{"id":208415,"date":"2024-02-21T16:32:17","date_gmt":"2024-02-21T08:32:17","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/the-reality-of-sustainable-investing-and-return-on-investment\/"},"modified":"2024-02-21T16:34:19","modified_gmt":"2024-02-21T08:34:19","slug":"the-reality-of-sustainable-investing-and-return-on-investment","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/","title":{"rendered":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6"},"content":{"rendered":"<p>\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002<\/p>\n<p>\u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f<\/p>\n<h5>\u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078<\/h5>\n<p>\u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002<\/p>\n<p>\u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002<\/p>\n<p>\u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002<\/p>\n<h5>\u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe<\/h5>\n<p>\u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002<\/p>\n<p>\u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002<\/p>\n<p>\u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002<\/p>\n<p>\u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002<\/p>\n<h5>\u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996<\/h5>\n<p>\u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002<\/p>\n<p>\u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002<\/p>\n<p>\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002<\/p>\n<p>\u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002<\/p>\n<h5>\u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230<\/h5>\n<p>\u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002<\/p>\n<p>\u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002<\/p>\n<p>ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u53c3\u8003\u8cc7\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\">\u8b1d\u570b\u751f\u535a\u58eb<\/span><br \/>\n<\/strong><strong><span class=\"S1PPyQ\">\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u91d1\u878d\u5b78\u9996\u5e2d\u8b1b\u5e2b<\/span><\/strong><\/p>\n<p><strong>\u4f55\u654f\u6dd9\u5148\u751f<br \/>\n<\/strong><strong><span>\u9999\u6e2f\u5927\u5b78\u9644\u5c6c\u5b78\u9662\u8b1b\u5e2b<\/span><\/strong><\/p>\n<p><span>\uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u56db\u5e74\u4e8c\u6708\u4e8c\u5341\u4e00\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-208415","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-tc","in-the-media-topic-categories-faculty-tc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002 \u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f \u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078 \u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002 \u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002 \u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002 \u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe \u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002 \u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002 \u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002 \u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002 \u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996 \u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002 \u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002 \u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002 \u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002 \u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230 \u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002 \u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002 ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002 \u53c3\u8003\u8cc7\u6599 S. Hartzmark and A. Sussman, &quot;Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,&quot; The Journal of Finance, Vol. 74, No. 6 \uff08December\" \/>\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\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/\" \/>\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=\"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6 - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002 \u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f \u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078 \u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002 \u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002 \u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002 \u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe \u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002 \u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002 \u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002 \u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002 \u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996 \u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002 \u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002 \u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002 \u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002 \u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230 \u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002 \u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002 ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002 \u53c3\u8003\u8cc7\u6599 S. Hartzmark and A. Sussman, &quot;Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,&quot; The Journal of Finance, Vol. 74, No. 6 \uff08December\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2024-02-21T08:32:17+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2024-02-21T08:34:19+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002 \u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f \u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078 \u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002 \u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002 \u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002 \u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe \u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002 \u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002 \u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002 \u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002 \u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996 \u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002 \u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002 \u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002 \u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002 \u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230 \u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002 \u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002 ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002 \u53c3\u8003\u8cc7\u6599 S. Hartzmark and A. Sussman, &quot;Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,&quot; The Journal of Finance, Vol. 74, No. 6 \uff08December\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-reality-of-sustainable-investing-and-return-on-investment\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"position\":2,\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-reality-of-sustainable-investing-and-return-on-investment\\\/#listItem\",\"name\":\"\\u53ef\\u6301\\u7e8c\\u6295\\u8cc7\\u8207\\u56de\\u5831\\u73fe\\u5be6\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-reality-of-sustainable-investing-and-return-on-investment\\\/#listItem\",\"position\":3,\"name\":\"\\u53ef\\u6301\\u7e8c\\u6295\\u8cc7\\u8207\\u56de\\u5831\\u73fe\\u5be6\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#organization\",\"name\":\"HKU Business School\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-reality-of-sustainable-investing-and-return-on-investment\\\/#webpage\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-reality-of-sustainable-investing-and-return-on-investment\\\/\",\"name\":\"\\u53ef\\u6301\\u7e8c\\u6295\\u8cc7\\u8207\\u56de\\u5831\\u73fe\\u5be6 - HKU Business