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externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e6b\u6392\u6c61\u4f01\u696d\u7bc0\u7701\u6392\u6c61\u8cbb\uff0c\u537b\u524a\u5f31\u81ea\u7136\u74b0\u5883\u7684\u50f9\u503c\uff0c\u4e0d\u5229\u65bc\u52de\u5de5\u7684\u751f\u7522\u529b\uff0c\u5c0e\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u4f86\u7684\u4f01\u696d\u7121\u8cc7\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u7e3d\u8cec\uff0c\u6700\u7d42\u640d\u5bb3\u5230\u666e\u904d\u6240\u6709\u6b0a\u6301\u6709\u4eba\u7684\u8cc7\u672c\u5229\u76ca\u3002<\/p>\n<h5>\u4f55\u53bb\u4f55\u5f9e<\/h5>\n<p>\u6b63\u5982\u502b\u6566\u5546\u5b78\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u7576\u4eca\u4e16\u754c\u554f\u984c\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6c92\u6709ESG\uff0c\u4e5f\u6703\u5b58\u5728\u5167\u6838\u76f8\u4f3c\u7684\u5021\u8b70\u3002<\/p>\n<p>\u9762\u5c0dESG\uff0c\u6211\u5011\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u61c9\u8a72\u53e6\u8d77\u7210\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u9084\u662f\u6539\u5584ESG\u9019\u500b\u5df2\u6709\u57fa\u790e\u7684\u5171\u8b58\uff0c\u4ee5\u514d\u628a\u300c\u5b30\u5152\u548c\u9ad2\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7c21\u55ae\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u6557\u7684\u8f2a\u8ff4\uff1b\u5f8c\u8005\u8271\u96e3\uff0c\u4f46\u66f4\u9700\u8981\u793e\u6703\u7684\u5171\u8b58\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u5805\u6301\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><a id=\"\u8a3b\" name=\"\u8a3b\"><\/a>\u3010\u8a3b\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\">\u984f\u793a\u787c\u535a\u58eb<\/span><br \/>\n<\/strong><strong><span class=\"S1PPyQ\">\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u7ba1\u7406\u53ca\u5546\u696d\u7b56\u7565\u52a9\u7406\u6559\u6388<\/span><\/strong><\/p>\n<p><strong>\u656c\u8208\u61ff\u5148\u751f<br 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Fancy\u63ed\u8001\u6771\u5bb6\u4e4b\u77ed\uff0c\u75db\u65a5ESG\u865b\u6709\u5176\u8868\uff0c\u4ee4\u50b3\u5a92\u5629\u7136\u3002\u5404\u570b\u7684\u76e3\u7ba1\u8005\u4e5f\u7d1b\u7d1b\u8abf\u67e5\u300c\u6f02\u7da0\u300d\u884c\u70ba\u3002\u8a31\u591a\u6240\u8b02\u7da0\u8272\u57fa\u91d1\uff0c\u4f8b\u5982\u6700\u8fd1\u88ab\u7f70\u7684\u5fb7\u570b\u8cc7\u7522\u7ba1\u7406\u516c\u53f8DWS\uff0c\u5176\u5be6\u6709\u639b\u7f8a\u982d\u8ce3\u72d7\u8089\u4e4b\u5acc\u3002\u5de6\u6d3e\u6279\u8a55\u8005\u652f\u6301ESG\u7684\u9858\u666f\uff0c\u4f46\u8a6c\u75c5ESG\u7684\u73fe\u884c\u9ad4\u7cfb\uff0c\u8a8d\u70baESG\u8b93\u507d\u541b\u5b50\u5927\u884c\u5176\u9053\u3002ESG\u6a19\u6e96\u6df7\u4e82\u3001\u8a55\u5206\u77db\u76fe\uff0c\u4f7f\u4f01\u696d\u548c\u6295\u8cc7\u8005\u7121\u6240\u9069\u5f9e\u3002\u70ba\u6b64\uff0c\u502b\u6566\u5546\u5b78\u9662\u91d1\u878d\u5b78\u6559\u6388Alex Edmans\u5c31\u8a8d\u70ba\uff0c\u6295\u8cc7\u61c9\u8a72\u95dc\u6ce8\u4f01\u696d\u5982\u4f55\u5275\u9020\u9577\u671f\u50f9\u503c\uff0c\u800c\u4e0d\u50c5\u5c40\u9650\u65bc\u6240\u8b02\u7684ESG\u3002 \u5176\u4f86\u6709\u81ea \u591a\u65b9\u593e\u64ca\u4e4b\u4e0b\uff0cESG\u662f\u5426\u6703\u92b7\u8072\u533f\u8de1\uff1f\u7b46\u8005\u76f8\u4fe1\uff0c\u7e31\u4f7fESG\u6709\u5343\u767e\u500b\u554f\u984c\uff0c\u5176\u6839\u6e90\u6df1\u690d\u65bc\u5e02\u5834\u7d93\u6fdf\u548c\u5de5\u696d\u5316\u7684\u5b8f\u89c0\u80cc\u666f\uff0c\u4e26\u4e0d\u96a8\u7740\u6279\u8a55\u8005\u7684\u4e3b\u89c0\u610f\u5fd7\u800c\u8f49\u79fb\u3002 