\u3010\u8a3b\u3011<\/a>\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<\/p>\n\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<\/p>\n
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<\/p>\n
\u5169\u9762\u53d7\u6575<\/h5>\n
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\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<\/p>\n
\u5176\u4f86\u6709\u81ea<\/h5>\n
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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<\/p>\n
\u4f55\u53bb\u4f55\u5f9e<\/h5>\n
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<\/p>\n
<\/a>\u3010\u8a3b\u3011 Yan Shipeng, Ferraro Fabrizio, Almandoz Juan (John). 2019. “The rise of socially responsible investment funds: The paradoxical role of the financial logic”. Administrative Science Quarterly, 64(2): 466-501<\/span><\/p>\n <\/p>\n
<\/p>\n
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