8\u5173\u4eba\u624d\uff0c\u9999\u6e2f\u7279\u533a\u653f\u5e9c\u4ea6\u4e0d\u4f8b\u5916\uff0c\u4e13\u8bbeESG\u7c7b\u522b\u4ee5\u62db\u63fd\u4eba\u624d\u3002 \u4e24\u9762\u53d7\u654c \u70ed\u6f6e\u4e4b\u4e0b\u5374\u5b58\u5728\u6697\u6d8c\u3002\u53cdESG\u4e4b\u58f0\u56db\u8d77\uff0c\u6279\u8bc4\u8005\u5206\u6210\u5de6\u53f3\u4e24\u5927\u677f\u5757\u3002\u53f3\u6d3e\u8ba4\u4e3aESG\u7684\u7406\u5ff5\u6839\u672c\u9519\u8bef\u3002\u7f8e\u56fd\u4e0d\u5c11\u5171\u548c\u515a\u4eba\u89c6ESG\u4e3a\u6beb\u65e0\u610f\u4e49\u7684\u300c\u653f\u6cbb\u6b63\u786e\u300d\uff1b\u7530\u7eb3\u897f\u5dde\u57282023\u5e74\u6307\u63a7\u8d1d\u83b1\u5fb7\u7684\u6295\u8d44\u6ee5\u7528ESG\u56e0\u7d20\uff0c\u8fdd\u53cd\u4e86\u300a\u6d88\u8d39\u8005\u4fdd\u62a4\u6cd5\u300b\uff0c\u5176\u4ed6\u5171\u548c\u515a\u5dde\u4efd\u7684\u5b98\u5458\u4e5f\u5c06\u8be5\u516c\u53f8\u5217\u4e3a\u64a4\u8d44\u76ee\u6807\u3002\u8bfa\u8d1d\u5c14\u5956\u5f97\u4e3b\u4f5b\u5229\u6c11\uff08Milton Friedman\uff09\u5728\u534a\u4e2a\u4e16\u7eaa\u524d\u5c31\u5df2\u53d1\u6587\uff0c\u54ac\u5b9a\u516c\u53f8\u7684\u552f\u4e00\u4f7f\u547d\u662f\u76c8\u5229\uff0c\u800c\u793e\u4f1a\u8d23\u4efb\u662f\u653f\u5e9c\u7684\u4e8b\uff0c\u5e94\u8be5\u300c\u51ef\u6492\u7684\u5f52\u51ef\u6492\uff0c\u4e0a\u5e1d\u7684\u5f52\u4e0a\u5e1d\u300d\u3002\u7ebd\u7ea6\u5927\u5b66\u91d1\u878d\u5b66\u6559\u6388\u8fbe\u83ab\u8fbe\u5170\uff08Aswath Damodaran\uff09\u4e5f\u8ba4\u4e3aESG\u662f\u300c\u65e0\u53ef\u6551\u836f\u300d\uff0c\u5e76\u4e14\u5e0c\u671bESG\u80fd\u591f\u300c\u5b89\u606f\u300d\u3002 \u5de6\u6d3e\u540c\u6837\u4e0d\u4e4f\u6279\u8bc4\u8005\u3002\u8d1d\u83b1\u5fb7\u524dESG\u6295\u8d44\u4e13\u5bb6Tariq Fancy\u63ed\u8001\u4e1c\u5bb6\u4e4b\u77ed\uff0c\u75db\u65a5ESG\u865a\u6709\u5176\u8868\uff0c\u4ee4\u4f20\u5a92\u54d7\u7136\u3002\u5404\u56fd\u7684\u76d1\u7ba1\u8005\u4e5f\u7eb7\u7eb7\u8c03\u67e5\u300c\u6f02\u7eff\u300d\u884c\u4e3a\u3002\u8bb8\u591a\u6240\u8c13\u7eff\u8272\u57fa\u91d1\uff0c\u4f8b\u5982\u6700\u8fd1\u88ab\u7f5a\u7684\u5fb7\u56fd\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8DWS\uff0c\u5176\u5b9e\u6709\u6302\u7f8a\u5934\u5356\u72d7\u8089\u4e4b\u5acc\u3002\u5de6\u6d3e\u6279\u8bc4\u8005\u652f\u6301ESG\u7684\u613f\u666f\uff0c\u4f46\u8bdf\u75c5ESG\u7684\u73b0\u884c\u4f53\u7cfb\uff0c\u8ba4\u4e3aESG\u8ba9\u4f2a\u541b\u5b50\u5927\u884c\u5176\u9053\u3002 ESG\u6807\u51c6\u6df7\u4e71\u3001\u8bc4\u5206\u77db\u76fe\uff0c\u4f7f\u4f01\u4e1a\u548c\u6295\u8d44\u8005\u65e0\u6240\u9002\u4ece\u3002\u4e3a\u6b64\uff0c\u4f26\u6566\u5546\u5b66\u9662\u91d1\u878d\u5b66\u6559\u6388Alex 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Ioannou\u6307\u51fa\uff0cESG\u662f\u5f53\u4eca\u4e16\u754c\u95ee\u9898\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6ca1\u6709ESG\uff0c\u4e5f\u4f1a\u5b58\u5728\u5185\u6838\u76f8\u4f3c\u7684\u5021\u8bae\u3002 \u9762\u5bf9ESG\uff0c\u6211\u4eec\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u5e94\u8be5\u53e6\u8d77\u7089\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u8fd8\u662f\u6539\u5584ESG\u8fd9\u4e2a\u5df2\u6709\u57fa\u7840\u7684\u5171\u8bc6\uff0c\u4ee5\u514d\u628a\u300c\u5a74\u513f\u548c\u810f\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7b80\u5355\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u8d25\u7684\u8f6e\u56de\uff1b\u540e\u8005\u8270\u96be\uff0c\u4f46\u66f4\u9700\u8981\u793e\u4f1a\u7684\u5171\u8bc6\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u575a\u6301\u3002 \u3010\u6ce8\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. \"The rise of 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socially","inLanguage":"zh-CN","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/is-esg-a-fad-or-the-future\/#breadcrumblist"},"datePublished":"2024-01-24T09:46:23+08:00","dateModified":"2024-01-25T10:25:14+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website","url":"https:\/\/www.hkubs.hku.hk\/sc\/","name":"HKU Business School","inLanguage":"zh-CN","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"ESG\u662f\u6619\u82b1\u4e00\u73b0\u6291\u6216\u957f\u4e45\u8d8b\u52bf? - HKU Business School","og:description":"\u73af\u5883\u3001\u793e\u4f1a\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and 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\u8fdc\u79bbESG\uff0c\u635f\u4eba\u5229\u5df1\uff0c\u56fa\u7136\u53ef\u4ee5\u8d62\u5f97\u4e00\u65f6\u4e00\u5730\u4e4b\u5229\uff0c\u4f46\u4f1a\u5236\u9020\u6c61\u67d3\u7b49\u8d1f\u9762\u754c\u5916\u6548\u5e94\uff08negative externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e2e\u6392\u6c61\u4f01\u4e1a\u8282\u7701\u6392\u6c61\u8d39\uff0c\u5374\u524a\u5f31\u81ea\u7136\u73af\u5883\u7684\u4ef7\u503c\uff0c\u4e0d\u5229\u4e8e\u52b3\u5de5\u7684\u751f\u4ea7\u529b\uff0c\u5bfc\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u6765\u7684\u4f01\u4e1a\u65e0\u8d44\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u603b\u8d26\uff0c\u6700\u7ec8\u635f\u5bb3\u5230\u666e\u904d\u6240\u6709\u6743\u6301\u6709\u4eba\u7684\u8d44\u672c\u5229\u76ca\u3002 \u4f55\u53bb\u4f55\u4ece \u6b63\u5982\u4f26\u6566\u5546\u5b66\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u5f53\u4eca\u4e16\u754c\u95ee\u9898\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6ca1\u6709ESG\uff0c\u4e5f\u4f1a\u5b58\u5728\u5185\u6838\u76f8\u4f3c\u7684\u5021\u8bae\u3002 \u9762\u5bf9ESG\uff0c\u6211\u4eec\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u5e94\u8be5\u53e6\u8d77\u7089\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u8fd8\u662f\u6539\u5584ESG\u8fd9\u4e2a\u5df2\u6709\u57fa\u7840\u7684\u5171\u8bc6\uff0c\u4ee5\u514d\u628a\u300c\u5a74\u513f\u548c\u810f\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7b80\u5355\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u8d25\u7684\u8f6e\u56de\uff1b\u540e\u8005\u8270\u96be\uff0c\u4f46\u66f4\u9700\u8981\u793e\u4f1a\u7684\u5171\u8bc6\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u575a\u6301\u3002 \u3010\u6ce8\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &quot;The rise of socially","og:url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/is-esg-a-fad-or-the-future\/","article:published_time":"2024-01-24T01:46:23+00:00","article:modified_time":"2024-01-25T02:25:14+00:00","twitter:card":"summary_large_image","twitter:title":"ESG\u662f\u6619\u82b1\u4e00\u73b0\u6291\u6216\u957f\u4e45\u8d8b\u52bf? - HKU Business School","twitter:description":"\u73af\u5883\u3001\u793e\u4f1a\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff0c\u7b80\u79f0ESG\uff09\u8fd1\u5e74\u597d\u4f3c\u96e8\u540e\u6625\u7b0b\u822c\uff0c\u5df2\u7ecf\u65e0\u5904\u4e0d\u5728\u3002\u5f53\u4f17\u4eba\u8fd8\u5206\u4e0d\u6e05\u8fd93\u4e2a\u5b57\u6bcd\u987a\u5e8f\u7684\u65f6\u5019\uff0cESG\u65e9\u5df2\u7275\u52a8\u65e0\u6570\u8de8\u56fd\u516c\u53f8\u7684\u91cd\u5927\u51b3\u7b56\uff0c\u4e5f\u6df1\u523b\u5f71\u54cd\u5404\u56fd\u653f\u5e9c\u7684\u76d1\u7ba1\u51b3\u5b9a\u3002\u4e00\u65b9\u9762\uff0cESG\u6253\u9020\u4e86\u4e00\u4e2a\u7f8e\u597d\u613f\u666f\uff0c\u8ba9\u8d44\u672c\u5411\u5584\uff0c\u4fc3\u8fdb\u53ef\u6301\u7eed\u53d1\u5c55\u3002\u53e6\u4e00\u65b9\u9762\uff0cESG\u4e5f\u9047\u5230\u4e86\u524d\u6240\u672a\u6709\u7684\u6311\u6218\u3002\u53cd\u5bf9\u529b\u91cf\u7fa4\u8d77\u653b\u4e4b\uff0c\u7eb7\u7eb7\u8d28\u7591ESG\u53e3\u60e0\u800c\u5b9e\u4e0d\u81f3\u3002 ESG\u7a76\u7adf\u662f\u7a0d\u7eb5\u5373\u901d\u8fd8\u662f\u4f1a\u6301\u7eed\u4e0d\u65ad\uff1f\u7b14\u8005\u8ba4\u4e3a\uff0c\u5176\u4ea7\u751f\u57fa\u4e8e\u6df1\u5c42\u6b21\u7684\u793e\u4f1a\u80cc\u666f\uff0c\u5e76\u975e\u5076\u7136\u3002\u53ea\u8981ESG\u6240\u9488\u5bf9\u7684\u793e\u4f1a\u95ee\u9898\u5f97\u4e0d\u5230\u89e3\u51b3\uff0cESG\u5c31\u4f1a\u91ce\u706b\u70e7\u4e0d\u5c3d\uff0c\u6625\u98ce\u5439\u53c8\u751f\u3002 \u524d\u4e16\u4eca\u751f ESG\u7684\u524d\u8eab\u53ef\u8bf4\u662f\u793e\u4f1a\u8d23\u4efb\u6295\u8d44\uff08Socially Responsible Investment\uff0c\u7b80\u79f0SRI\uff09\uff0c\u4e3a\u5b83\u7684\u5b9e\u8df5\u63d0\u4f9b\u4e86\u91cd\u8981\u57fa\u7840\u3002\u7b14\u8005\u53d1\u8868\u5728\u300a\u884c\u653f\u79d1\u5b66\u5b63\u520a\u300b\uff08Administrative Science 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Friedman\uff09\u5728\u534a\u4e2a\u4e16\u7eaa\u524d\u5c31\u5df2\u53d1\u6587\uff0c\u54ac\u5b9a\u516c\u53f8\u7684\u552f\u4e00\u4f7f\u547d\u662f\u76c8\u5229\uff0c\u800c\u793e\u4f1a\u8d23\u4efb\u662f\u653f\u5e9c\u7684\u4e8b\uff0c\u5e94\u8be5\u300c\u51ef\u6492\u7684\u5f52\u51ef\u6492\uff0c\u4e0a\u5e1d\u7684\u5f52\u4e0a\u5e1d\u300d\u3002\u7ebd\u7ea6\u5927\u5b66\u91d1\u878d\u5b66\u6559\u6388\u8fbe\u83ab\u8fbe\u5170\uff08Aswath Damodaran\uff09\u4e5f\u8ba4\u4e3aESG\u662f\u300c\u65e0\u53ef\u6551\u836f\u300d\uff0c\u5e76\u4e14\u5e0c\u671bESG\u80fd\u591f\u300c\u5b89\u606f\u300d\u3002 \u5de6\u6d3e\u540c\u6837\u4e0d\u4e4f\u6279\u8bc4\u8005\u3002\u8d1d\u83b1\u5fb7\u524dESG\u6295\u8d44\u4e13\u5bb6Tariq 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