ESG\u662f\u4eba\u985e\u8a66\u5716\u4fee\u88dc\u8cc7\u672c\u4e3b\u7fa9\u5371\u6a5f\u7684\u91cd\u8981\u5617\u8a66\uff0c\u53ea\u8981\u8cc7\u672c\u4e3b\u7fa9\u672c\u8eab\u767c\u5c55\u4e0d\u5747\u8861\u7684\u554f\u984c\u5c1a\u672a\u89e3\u6c7a\uff0cESG\u5c31\u6703\u6771\u5c71\u518d\u8d77\u3002MSCI\u884c\u653f\u7e3d\u88c1\u8cbb\u723e\u5357\u5fb7\u65af\uff08Henry Fernandez\uff09\u76f4\u8a00\u4e0d\u8af1\uff0cESG\u662f\u70ba\u4e86\u62ef\u6551\u8cc7\u672c\u4e3b\u7fa9\uff0c\u4e0d\u7136\u7f8e\u570b\u5c31\u6703\u6dea\u843d\u5230\u653f\u5e9c\u5f37\u5236\u76e3\u7ba1\u7684\u793e\u6703\u4e3b\u7fa9\u5883\u5730\u3002 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\u9060\u96e2ESG\uff0c\u640d\u4eba\u5229\u5df1\uff0c\u56fa\u7136\u53ef\u4ee5\u8d0f\u5f97\u4e00\u6642\u4e00\u5730\u4e4b\u5229\uff0c\u4f46\u6703\u88fd\u9020\u6c61\u67d3\u7b49\u8ca0\u9762\u754c\u5916\u6548\u61c9\uff08negative externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e6b\u6392\u6c61\u4f01\u696d\u7bc0\u7701\u6392\u6c61\u8cbb\uff0c\u537b\u524a\u5f31\u81ea\u7136\u74b0\u5883\u7684\u50f9\u503c\uff0c\u4e0d\u5229\u65bc\u52de\u5de5\u7684\u751f\u7522\u529b\uff0c\u5c0e\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u4f86\u7684\u4f01\u696d\u7121\u8cc7\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u7e3d\u8cec\uff0c\u6700\u7d42\u640d\u5bb3\u5230\u666e\u904d\u6240\u6709\u6b0a\u6301\u6709\u4eba\u7684\u8cc7\u672c\u5229\u76ca\u3002 \u4f55\u53bb\u4f55\u5f9e \u6b63\u5982\u502b\u6566\u5546\u5b78\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u7576\u4eca\u4e16\u754c\u554f\u984c\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6c92\u6709ESG\uff0c\u4e5f\u6703\u5b58\u5728\u5167\u6838\u76f8\u4f3c\u7684\u5021\u8b70\u3002 \u9762\u5c0dESG\uff0c\u6211\u5011\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u61c9\u8a72\u53e6\u8d77\u7210\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u9084\u662f\u6539\u5584ESG\u9019\u500b\u5df2\u6709\u57fa\u790e\u7684\u5171\u8b58\uff0c\u4ee5\u514d\u628a\u300c\u5b30\u5152\u548c\u9ad2\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7c21\u55ae\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u6557\u7684\u8f2a\u8ff4\uff1b\u5f8c\u8005\u8271\u96e3\uff0c\u4f46\u66f4\u9700\u8981\u793e\u6703\u7684\u5171\u8b58\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u5805\u6301\u3002 \u3010\u8a3b\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &quot;The rise of socially responsible investment funds: The\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/esg%e6%98%af%e6%9b%87%e8%8a%b1%e4%b8%80%e7%8f%be%e6%8a%91%e6%88%96%e9%95%b7%e4%b9%85%e8%b6%a8%e5%8b%a2\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"HKU Business School -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"ESG\u662f\u66c7\u82b1\u4e00\u73fe\u6291\u6216\u9577\u4e45\u8da8\u52e2? - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff0c\u7c21\u7a31ESG\uff09\u8fd1\u5e74\u597d\u4f3c\u96e8\u5f8c\u6625\u7b4d\u822c\uff0c\u5df2\u7d93\u7121\u8655\u4e0d\u5728\u3002\u7576\u773e\u4eba\u9084\u5206\u4e0d\u6e05\u90193\u500b\u5b57\u6bcd\u9806\u5e8f\u7684\u6642\u5019\uff0cESG\u65e9\u5df2\u727d\u52d5\u7121\u6578\u8de8\u570b\u516c\u53f8\u7684\u91cd\u5927\u6c7a\u7b56\uff0c\u4e5f\u6df1\u523b\u5f71\u97ff\u5404\u570b\u653f\u5e9c\u7684\u76e3\u7ba1\u6c7a\u5b9a\u3002\u4e00\u65b9\u9762\uff0cESG\u6253\u9020\u4e86\u4e00\u500b\u7f8e\u597d\u9858\u666f\uff0c\u8b93\u8cc7\u672c\u5411\u5584\uff0c\u4fc3\u9032\u53ef\u6301\u7e8c\u767c\u5c55\u3002\u53e6\u4e00\u65b9\u9762\uff0cESG\u4e5f\u9047\u5230\u4e86\u524d\u6240\u672a\u6709\u7684\u6311\u6230\u3002\u53cd\u5c0d\u529b\u91cf\u7fa4\u8d77\u653b\u4e4b\uff0c\u7d1b\u7d1b\u8cea\u7591ESG\u53e3\u60e0\u800c\u5be6\u4e0d\u81f3\u3002 