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\u901a\u8fc7\u7a33\u5065\u7684\u8c03\u67e5\u3001\u7efc\u5408\u5206\u6790\u3001\u6301\u7eed\u53c2\u4e0e\uff0c\u6295\u8d44\u8005\u4ea6\u8db3\u53ef\u9a7e\u9a6dESG\u6295\u8d44\u9762\u4e34\u7684\u79cd\u79cd\u6311\u6218\uff0c\u5e76\u5728\u8ffd\u6c42\u8d22\u52a1\u56de\u62a5\u7684\u540c\u65f6\uff0c\u81f4\u529b\u4e3a\u73af\u5883\u3001\u793e\u4f1a\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8d21\u732e\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u53c2\u8003\u8d44\u6599<\/p>\n<ol>\n<li>S. Hartzmark and A. Sussman, &#8220;Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,&#8221; The Journal of Finance, Vol. 74, No. 6 \uff08December 2019\uff09, pp. 2789-2837.<\/li>\n<li>A. Raghunandan and S. Rajgopal, &#8220;Do ESG Funds Make Stakeholder-Friendly Investments?&#8221; Review of Accounting Studies, Vol 27, \uff08June 2022\uff09, pp. 822-863.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span class=\"S1PPyQ\">\u8c22\u56fd\u751f\u535a\u58eb<\/span><br \/>\n<\/strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u9996\u5e2d\u8bb2\u5e08<\/p>\n<p><strong>\u4f55\u654f\u6dd9\u5148\u751f<br 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\/>\n\t\t<meta name=\"twitter:title\" content=\"\u53ef\u6301\u7eed\u6295\u8d44\u4e0e\u56de\u62a5\u73b0\u5b9e - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u53ef\u6301\u7eed\u6295\u8d44\u65b9\u5174\u672a\u827e\uff0c2023\u5e74\u8d44\u4ea7\u603b\u503c\u5df2\u589e\u81f33\u4e07\u4ebf\u7f8e\u5143\uff1b\u53ef\u6301\u7eed\u57fa\u91d1\u7684\u8868\u73b0\u80dc\u8fc72022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8d44\u4ea7\u7c7b\u522b\u5374\u8868\u73b0\u4e0d\u4e00\u3002 \u636e\u7f8e\u56fd\u91d1\u878d\u670d\u52a1\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u53d1\u8868\u7684\u62a5\u544a\uff0c\u82e5\u4e0e\u4f20\u7edf\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7eed\u57fa\u91d1\u7565\u89c1\u900a\u8272\u3002 \u8fd1\u5e74\u6765\uff0c\u6295\u8d44\u8005\u9010\u6e10\u6ce8\u91cd\u7eff\u8272\u73af\u4fdd\u4ea7\u4e1a\uff0c\u8ba4\u4e3a\u73af\u5883\u3001\u793e\u4f1a\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7b80\u79f0ESG\uff09\u6709\u52a9\u4e8e\u4f01\u4e1a\u4e0d\u65ad\u521b\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7eed\u7684\u672a\u6765\uff0c\u5e76\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u673a\u4f1a\u3002 \u8bb8\u591a\u6295\u8d44\u57fa\u91d1\u53ca\u673a\u6784\u6295\u8d44\u8005\u56e0\u6b64\u5c06\u4e4b\u7eb3\u5165\u6295\u8d44\u51b3\u7b56\u3002 \u90a3\u4e48\uff0c\u6295\u8d44\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7eed\u57fa\u91d1\u7684\u7ee9\u6548\uff0c\u5bf9\u4fc3\u8fdb\u53ef\u6301\u7eed\u5b9e\u8df5\u6709\u4f55\u5b9e\u8d28\u4f5c\u7528\uff1f \u6295\u8d44\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7b5b\u9009 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\u8d1f\u9762\u7b5b\u9009\u4f7f\u6295\u8d44\u8005\u80fd\u5c06\u5176\u6295\u8d44\u7ec4\u5408\u4e0e\u4ef7\u503c\u89c2\u6302\u94a9\uff0c\u5e76\u6392\u9664\u4e0e\u5176ESG\u76ee\u6807\u4e0d\u4e00\u81f4\u7684\u6295\u8d44\u9879\u76ee\u3002 \u53e6\u5916\uff0c\u5f71\u54cd\u529b\u6295\u8d44\uff08impact investing\uff09\u4e0d\u4ec5\u8ffd\u6c42\u6295\u8d44\u56de\u62a5\uff0c\u8fd8\u79ef\u6781\u5bfb\u6c42\u6295\u653e\u4e8e\u53ef\u4ea7\u751f\u793e\u4f1a\u548c\u73af\u5883\u6548\u76ca\u7684\u9879\u76ee\u6216\u4f01\u4e1a\uff0c\u5982\u652f\u6301\u6276\u8d2b\u7ebe\u56f0\u3002 \u8fd9\u4e9b\u6295\u8d44\u9879\u76ee\u65e8\u5728\u4ea7\u751f\u53ef\u8861\u91cf\u7684\u793e\u4f1a\u548c\u73af\u5883\u5f71\u54cd\u4ee5\u53ca\u8d22\u52a1\u6536\u76ca\uff1b\u901a\u8fc7\u7eb3\u5165ESG\u8003\u8651\u56e0\u7d20\uff0c\u6295\u8d44\u8005\u5728\u8ffd\u6c42\u8d22\u52a1\u56de\u62a5\u7684\u540c\u65f6\uff0c\u4e5f\u80fd\u4e3a\u793e\u4f1a\u548c\u73af\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8d44\u5b9e\u8d28\u8868\u73b0 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