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Quarterly\uff09\u7684\u7814\u7a76\u767c\u73fe\u3010\u8a3b\u3011\uff0cSRI\u5728\u897f\u65b9\u7684\u8d77\u6e90\u8207\u5b97\u6559\u3001\u5de5\u6703\u548c\u653f\u5e9c\u5bc6\u4e0d\u53ef\u5206\uff0c\u4e26\u4e14\u65e9\u5728\u4e0a\u500b\u4e16\u7d00\u5c31\u8003\u91cf\u4e86\u74b0\u5883\u3001\u793e\u6703\u548c\u516c\u53f8\u7ba1\u6cbb\u7684\u5f71\u97ff\u3002\u7136\u800c\u4f5c\u70ba\u4e00\u7a2e\u7368\u7279\u7684\u6295\u8cc7\u7406\u5ff5\uff0cSRI\u4e00\u76f4\u8655\u65bc\u975e\u4e3b\u6d41\u4f4d\u7f6e\uff0c\u76f4\u5230ESG\u51fa\u73fe\u3002 \u806f\u5408\u570b\u70baESG\u7684\u8208\u8d77\u63d0\u4f9b\u4e86\u6982\u5ff5\u7684\u4f9d\u8a17\u30022004\u5e74\uff0c\u806f\u5408\u570b\u5728\u5176\u300a\u5728\u4e4e\u8005\u8d0f\u300b\uff08Who Cares Wins\uff09\u5831\u544a\u4e2d\u6b63\u5f0f\u63d0\u51faESG\u6982\u5ff5\uff0c\u4e26\u8207\u5168\u7403\u591a\u5bb6\u91d1\u878d\u6a5f\u69cb\u651c\u624b\uff0c\u63d0\u5021\u5c07ESG\u7b49\u56e0\u7d20\u7528\u65bc\u6295\u8cc7\u8003\u91cf\uff0c\u5805\u4fe1\u300c\u5f97ESG\u8005\u5f97\u5e02\u5834\u300d\u3002\u8a72\u5831\u544a\u554f\u4e16\u5f8c\uff0c\u66fe\u7d93\u6709\u597d\u4e9b\u5e74\u90fd\u98a8\u5e73\u6d6a\u975c\uff0c\u4f46\u7d04\u57282015\u5e74\uff0c\u5f62\u52e2\u9010\u6f38\u767c\u751f\u8b8a\u5316\u3002 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Fink\uff09\u5728\u516c\u958b\u4fe1\u4e2d\u983b\u983b\u63d0\u53ca\u4e26\u63a8\u5ee3ESG\u3002\u5404\u5730\u653f\u5e9c\u4e5f\u843d\u529b\u70baESG\u52a9\u9663\uff0c\u632a\u5a01\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\u548c\u65e5\u672c\u653f\u5e9c\u990a\u8001\u6295\u8cc7\u57fa\u91d1\u5206\u5225\u57282004\u5e74\u548c2018\u5e74\u8eab\u5148\u58eb\u5352\uff0c\u7528\u5343\u842c\u5104\u7f8e\u5143\u91cd\u8cc7\u8e10\u884cESG\u3002\u4e00\u6642\u9593\uff0cESG\u98a8\u884c\u4e00\u6642\u3002\u6295\u8cc7\u6a5f\u69cb\u8da8\u4e4b\u82e5\u9da9\uff0c\u5ee3\u7d0d\u76f8\u95dc\u4eba\u624d\uff0c\u9999\u6e2f\u7279\u5340\u653f\u5e9c\u4ea6\u4e0d\u4f8b\u5916\uff0c\u5c08\u8a2dESG\u985e\u5225\u4ee5\u62db\u652c\u4eba\u624d\u3002 \u5169\u9762\u53d7\u6575 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Friedman\uff09\u5728\u534a\u500b\u4e16\u7d00\u524d\u5c31\u5df2\u767c\u6587\uff0c\u54ac\u5b9a\u516c\u53f8\u7684\u552f\u4e00\u4f7f\u547d\u662f\u76c8\u5229\uff0c\u800c\u793e\u6703\u8cac\u4efb\u662f\u653f\u5e9c\u7684\u4e8b\uff0c\u61c9\u8a72\u300c\u51f1\u6492\u7684\u6b78\u51f1\u6492\uff0c\u4e0a\u5e1d\u7684\u6b78\u4e0a\u5e1d\u300d\u3002\u7d10\u7d04\u5927\u5b78\u91d1\u878d\u5b78\u6559\u6388\u9054\u83ab\u9054\u862d\uff08Aswath Damodaran\uff09\u4e5f\u8a8d\u70baESG\u662f\u300c\u7121\u53ef\u6551\u85e5\u300d\uff0c\u4e26\u4e14\u5e0c\u671bESG\u80fd\u5920\u300c\u5b89\u606f\u300d\u3002 \u5de6\u6d3e\u540c\u6a23\u4e0d\u4e4f\u6279\u8a55\u8005\u3002\u8c9d\u840a\u5fb7\u524dESG\u6295\u8cc7\u5c08\u5bb6Tariq Fancy\u63ed\u8001\u6771\u5bb6\u4e4b\u77ed\uff0c\u75db\u65a5ESG\u865b\u6709\u5176\u8868\uff0c\u4ee4\u50b3\u5a92\u5629\u7136\u3002\u5404\u570b\u7684\u76e3\u7ba1\u8005\u4e5f\u7d1b\u7d1b\u8abf\u67e5\u300c\u6f02\u7da0\u300d\u884c\u70ba\u3002\u8a31\u591a\u6240\u8b02\u7da0\u8272\u57fa\u91d1\uff0c\u4f8b\u5982\u6700\u8fd1\u88ab\u7f70\u7684\u5fb7\u570b\u8cc7\u7522\u7ba1\u7406\u516c\u53f8DWS\uff0c\u5176\u5be6\u6709\u639b\u7f8a\u982d\u8ce3\u72d7\u8089\u4e4b\u5acc\u3002\u5de6\u6d3e\u6279\u8a55\u8005\u652f\u6301ESG\u7684\u9858\u666f\uff0c\u4f46\u8a6c\u75c5ESG\u7684\u73fe\u884c\u9ad4\u7cfb\uff0c\u8a8d\u70baESG\u8b93\u507d\u541b\u5b50\u5927\u884c\u5176\u9053\u3002ESG\u6a19\u6e96\u6df7\u4e82\u3001\u8a55\u5206\u77db\u76fe\uff0c\u4f7f\u4f01\u696d\u548c\u6295\u8cc7\u8005\u7121\u6240\u9069\u5f9e\u3002\u70ba\u6b64\uff0c\u502b\u6566\u5546\u5b78\u9662\u91d1\u878d\u5b78\u6559\u6388Alex Edmans\u5c31\u8a8d\u70ba\uff0c\u6295\u8cc7\u61c9\u8a72\u95dc\u6ce8\u4f01\u696d\u5982\u4f55\u5275\u9020\u9577\u671f\u50f9\u503c\uff0c\u800c\u4e0d\u50c5\u5c40\u9650\u65bc\u6240\u8b02\u7684ESG\u3002 \u5176\u4f86\u6709\u81ea \u591a\u65b9\u593e\u64ca\u4e4b\u4e0b\uff0cESG\u662f\u5426\u6703\u92b7\u8072\u533f\u8de1\uff1f\u7b46\u8005\u76f8\u4fe1\uff0c\u7e31\u4f7fESG\u6709\u5343\u767e\u500b\u554f\u984c\uff0c\u5176\u6839\u6e90\u6df1\u690d\u65bc\u5e02\u5834\u7d93\u6fdf\u548c\u5de5\u696d\u5316\u7684\u5b8f\u89c0\u80cc\u666f\uff0c\u4e26\u4e0d\u96a8\u7740\u6279\u8a55\u8005\u7684\u4e3b\u89c0\u610f\u5fd7\u800c\u8f49\u79fb\u3002 ESG\u662f\u4eba\u985e\u8a66\u5716\u4fee\u88dc\u8cc7\u672c\u4e3b\u7fa9\u5371\u6a5f\u7684\u91cd\u8981\u5617\u8a66\uff0c\u53ea\u8981\u8cc7\u672c\u4e3b\u7fa9\u672c\u8eab\u767c\u5c55\u4e0d\u5747\u8861\u7684\u554f\u984c\u5c1a\u672a\u89e3\u6c7a\uff0cESG\u5c31\u6703\u6771\u5c71\u518d\u8d77\u3002MSCI\u884c\u653f\u7e3d\u88c1\u8cbb\u723e\u5357\u5fb7\u65af\uff08Henry Fernandez\uff09\u76f4\u8a00\u4e0d\u8af1\uff0cESG\u662f\u70ba\u4e86\u62ef\u6551\u8cc7\u672c\u4e3b\u7fa9\uff0c\u4e0d\u7136\u7f8e\u570b\u5c31\u6703\u6dea\u843d\u5230\u653f\u5e9c\u5f37\u5236\u76e3\u7ba1\u7684\u793e\u6703\u4e3b\u7fa9\u5883\u5730\u3002 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\u5176\u6b21\uff0c\u4f01\u696d\u5c0d\u65bc\u89e3\u6c7a\u67d0\u4e9b\u793e\u6703\u554f\u984c\u5177\u5099\u6bd4\u8f03\u512a\u52e2\u3002\u4f01\u696d\u96d6\u7136\u9010\u5229\uff0c\u4f46\u901a\u904eESG\u4e5f\u53ef\u5354\u52a9\u653f\u5e9c\u89e3\u6c7a\u793e\u6703\u96e3\u984c\uff0c\u4e26\u5f9e\u4e2d\u7372\u5229\u3002\u7121\u8ad6\u662f\u51fa\u65bc\u6148\u5584\u7684\u5546\u8b7d\uff0c\u9084\u662f\u6e90\u65bc\u76e3\u7ba1\u7684\u58d3\u529b\uff0c\u8010\u514b\uff08Nike\uff09\u548c\u591a\u500b\u904b\u52d5\u54c1\u724c\u90fd\u81f4\u529b\u65bc\u89e3\u6c7a\u8de8\u570b\u4f9b\u61c9\u93c8\u4e2d\u7684\u7ae5\u5de5\u53ca\u5176\u4ed6\u975e\u6cd5\u52de\u5de5\u554f\u984c\uff0c\u5b8c\u6210\u4e86\u8af8\u591a\u7b2c\u4e09\u4e16\u754c\u570b\u5bb6\u653f\u5e9c\u6709\u5fc3\u7121\u529b\u7684\u672a\u7adf\u4e4b\u529f\u3002\u96a8\u7740\u4f01\u696d\u8072\u8b7d\u7684\u63d0\u9ad8\uff0c\u8ca8\u54c1\u92b7\u91cf\u548c\u516c\u53f8\u76c8\u5229\u4ea6\u6703\u76f8\u61c9\u589e\u52a0\u3002 \u6700\u5f8c\uff0c\u8cc7\u672c\u5e02\u5834\u53ef\u53d7\u60e0\u65bc\u9577\u671f\u4e3b\u7fa9\uff0c\u5171\u751f\u5171\u8d0f\u7684ESG\u7406\u5ff5\u3002\u6709\u5225\u65bc\u904e\u53bb\u7684\u74b0\u4fdd\u7406\u5ff5\uff0cESG\u6709\u4e00\u500b\u624e\u6839\u65bc\u8cc7\u672c\u5e02\u5834\u7684\u5d84\u65b0\u50f9\u503c\u4e3b\u5f35\uff1a\u666e\u904d\u6240\u6709\u6b0a\uff08universal ownership\uff09\u3002\u8a31\u591a\u990a\u8001\u6295\u8cc7\u57fa\u91d1\u548c\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\u4e4b\u6240\u4ee5\u9752\u775eESG\uff0c\u662f\u56e0\u70ba\u6301\u6709\u6574\u500b\u80a1\u5e02\u4e4b\u9918\uff0c\u4ea6\u770b\u9577\u671f\u767c\u5c55\u3002\u9019\u7a2e\u666e\u904d\u6240\u6709\u6b0a\uff0c\u7b49\u540c\u65bc\u4f5b\u5229\u6c11\u5fc3\u76ee\u4e2d\u7684\u653f\u5e9c\uff0c\u6240\u4ee5\u81ea\u7136\u95dc\u5fc3\u6574\u9ad4\u793e\u6703\uff0c\u9f13\u52f5\u4e92\u60e0\u4e92\u5229\u3002 \u9060\u96e2ESG\uff0c\u640d\u4eba\u5229\u5df1\uff0c\u56fa\u7136\u53ef\u4ee5\u8d0f\u5f97\u4e00\u6642\u4e00\u5730\u4e4b\u5229\uff0c\u4f46\u6703\u88fd\u9020\u6c61\u67d3\u7b49\u8ca0\u9762\u754c\u5916\u6548\u61c9\uff08negative externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e6b\u6392\u6c61\u4f01\u696d\u7bc0\u7701\u6392\u6c61\u8cbb\uff0c\u537b\u524a\u5f31\u81ea\u7136\u74b0\u5883\u7684\u50f9\u503c\uff0c\u4e0d\u5229\u65bc\u52de\u5de5\u7684\u751f\u7522\u529b\uff0c\u5c0e\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u4f86\u7684\u4f01\u696d\u7121\u8cc7\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u7e3d\u8cec\uff0c\u6700\u7d42\u640d\u5bb3\u5230\u666e\u904d\u6240\u6709\u6b0a\u6301\u6709\u4eba\u7684\u8cc7\u672c\u5229\u76ca\u3002 \u4f55\u53bb\u4f55\u5f9e \u6b63\u5982\u502b\u6566\u5546\u5b78\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u7576\u4eca\u4e16\u754c\u554f\u984c\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6c92\u6709ESG\uff0c\u4e5f\u6703\u5b58\u5728\u5167\u6838\u76f8\u4f3c\u7684\u5021\u8b70\u3002 \u9762\u5c0dESG\uff0c\u6211\u5011\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u61c9\u8a72\u53e6\u8d77\u7210\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u9084\u662f\u6539\u5584ESG\u9019\u500b\u5df2\u6709\u57fa\u790e\u7684\u5171\u8b58\uff0c\u4ee5\u514d\u628a\u300c\u5b30\u5152\u548c\u9ad2\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7c21\u55ae\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u6557\u7684\u8f2a\u8ff4\uff1b\u5f8c\u8005\u8271\u96e3\uff0c\u4f46\u66f4\u9700\u8981\u793e\u6703\u7684\u5171\u8b58\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u5805\u6301\u3002 \u3010\u8a3b\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &quot;The rise of socially responsible investment funds: The\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/esg%e6%98%af%e6%9b%87%e8%8a%b1%e4%b8%80%e7%8f%be%e6%8a%91%e6%88%96%e9%95%b7%e4%b9%85%e8%b6%a8%e5%8b%a2\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2024-01-24T02:07:44+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2024-01-25T02:27:32+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"ESG\u662f\u66c7\u82b1\u4e00\u73fe\u6291\u6216\u9577\u4e45\u8da8\u52e2? - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff0c\u7c21\u7a31ESG\uff09\u8fd1\u5e74\u597d\u4f3c\u96e8\u5f8c\u6625\u7b4d\u822c\uff0c\u5df2\u7d93\u7121\u8655\u4e0d\u5728\u3002\u7576\u773e\u4eba\u9084\u5206\u4e0d\u6e05\u90193\u500b\u5b57\u6bcd\u9806\u5e8f\u7684\u6642\u5019\uff0cESG\u65e9\u5df2\u727d\u52d5\u7121\u6578\u8de8\u570b\u516c\u53f8\u7684\u91cd\u5927\u6c7a\u7b56\uff0c\u4e5f\u6df1\u523b\u5f71\u97ff\u5404\u570b\u653f\u5e9c\u7684\u76e3\u7ba1\u6c7a\u5b9a\u3002\u4e00\u65b9\u9762\uff0cESG\u6253\u9020\u4e86\u4e00\u500b\u7f8e\u597d\u9858\u666f\uff0c\u8b93\u8cc7\u672c\u5411\u5584\uff0c\u4fc3\u9032\u53ef\u6301\u7e8c\u767c\u5c55\u3002\u53e6\u4e00\u65b9\u9762\uff0cESG\u4e5f\u9047\u5230\u4e86\u524d\u6240\u672a\u6709\u7684\u6311\u6230\u3002\u53cd\u5c0d\u529b\u91cf\u7fa4\u8d77\u653b\u4e4b\uff0c\u7d1b\u7d1b\u8cea\u7591ESG\u53e3\u60e0\u800c\u5be6\u4e0d\u81f3\u3002 ESG\u7a76\u7adf\u662f\u7a0d\u7e31\u5373\u901d\u9084\u662f\u6703\u6301\u7e8c\u4e0d\u65b7\uff1f\u7b46\u8005\u8a8d\u70ba\uff0c\u5176\u7522\u751f\u57fa\u65bc\u6df1\u5c64\u6b21\u7684\u793e\u6703\u80cc\u666f\uff0c\u4e26\u975e\u5076\u7136\u3002\u53ea\u8981ESG\u6240\u91dd\u5c0d\u7684\u793e\u6703\u554f\u984c\u5f97\u4e0d\u5230\u89e3\u6c7a\uff0cESG\u5c31\u6703\u91ce\u706b\u71d2\u4e0d\u76e1\uff0c\u6625\u98a8\u5439\u53c8\u751f\u3002 \u524d\u4e16\u4eca\u751f ESG\u7684\u524d\u8eab\u53ef\u8aaa\u662f\u793e\u6703\u8cac\u4efb\u6295\u8cc7\uff08Socially Responsible Investment\uff0c\u7c21\u7a31SRI\uff09\uff0c\u70ba\u5b83\u7684\u5be6\u8e10\u63d0\u4f9b\u4e86\u91cd\u8981\u57fa\u790e\u3002\u7b46\u8005\u767c\u8868\u5728\u300a\u884c\u653f\u79d1\u5b78\u5b63\u520a\u300b\uff08Administrative Science Quarterly\uff09\u7684\u7814\u7a76\u767c\u73fe\u3010\u8a3b\u3011\uff0cSRI\u5728\u897f\u65b9\u7684\u8d77\u6e90\u8207\u5b97\u6559\u3001\u5de5\u6703\u548c\u653f\u5e9c\u5bc6\u4e0d\u53ef\u5206\uff0c\u4e26\u4e14\u65e9\u5728\u4e0a\u500b\u4e16\u7d00\u5c31\u8003\u91cf\u4e86\u74b0\u5883\u3001\u793e\u6703\u548c\u516c\u53f8\u7ba1\u6cbb\u7684\u5f71\u97ff\u3002\u7136\u800c\u4f5c\u70ba\u4e00\u7a2e\u7368\u7279\u7684\u6295\u8cc7\u7406\u5ff5\uff0cSRI\u4e00\u76f4\u8655\u65bc\u975e\u4e3b\u6d41\u4f4d\u7f6e\uff0c\u76f4\u5230ESG\u51fa\u73fe\u3002 \u806f\u5408\u570b\u70baESG\u7684\u8208\u8d77\u63d0\u4f9b\u4e86\u6982\u5ff5\u7684\u4f9d\u8a17\u30022004\u5e74\uff0c\u806f\u5408\u570b\u5728\u5176\u300a\u5728\u4e4e\u8005\u8d0f\u300b\uff08Who Cares Wins\uff09\u5831\u544a\u4e2d\u6b63\u5f0f\u63d0\u51faESG\u6982\u5ff5\uff0c\u4e26\u8207\u5168\u7403\u591a\u5bb6\u91d1\u878d\u6a5f\u69cb\u651c\u624b\uff0c\u63d0\u5021\u5c07ESG\u7b49\u56e0\u7d20\u7528\u65bc\u6295\u8cc7\u8003\u91cf\uff0c\u5805\u4fe1\u300c\u5f97ESG\u8005\u5f97\u5e02\u5834\u300d\u3002\u8a72\u5831\u544a\u554f\u4e16\u5f8c\uff0c\u66fe\u7d93\u6709\u597d\u4e9b\u5e74\u90fd\u98a8\u5e73\u6d6a\u975c\uff0c\u4f46\u7d04\u57282015\u5e74\uff0c\u5f62\u52e2\u9010\u6f38\u767c\u751f\u8b8a\u5316\u3002 ESG\u5f97\u4ee5\u8fc5\u901f\u767c\u5c55\uff0c\u4ee5\u4e0b\u5e7e\u500b\u9020\u738b\u8005\u5be6\u5728\u529f\u4e0d\u53ef\u6c92\u3002\u9ea5\u80af\u932b\uff08McKinsey\uff09\u4f5c\u70ba\u5168\u7403\u4e00\u5927\u7ba1\u7406\u9867\u554f\u516c\u53f8\uff0c\u4e00\u76f4\u662f\u5546\u696d\u71b1\u8a5e\u7684\u7de0\u9020\u8005\uff0c\u958b\u59cb\u4e0d\u65b7\u63a8\u5ee3\u985e\u4f3cESG\u7684\u6982\u5ff5\u3002\u4e16\u754c\u6700\u5927\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u8c9d\u840a\u5fb7\uff08BlackRock\uff09\u4e5f\u662fESG\u7684\u95dc\u9375\u64c1\u8e89\uff0c\u884c\u653f\u7e3d\u88c1\u82ac\u514b\uff08Larry Fink\uff09\u5728\u516c\u958b\u4fe1\u4e2d\u983b\u983b\u63d0\u53ca\u4e26\u63a8\u5ee3ESG\u3002\u5404\u5730\u653f\u5e9c\u4e5f\u843d\u529b\u70baESG\u52a9\u9663\uff0c\u632a\u5a01\u570b\u5bb6\u4e3b\u6b0a\u57fa\u91d1\u548c\u65e5\u672c\u653f\u5e9c\u990a\u8001\u6295\u8cc7\u57fa\u91d1\u5206\u5225\u57282004\u5e74\u548c2018\u5e74\u8eab\u5148\u58eb\u5352\uff0c\u7528\u5343\u842c\u5104\u7f8e\u5143\u91cd\u8cc7\u8e10\u884cESG\u3002\u4e00\u6642\u9593\uff0cESG\u98a8\u884c\u4e00\u6642\u3002\u6295\u8cc7\u6a5f\u69cb\u8da8\u4e4b\u82e5\u9da9\uff0c\u5ee3\u7d0d\u76f8\u95dc\u4eba\u624d\uff0c\u9999\u6e2f\u7279\u5340\u653f\u5e9c\u4ea6\u4e0d\u4f8b\u5916\uff0c\u5c08\u8a2dESG\u985e\u5225\u4ee5\u62db\u652c\u4eba\u624d\u3002 \u5169\u9762\u53d7\u6575 \u71b1\u6f6e\u4e4b\u4e0b\u537b\u5b58\u5728\u6697\u6e67\u3002\u53cdESG\u4e4b\u8072\u56db\u8d77\uff0c\u6279\u8a55\u8005\u5206\u6210\u5de6\u53f3\u5169\u5927\u677f\u584a\u3002\u53f3\u6d3e\u8a8d\u70baESG\u7684\u7406\u5ff5\u6839\u672c\u932f\u8aa4\u3002\u7f8e\u570b\u4e0d\u5c11\u5171\u548c\u9ee8\u4eba\u8996ESG\u70ba\u6beb\u7121\u610f\u7fa9\u7684\u300c\u653f\u6cbb\u6b63\u78ba\u300d\uff1b\u7530\u7d0d\u897f\u5dde\u57282023\u5e74\u6307\u63a7\u8c9d\u840a\u5fb7\u7684\u6295\u8cc7\u6feb\u7528ESG\u56e0\u7d20\uff0c\u9055\u53cd\u4e86\u300a\u6d88\u8cbb\u8005\u4fdd\u8b77\u6cd5\u300b\uff0c\u5176\u4ed6\u5171\u548c\u9ee8\u5dde\u4efd\u7684\u5b98\u54e1\u4e5f\u5c07\u8a72\u516c\u53f8\u5217\u70ba\u64a4\u8cc7\u76ee\u6a19\u3002\u8afe\u8c9d\u723e\u734e\u5f97\u4e3b\u4f5b\u5229\u6c11\uff08Milton Friedman\uff09\u5728\u534a\u500b\u4e16\u7d00\u524d\u5c31\u5df2\u767c\u6587\uff0c\u54ac\u5b9a\u516c\u53f8\u7684\u552f\u4e00\u4f7f\u547d\u662f\u76c8\u5229\uff0c\u800c\u793e\u6703\u8cac\u4efb\u662f\u653f\u5e9c\u7684\u4e8b\uff0c\u61c9\u8a72\u300c\u51f1\u6492\u7684\u6b78\u51f1\u6492\uff0c\u4e0a\u5e1d\u7684\u6b78\u4e0a\u5e1d\u300d\u3002\u7d10\u7d04\u5927\u5b78\u91d1\u878d\u5b78\u6559\u6388\u9054\u83ab\u9054\u862d\uff08Aswath Damodaran\uff09\u4e5f\u8a8d\u70baESG\u662f\u300c\u7121\u53ef\u6551\u85e5\u300d\uff0c\u4e26\u4e14\u5e0c\u671bESG\u80fd\u5920\u300c\u5b89\u606f\u300d\u3002 \u5de6\u6d3e\u540c\u6a23\u4e0d\u4e4f\u6279\u8a55\u8005\u3002\u8c9d\u840a\u5fb7\u524dESG\u6295\u8cc7\u5c08\u5bb6Tariq 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The","inLanguage":"zh-HK","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/esg%e6%98%af%e6%9b%87%e8%8a%b1%e4%b8%80%e7%8f%be%e6%8a%91%e6%88%96%e9%95%b7%e4%b9%85%e8%b6%a8%e5%8b%a2\/#breadcrumblist"},"datePublished":"2024-01-24T10:07:44+08:00","dateModified":"2024-01-25T10:27:32+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website","url":"https:\/\/www.hkubs.hku.hk\/tc\/","name":"HKU Business School","inLanguage":"zh-HK","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"ESG\u662f\u66c7\u82b1\u4e00\u73fe\u6291\u6216\u9577\u4e45\u8da8\u52e2? - HKU Business School","og:description":"\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and 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\u9060\u96e2ESG\uff0c\u640d\u4eba\u5229\u5df1\uff0c\u56fa\u7136\u53ef\u4ee5\u8d0f\u5f97\u4e00\u6642\u4e00\u5730\u4e4b\u5229\uff0c\u4f46\u6703\u88fd\u9020\u6c61\u67d3\u7b49\u8ca0\u9762\u754c\u5916\u6548\u61c9\uff08negative externality\uff09\u3002\u6c61\u67d3\u56fa\u7136\u5e6b\u6392\u6c61\u4f01\u696d\u7bc0\u7701\u6392\u6c61\u8cbb\uff0c\u537b\u524a\u5f31\u81ea\u7136\u74b0\u5883\u7684\u50f9\u503c\uff0c\u4e0d\u5229\u65bc\u52de\u5de5\u7684\u751f\u7522\u529b\uff0c\u5c0e\u81f4\u5176\u4ed6\u516c\u53f8\u4ee5\u81f3\u672a\u4f86\u7684\u4f01\u696d\u7121\u8cc7\u6e90\u53ef\u7528\u3002\u7b97\u5b8c\u7e3d\u8cec\uff0c\u6700\u7d42\u640d\u5bb3\u5230\u666e\u904d\u6240\u6709\u6b0a\u6301\u6709\u4eba\u7684\u8cc7\u672c\u5229\u76ca\u3002 \u4f55\u53bb\u4f55\u5f9e \u6b63\u5982\u502b\u6566\u5546\u5b78\u9662\u7684\u526f\u6559\u6388Ioannis Ioannou\u6307\u51fa\uff0cESG\u662f\u7576\u4eca\u4e16\u754c\u554f\u984c\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6c92\u6709ESG\uff0c\u4e5f\u6703\u5b58\u5728\u5167\u6838\u76f8\u4f3c\u7684\u5021\u8b70\u3002 \u9762\u5c0dESG\uff0c\u6211\u5011\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u61c9\u8a72\u53e6\u8d77\u7210\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u9084\u662f\u6539\u5584ESG\u9019\u500b\u5df2\u6709\u57fa\u790e\u7684\u5171\u8b58\uff0c\u4ee5\u514d\u628a\u300c\u5b30\u5152\u548c\u9ad2\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7c21\u55ae\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u6557\u7684\u8f2a\u8ff4\uff1b\u5f8c\u8005\u8271\u96e3\uff0c\u4f46\u66f4\u9700\u8981\u793e\u6703\u7684\u5171\u8b58\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u5805\u6301\u3002 \u3010\u8a3b\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &quot;The rise of socially responsible investment funds: The","og:url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/esg%e6%98%af%e6%9b%87%e8%8a%b1%e4%b8%80%e7%8f%be%e6%8a%91%e6%88%96%e9%95%b7%e4%b9%85%e8%b6%a8%e5%8b%a2\/","article:published_time":"2024-01-24T02:07:44+00:00","article:modified_time":"2024-01-25T02:27:32+00:00","twitter:card":"summary_large_image","twitter:title":"ESG\u662f\u66c7\u82b1\u4e00\u73fe\u6291\u6216\u9577\u4e45\u8da8\u52e2? - HKU Business School","twitter:description":"\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff0c\u7c21\u7a31ESG\uff09\u8fd1\u5e74\u597d\u4f3c\u96e8\u5f8c\u6625\u7b4d\u822c\uff0c\u5df2\u7d93\u7121\u8655\u4e0d\u5728\u3002\u7576\u773e\u4eba\u9084\u5206\u4e0d\u6e05\u90193\u500b\u5b57\u6bcd\u9806\u5e8f\u7684\u6642\u5019\uff0cESG\u65e9\u5df2\u727d\u52d5\u7121\u6578\u8de8\u570b\u516c\u53f8\u7684\u91cd\u5927\u6c7a\u7b56\uff0c\u4e5f\u6df1\u523b\u5f71\u97ff\u5404\u570b\u653f\u5e9c\u7684\u76e3\u7ba1\u6c7a\u5b9a\u3002\u4e00\u65b9\u9762\uff0cESG\u6253\u9020\u4e86\u4e00\u500b\u7f8e\u597d\u9858\u666f\uff0c\u8b93\u8cc7\u672c\u5411\u5584\uff0c\u4fc3\u9032\u53ef\u6301\u7e8c\u767c\u5c55\u3002\u53e6\u4e00\u65b9\u9762\uff0cESG\u4e5f\u9047\u5230\u4e86\u524d\u6240\u672a\u6709\u7684\u6311\u6230\u3002\u53cd\u5c0d\u529b\u91cf\u7fa4\u8d77\u653b\u4e4b\uff0c\u7d1b\u7d1b\u8cea\u7591ESG\u53e3\u60e0\u800c\u5be6\u4e0d\u81f3\u3002 ESG\u7a76\u7adf\u662f\u7a0d\u7e31\u5373\u901d\u9084\u662f\u6703\u6301\u7e8c\u4e0d\u65b7\uff1f\u7b46\u8005\u8a8d\u70ba\uff0c\u5176\u7522\u751f\u57fa\u65bc\u6df1\u5c64\u6b21\u7684\u793e\u6703\u80cc\u666f\uff0c\u4e26\u975e\u5076\u7136\u3002\u53ea\u8981ESG\u6240\u91dd\u5c0d\u7684\u793e\u6703\u554f\u984c\u5f97\u4e0d\u5230\u89e3\u6c7a\uff0cESG\u5c31\u6703\u91ce\u706b\u71d2\u4e0d\u76e1\uff0c\u6625\u98a8\u5439\u53c8\u751f\u3002 \u524d\u4e16\u4eca\u751f ESG\u7684\u524d\u8eab\u53ef\u8aaa\u662f\u793e\u6703\u8cac\u4efb\u6295\u8cc7\uff08Socially Responsible Investment\uff0c\u7c21\u7a31SRI\uff09\uff0c\u70ba\u5b83\u7684\u5be6\u8e10\u63d0\u4f9b\u4e86\u91cd\u8981\u57fa\u790e\u3002\u7b46\u8005\u767c\u8868\u5728\u300a\u884c\u653f\u79d1\u5b78\u5b63\u520a\u300b\uff08Administrative Science 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Friedman\uff09\u5728\u534a\u500b\u4e16\u7d00\u524d\u5c31\u5df2\u767c\u6587\uff0c\u54ac\u5b9a\u516c\u53f8\u7684\u552f\u4e00\u4f7f\u547d\u662f\u76c8\u5229\uff0c\u800c\u793e\u6703\u8cac\u4efb\u662f\u653f\u5e9c\u7684\u4e8b\uff0c\u61c9\u8a72\u300c\u51f1\u6492\u7684\u6b78\u51f1\u6492\uff0c\u4e0a\u5e1d\u7684\u6b78\u4e0a\u5e1d\u300d\u3002\u7d10\u7d04\u5927\u5b78\u91d1\u878d\u5b78\u6559\u6388\u9054\u83ab\u9054\u862d\uff08Aswath Damodaran\uff09\u4e5f\u8a8d\u70baESG\u662f\u300c\u7121\u53ef\u6551\u85e5\u300d\uff0c\u4e26\u4e14\u5e0c\u671bESG\u80fd\u5920\u300c\u5b89\u606f\u300d\u3002 \u5de6\u6d3e\u540c\u6a23\u4e0d\u4e4f\u6279\u8a55\u8005\u3002\u8c9d\u840a\u5fb7\u524dESG\u6295\u8cc7\u5c08\u5bb6Tariq 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Ioannou\u6307\u51fa\uff0cESG\u662f\u7576\u4eca\u4e16\u754c\u554f\u984c\u7684\u8868\u8c61\uff0c\u5c31\u7b97\u6c92\u6709ESG\uff0c\u4e5f\u6703\u5b58\u5728\u5167\u6838\u76f8\u4f3c\u7684\u5021\u8b70\u3002 \u9762\u5c0dESG\uff0c\u6211\u5011\u9700\u8981\u601d\u8003\u7684\u662f\uff0c\u61c9\u8a72\u53e6\u8d77\u7210\u7076\u641e\u5168\u65b0\u6982\u5ff5\uff1f\u9084\u662f\u6539\u5584ESG\u9019\u500b\u5df2\u6709\u57fa\u790e\u7684\u5171\u8b58\uff0c\u4ee5\u514d\u628a\u300c\u5b30\u5152\u548c\u9ad2\u7684\u6d17\u6fa1\u6c34\u4e00\u8d77\u5012\u6389\u300d\uff1f\u524d\u8005\u770b\u4f3c\u7c21\u55ae\uff0c\u4f46\u4e5f\u5bb9\u6613\u9677\u5165\u5931\u6557\u7684\u8f2a\u8ff4\uff1b\u5f8c\u8005\u8271\u96e3\uff0c\u4f46\u66f4\u9700\u8981\u793e\u6703\u7684\u5171\u8b58\u548c\u4e00\u6279\u5148\u884c\u8005\u7684\u5805\u6301\u3002 \u3010\u8a3b\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. &quot;The rise of socially responsible investment funds: 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