School\",\"description\":\"\\u53ef\\u6301\\u7e8c\\u6295\\u8cc7\\u65b9\\u8208\\u672a\\u827e\\uff0c2023\\u5e74\\u8cc7\\u7522\\u7e3d\\u503c\\u5df2\\u589e\\u81f33\\u842c\\u5104\\u7f8e\\u5143\\uff1b\\u53ef\\u6301\\u7e8c\\u57fa\\u91d1\\u7684\\u8868\\u73fe\\u52dd\\u904e2022\\u5e74\\uff0c\\u60df\\u5728\\u4e0d\\u540c\\u8cc7\\u7522\\u985e\\u5225\\u537b\\u8868\\u73fe\\u4e0d\\u4e00\\u3002\\u64da\\u7f8e\\u570b\\u91d1\\u878d\\u670d\\u52d9\\u516c\\u53f8\\u6668\\u661f\\uff08Morningstar\\uff09\\u53bb\\u5e7412\\u6708\\u767c\\u8868\\u7684\\u5831\\u544a\\uff0c\\u82e5\\u8207\\u50b3\\u7d71\\u57fa\\u91d1\\u76f8\\u6bd4\\uff0c\\u53ef\\u6301\\u7e8c\\u57fa\\u91d1\\u7565\\u898b\\u905c\\u8272\\u3002 \\u8fd1\\u5e74\\u4f86\\uff0c\\u6295\\u8cc7\\u8005\\u9010\\u6f38\\u6ce8\\u91cd\\u7da0\\u8272\\u74b0\\u4fdd\\u7522\\u696d\\uff0c\\u8a8d\\u70ba\\u74b0\\u5883\\u3001\\u793e\\u6703\\u53ca\\u7ba1\\u6cbb\\uff08Environmental, Social, and Governance\\uff1b\\u7c21\\u7a31ESG\\uff09\\u6709\\u52a9\\u65bc\\u4f01\\u696d\\u4e0d\\u65b7\\u5275\\u65b0\\uff0c\\u8db3\\u4ee5\\u5efa\\u7acb\\u53ef\\u6301\\u7e8c\\u7684\\u672a\\u4f86\\uff0c\\u4e26\\u70ba\\u6295\\u8cc7\\u8005\\u63d0\\u4f9b\\u6a5f\\u6703\\u3002\\u8a31\\u591a\\u6295\\u8cc7\\u57fa\\u91d1\\u53ca\\u6a5f\\u69cb\\u6295\\u8cc7\\u8005\\u56e0\\u6b64\\u5c07\\u4e4b\\u7d0d\\u5165\\u6295\\u8cc7\\u6c7a\\u7b56\\u3002\\u90a3\\u9ebc\\uff0c\\u6295\\u8cc7\\u8005\\u7684\\u53d6\\u5411\\u53ca\\u53ef\\u6301\\u7e8c\\u57fa\\u91d1\\u7684\\u7e3e\\u6548\\uff0c\\u5c0d\\u4fc3\\u9032\\u53ef\\u6301\\u7e8c\\u5be6\\u8e10\\u6709\\u4f55\\u5be6\\u8cea\\u4f5c\\u7528\\uff1f \\u6295\\u8cc7\\u7b56\\u7565\\u5143\\u7d20\\u5982\\u4f55\\u7be9\\u9078 \\u6a5f\\u69cb\\u6295\\u8cc7\\u8005\\u548c\\u8cc7\\u7522\\u7ba1\\u7406\\u516c\\u53f8\\u53ef\\u901a\\u904eESG\\u6574\\u5408\\uff0c\\u5c07\\u6b64\\u4e09\\u5927\\u7bc4\\u7587\\u7d0d\\u5165\\u5176\\u6295\\u8cc7\\u5206\\u6790\\u548c\\u6c7a\\u7b56\\u904e\\u7a0b\\uff0c\\u91dd\\u5c0dESG\\u98a8\\u96aa\\u548c\\u6a5f\\u6703\\uff0c\\u4ee5\\u53ca\\u50b3\\u7d71\\u8ca1\\u52d9\\u6307\\u6a19\\uff0c\\u4ee5\\u8a55\\u4f30\\u6295\\u8cc7\\u7684\\u9577\\u671f\\u53ef\\u6301\\u7e8c\\u6027\\u548c\\u696d\\u7e3e\\u3002\\u8a02\\u5b9a\\u6295\\u8cc7\\u6c7a\\u7b56\\u4e4b\\u524d\\uff0c\\u4ea6\\u53ef\\u900f\\u904eESG\\u6578\\u64da\\u548c\\u6307\\u6578\\uff0c\\u4f8b\\u5982\\u78b3\\u6392\\u653e\\u3001MSCI ESG\\u8a55\\u7d1a\\uff0c\\u5f9e\\u800c\\u8a55\\u4f30\\u4f01\\u696d\\u7684ESG\\u8868\\u73fe\\u3002 \\u8a55\\u4f30\\u4f01\\u696dESG\\u5831\\u544a\\u7684\\u8cea\\u91cf\\u548c\\u900f\\u660e\\u5ea6\\uff0c\\u6709\\u52a9\\u6295\\u8cc7\\u8005\\u4f5c\\u51fa\\u660e\\u667a\\u7684\\u6c7a\\u5b9a\\u3002\\u7e7c2013\\u5e74\\u516c\\u5e03\\u300a\\u74b0\\u5883\\u3001\\u793e\\u6703\\u53ca\\u7ba1\\u6cbb\\u5831\\u544a\\u6307\\u5f15\\u300b\\u5f8c\\uff0c\\u6e2f\\u4ea4\\u6240\\u898f\\u5b9a\\uff0c\\u6240\\u6709\\u4e0a\\u5e02\\u516c\\u53f8\\u81ea2016\\u5e74\\u8d77\\u5fc5\\u9808\\u767c\\u8868ESG\\u5e74\\u5831\\uff1b\\u5176\\u5f8c\\u53c8\\u5728\\u6307\\u5f15\\u4e2d\\u52a0\\u5165\\u65b0\\u898f\\u5b9a\\uff0c\\u805a\\u7126\\u4e0a\\u5e02\\u516c\\u53f8\\u8463\\u4e8b\\u6703\\u76e3\\u7763ESG\\u4e8b\\u5b9c\\uff0c\\u4ee5\\u53ca\\u91cd\\u5927\\u6c23\\u5019\\u8b8a\\u5316\\u98a8\\u96aa\\u7684\\u61c9\\u5c0d\\u63aa\\u65bd\\u3002\\u9019\\u4e9b\\u76e3\\u7ba1\\u6846\\u67b6\\u70ba\\u4f01\\u696d\\u62ab\\u9732\\u6c23\\u5019\\u76f8\\u95dc\\u98a8\\u96aa\\u548c\\u6a5f\\u6703\\u63d0\\u4f9b\\u4e86\\u6307\\u5c0e\\u65b9\\u91dd\\u3002 \\u82e5\\u6a5f\\u69cb\\u6295\\u8cc7\\u8005\\u5c07ESG\\u4e3b\\u984c\\u7d0d\\u5165\\u5176\\u6295\\u8cc7\\u7b56\\u7565\\uff0c\\u53ef\\u5c08\\u6ce8\\u65bc\\u7279\\u5b9a\\u7684\\u53ef\\u6301\\u7e8c\\u767c\\u5c55\\u4e3b\\u984c\\uff0c\\u4f8b\\u5982\\u53ef\\u518d\\u751f\\u80fd\\u6e90\\u6216\\u7bc0\\u7d04\\u7528\\u6c34\\uff0c\\u4f7f\\u6295\\u8cc7\\u6c7a\\u7b56\\u8207\\u7279\\u5b9a\\u793e\\u6703\\u76ee\\u6a19\\u4fdd\\u6301\\u4e00\\u81f4\\uff0c\\u65e2\\u53ef\\u652f\\u63f4\\u7da0\\u8272\\u7522\\u696d\\uff0c\\u540c\\u6642\\u5c0b\\u6c42\\u8ca1\\u52d9\\u56de\\u5831\\u3002 \\u53e6\\u4e00\\u65b9\\u9762\\uff0c\\u6295\\u8cc7\\u8005\\u4ea6\\u53ef\\u6309\\u8ca0\\u9762\\u689d\\u4ef6\\u70ba\\u4f9d\\u64da\\uff0c\\u5254\\u9664\\u4e0d\\u7b26\\u5408\\u7279\\u5b9aESG\\u6a19\\u6e96\\u7684\\u4f01\\u696d\\uff0c\\u4f8b\\u5982\\u907f\\u514d\\u6295\\u8cc7\\u7159\\u8349\\u3001\\u6b66\\u5668\\u6216\\u5316\\u77f3\\u71c3\\u6599\\u7b49\\u884c\\u696d\\u3002\\u8ca0\\u9762\\u7be9\\u9078\\u4f7f\\u6295\\u8cc7\\u8005\\u80fd\\u5c07\\u5176\\u6295\\u8cc7\\u7d44\\u5408\\u8207\\u50f9\\u503c\\u89c0\\u639b\\u920e\\uff0c\\u4e26\\u6392\\u9664\\u8207\\u5176ESG\\u76ee\\u6a19\\u4e0d\\u4e00\\u81f4\\u7684\\u6295\\u8cc7\\u9805\\u76ee\\u3002\\u53e6\\u5916\\uff0c\\u5f71\\u97ff\\u529b\\u6295\\u8cc7\\uff08impact investing\\uff09\\u4e0d\\u50c5\\u8ffd\\u6c42\\u6295\\u8cc7\\u56de\\u5831\\uff0c\\u9084\\u7a4d\\u6975\\u5c0b\\u6c42\\u6295\\u653e\\u65bc\\u53ef\\u7522\\u751f\\u793e\\u6703\\u548c\\u74b0\\u5883\\u6548\\u76ca\\u7684\\u9805\\u76ee\\u6216\\u4f01\\u696d\\uff0c\\u5982\\u652f\\u6301\\u6276\\u8ca7\\u7d13\\u56f0\\u3002\\u9019\\u4e9b\\u6295\\u8cc7\\u9805\\u76ee\\u65e8\\u5728\\u7522\\u751f\\u53ef\\u8861\\u91cf\\u7684\\u793e\\u6703\\u548c\\u74b0\\u5883\\u5f71\\u97ff\\u4ee5\\u53ca\\u8ca1\\u52d9\\u6536\\u76ca\\uff1b\\u901a\\u904e\\u7d0d\\u5165ESG\\u8003\\u616e\\u56e0\\u7d20\\uff0c\\u6295\\u8cc7\\u8005\\u5728\\u8ffd\\u6c42\\u8ca1\\u52d9\\u56de\\u5831\\u7684\\u540c\\u6642\\uff0c\\u4e5f\\u80fd\\u70ba\\u793e\\u6703\\u548c\\u74b0\\u5883\\u51fa\\u4e00\\u5206\\u529b\\u3002 \\u5256\\u6790\\u6295\\u8cc7\\u5be6\\u8cea\\u8868\\u73fe \\u7f8e\\u570b\\u6709\\u7d93\\u6fdf\\u5b78\\u8005\\u66fe\\u7814\\u7a76\\u53ef\\u6301\\u7e8c\\u6027\\u8a55\\u4f30\\u8207\\u6295\\u8cc7\\u8868\\u73fe\\u7684\\u95dc\\u4fc2\\uff0c\\u901a\\u904e\\u5206\\u6790\\u7f8e\\u570b2\\u842c\\u500b\\u3001\\u7e3d\\u503c8\\u842c\\u5104\\u7f8e\\u5143\\u7684\\u4e92\\u60e0\\u57fa\\u91d1\\uff08Mutual Funds\\uff09\\u5e02\\u5834\\uff0c\\u7d50\\u679c\\u986f\\u793a\\uff0c\\u5e02\\u5834\\u6295\\u8cc7\\u8005\\u666e\\u904d\\u91cd\\u8996\\u6295\\u8cc7\\u7684\\u53ef\\u6301\\u7e8c\\u6027\\uff0c\\u88ab\\u6b78\\u985e\\u70ba\\u53ef\\u6301\\u7e8c\\u6027\\u4f4e\\u7684\\u4e92\\u60e0\\u57fa\\u91d1\\uff0c\\u6de8\\u6d41\\u51fa\\u8cc7\\u91d1\\u8d85\\u904e120\\u5104\\u7f8e\\u5143\\uff1b\\u800c\\u53ef\\u6301\\u7e8c\\u6027\\u9ad8\\u7684\\u4e92\\u60e0\\u57fa\\u91d1\\uff0c\\u5176\\u6de8\\u6d41\\u5165\\u5247\\u903e240\\u5104\\u7f8e\\u5143\\u3002\\u81f3\\u65bc\\u53ef\\u6301\\u7e8c\\u6027\\u9ad8\\u57fa\\u91d1\\u7684\\u6295\\u8cc7\\u56de\\u5831\\u662f\\u5426\\u5fc5\\u5b9a\\u512a\\u65bc\\u53ef\\u6301\\u7e8c\\u6027\\u4f4e\\u57fa\\u91d1\\uff0c\\u5247\\u672a\\u6709\\u5145\\u5206\\u8b49\\u64da\\u53ef\\u8cc7\\u8b49\\u660e\\u3002 \\u5118\\u7ba1\\u5f37\\u8abf\\u793e\\u6703\\u8cac\\u4efb\\u7684\\u80a1\\u7968\\u548c\\u57fa\\u91d1\\u8fd1\\u5e74\\u6fc0\\u589e\\uff0c\\u537b\\u53ef\\u80fd\\u826f\\u83a0\\u4e0d\\u9f4a\\u3002\\u6709\\u897f\\u65b9\\u5b78\\u8005\\u9032\\u884c\\u7814\\u7a76\\uff0c\\u628a2010\\u81f32018\\u5e74\\u671f\\u9593\\u7531\\u540c\\u4e00\\u91d1\\u878d\\u6a5f\\u69cb\\u7ba1\\u7406\\u7684\\u7f8e\\u570bESG\\u57fa\\u91d1\\u8207\\u975eESG\\u57fa\\u91d1\\u52a0\\u4ee5\\u5c0d\\u6bd4\\uff0c\\u767c\\u73feESG\\u57fa\\u91d1\\u6295\\u8cc7\\u7d44\\u5408\\u4e2d\\u7684\\u4e0d\\u5c11\\u516c\\u53f8\\uff0c\\u5728\\u9075\\u5b88\\u52de\\u5de5\\u548c\\u74b0\\u5883\\u6cd5\\u4f8b\\u7684\\u7d00\\u9304\\u90fd\\u8f03\\u5dee\\u3002 \\u7e31\\u4f7fESG\\u57fa\\u91d1\\u5167\\u6295\\u8cc7\\u7d44\\u5408\\u516c\\u53f8\\u7684\\u5e73\\u5747ESG\\u5f97\\u5206\\u8f03\\u9ad8\\uff0c\\u4f46\\u8207\\u6301\\u6709\\u516c\\u53f8\\u7684\\u5408\\u898f\\u7d00\\u9304\\u6216\\u5be6\\u969b\\u78b3\\u6392\\u653e\\u91cf\\u7121\\u95dc\\u3002\\u4f8b\\u5982\\uff0c\\u6709\\u95dc\\u516c\\u53f8\\u96d6\\u81ea\\u9858\\u62ab\\u9732\\u78b3\\u6392\\u653e\\u8868\\u73fe\\uff0c\\u4f46\\u4e5f\\u6301\\u6709\\u78b3\\u6392\\u653e\\u91cf\\u8f03\\u9ad8\\u7684\\u80a1\\u7968\\u3002\\u7814\\u7a76\\u7d50\\u679c\\u986f\\u793a\\uff0cESG\\u57fa\\u91d1\\u4f3c\\u4e26\\u672a\\u514c\\u73fe\\u5c0d\\u6301\\u4efd\\u8005\\u7684ESG\\u8afe\\uff0c\\u800c\\u4e14\\u6536\\u8cbb\\u9ad8\\u6602\\uff0c\\u4f46\\u6295\\u8cc7\\u56de\\u5831\\u8868\\u73fe\\u537b\\u4e0d\\u53ca\\u5176\\u4ed6\\u57fa\\u91d1\\u3002 \\u5118\\u7ba1\\u53ef\\u6301\\u7e8c\\u6027\\u767c\\u5c55\\u751a\\u5177\\u6f5b\\u529b\\uff0c\\u50b3\\u7d71\\u884c\\u696d\\u76f8\\u61c9\\u8f49\\u578b\\u537b\\u6311\\u6230\\u91cd\\u91cd\\uff0c\\u5305\\u62ec\\u524d\\u671f\\u8cc7\\u672c\\u6210\\u672c\\u4e0d\\u83f2\\u3001\\u76e3\\u7ba1\\u5b58\\u5728\\u4e0d\\u78ba\\u5b9a\\u6027\\u548c\\u4f9d\\u8cf4\\u653f\\u5e9c\\u88dc\\u8cbc\\u3001\\u7af6\\u722d\\u6fc0\\u70c8\\u548c\\u8cc7\\u672c\\u5bc6\\u96c6\\u3001\\u4f9b\\u61c9\\u93c8\\u4e2d\\u65b7\\u3001\\u7814\\u767c\\u53ca\\u57fa\\u790e\\u8a2d\\u65bd\\u5347\\u7d1a\\u7684\\u652f\\u51fa\\u9ad8\\u6602\\u3002\\u9019\\u4e9b\\u56e0\\u7d20\\u90fd\\u6703\\u5f71\\u97ff\\u4f01\\u696d\\u76c8\\u5229\\u80fd\\u529b\\uff0c\\u4e26\\u963b\\u7919\\u77ed\\u671f\\u6295\\u8cc7\\u56de\\u5831\\uff1b\\u53d7\\u5f71\\u97ff\\u7684\\u884c\\u696d\\u5305\\u62ec\\u53ef\\u518d\\u751f\\u80fd\\u6e90\\u3001\\u96fb\\u52d5\\u6c7d\\u8eca\\u548c\\u8fb2\\u696d\\u3002 \\u6295\\u8cc7\\u771f\\u76f8\\u4e0d\\u5bb9\\u5ffd\\u8996 \\u5728\\u6025\\u529f\\u8fd1\\u5229\\u7684\\u60c5\\u6cc1\\u4e0b\\uff0cESG\\u6295\\u8cc7\\u4e0d\\u514d\\u51fa\\u73fe\\u300c\\u6f02\\u7da0\\u300d\\uff08greenwashing\\uff09\\u554f\\u984c\\uff0c\\u5373\\u4f01\\u696d\\u6216\\u6295\\u8cc7\\u7522\\u54c1\\u8a87\\u5927\\u6216\\u6b6a\\u66f2\\u5176ESG\\u5143\\u7d20\\uff0c\\u6216\\u6703\\u7d66\\u6295\\u8cc7\\u8005\\u5e36\\u4f86\\u7591\\u60d1\\u3002\\u6b64\\u5916\\uff0c\\u7531\\u65bc\\u7f3a\\u4e4f\\u5ba2\\u89c0\\u5831\\u544aESG\\u7e3e\\u6548\\u7684\\u6a19\\u6e96\\u5316\\u6846\\u67b6\\u548c\\u6307\\u6a19\\uff0c\\u6295\\u8cc7\\u8005\\u4e0d\\u6613\\u5340\\u5206\\u771f\\u5047\\u3002 \\u81f3\\u65bc\\u8a55\\u7d1a\\u4e00\\u74b0\\uff0c\\u65e2\\u672a\\u80fd\\u5168\\u9762\\u53cd\\u6620ESG\\u554f\\u984c\\u7684\\u8907\\u96dc\\u6027\\uff0c\\u4e5f\\u7121\\u6cd5\\u5145\\u5206\\u8003\\u616e\\u7279\\u5b9a\\u884c\\u696d\\u7684\\u80cc\\u666f\\uff0c\\u6295\\u8cc7\\u8005\\u61c9\\u76e1\\u91cf\\u5c0d\\u6240\\u6d89\\u56e0\\u7d20\\u6df1\\u5165\\u7406\\u89e3\\u3002\\u9451\\u65bcESG\\u6295\\u8cc7\\u5f80\\u5f80\\u96c6\\u4e2d\\u5728\\u5df2\\u7d93\\u5efa\\u7acb\\u5b8c\\u5584ESG\\u7cfb\\u7d71\\u7684\\u5927\\u578b\\u4f01\\u696d\\uff0c\\u5c0f\\u578b\\u516c\\u53f8\\u548c\\u65b0\\u8208\\u5e02\\u5834\\u6240\\u80fd\\u7372\\u5f97\\u7684ESG\\u6295\\u8cc7\\u6a5f\\u6703\\u76f8\\u5c0d\\u6709\\u9650\\uff0c\\u6295\\u8cc7\\u8005\\u4e0d\\u59a8\\u6f01\\u7fc1\\u6492\\u7db2\\uff0c\\u64f4\\u5927\\u6295\\u8cc7\\u7bc4\\u570d\\u3002 \\u5e73\\u8861\\u8ca1\\u52d9\\u56de\\u5831\\u8207ESG\\u76ee\\u6a19\\uff0c\\u5c0d\\u6295\\u8cc7\\u8005\\u4f86\\u8aaa\\u4e5f\\u662f\\u6311\\u6230\\u3002ESG\\u5be6\\u8e10\\u56e0\\u524d\\u671f\\u6210\\u672c\\u9ad8\\u6602\\uff0c\\u6216\\u6703\\u5f71\\u97ff\\u4f01\\u696d\\u7684\\u77ed\\u671f\\u8ca1\\u52d9\\u696d\\u7e3e\\u3002\\u7136\\u800c\\uff0c\\u6709\\u7814\\u7a76\\u986f\\u793a\\uff0c\\u6574\\u5408ESG\\u56e0\\u7d20\\u6709\\u52a9\\u65bc\\u5275\\u9020\\u4f01\\u696d\\u9577\\u671f\\u50f9\\u503c\\u548c\\u964d\\u4f4e\\u98a8\\u96aa\\u3002ESG\\u6a19\\u6e96\\u61c9\\u8207\\u8ca1\\u52d9\\u91cd\\u8981\\u6027\\u66f4\\u7dca\\u5bc6\\u5730\\u4fdd\\u6301\\u4e00\\u81f4\\uff0c\\u4ee5\\u78ba\\u4fdd\\u6295\\u8cc7\\u6c7a\\u7b56\\u7531\\u6700\\u6709\\u53ef\\u80fd\\u5f71\\u97ff\\u4f01\\u696d\\u98a8\\u96aa\\u72c0\\u6cc1\\u548c\\u8ca1\\u52d9\\u56de\\u5831\\u7684\\u56e0\\u7d20\\u9a45\\u52d5\\u3002 \\u5728\\u5e03\\u5c40\\u5168\\u7403\\u6295\\u8cc7\\u7d44\\u5408\\u7684\\u540c\\u6642\\uff0c\\u61c9\\u8003\\u616e\\u4e0d\\u540c\\u5730\\u5340\\u5728\\u793e\\u6703\\u3001\\u6587\\u5316\\u548c\\u76e3\\u7ba1\\u74b0\\u5883\\u65b9\\u9762\\u7684\\u5dee\\u7570\\uff0c\\u4ee5\\u63d0\\u9ad8ESG\\u6295\\u8cc7\\u7b56\\u7565\\u7684\\u6709\\u6548\\u6027\\u3002\\u4e0d\\u53ef\\u4e0d\\u5bdf\\u7684\\u662f\\uff0c\\u55ae\\u6191ESG\\u6a19\\u6e96\\uff0c\\u96e3\\u4ee5\\u8a8d\\u6e05\\u4f01\\u696d\\u71df\\u904b\\u7684\\u8907\\u96dc\\u6027\\u548c\\u98a8\\u96aa\\u3002\\u6295\\u8cc7\\u8005\\u5b9c\\u5728\\u53c3\\u8003ESG\\u8a55\\u7d1a\\u4e4b\\u9918\\uff0c\\u8f14\\u4ee5\\u50b3\\u7d71\\u7684\\u8ca1\\u52d9\\u8a55\\u4f30\\uff0c\\u900f\\u904e\\u5c0d\\u8ca1\\u52d9\\u696d\\u7e3e\\u3001\\u76e3\\u7ba1\\u5408\\u898f\\u3001\\u7b56\\u7565\\u5f48\\u6027\\uff0c\\u4ee5\\u53caESG\\u5143\\u7d20\\u7684\\u6574\\u5168\\u5206\\u6790\\uff0c\\u5f9e\\u800c\\u6709\\u6548\\u7ba1\\u7406\\u98a8\\u96aa\\u3002 \\u6295\\u8cc7\\u7b56\\u7565\\u9808\\u9762\\u9762\\u4ff1\\u5230 \\u70ba\\u4e86\\u61c9\\u5c0d\\u4e0a\\u8ff0\\u6311\\u6230\\uff0c\\u6295\\u8cc7\\u8005\\u61c9\\u9032\\u884c\\u5fb9\\u5e95\\u7814\\u7a76\\uff0c\\u4ee5\\u8a55\\u4f30\\u516c\\u53f8\\u6240\\u767c\\u8868ESG\\u8072\\u660e\\u7684\\u53ef\\u4fe1\\u5ea6\\u548c\\u771f\\u78ba\\u6027\\u3002\\u4ed4\\u7d30\\u7814\\u7a76ESG\\u8a55\\u7d1a\\u7684\\u65b9\\u6cd5\\uff0c\\u4e26\\u5f9e\\u7368\\u7acbESG\\u7814\\u7a76\\u6a5f\\u69cb\\u7372\\u53d6\\u5c08\\u696d\\u89c0\\u9ede\\u3002\\u5c07ESG\\u5143\\u7d20\\u6574\\u5408\\u5230\\u50b3\\u7d71\\u7684\\u8ca1\\u52d9\\u5206\\u6790\\u4e2d\\uff0c\\u4fbf\\u65bc\\u5168\\u9762\\u4e86\\u89e3\\u4f01\\u696d\\u7684\\u696d\\u7e3e\\u548c\\u98a8\\u96aa\\u3002\\u540c\\u6642\\u8003\\u616e\\u8ca1\\u52d9\\u56de\\u5831\\u548c\\u9577\\u671f\\u53ef\\u6301\\u7e8c\\u6027\\uff0c\\u529b\\u6c42\\u5728ESG\\u76ee\\u6a19\\u548c\\u8ca1\\u52d9\\u76ee\\u6a19\\u4e4b\\u9593\\u53d6\\u5f97\\u5e73\\u8861\\u3002 \\u6295\\u8cc7\\u8005\\u61c9\\u8a72\\u7a4d\\u6975\\u8207\\u4f01\\u696d\\u5408\\u4f5c\\uff0c\\u9f13\\u52f5\\u6539\\u9032ESG\\u5be6\\u8e10\\u3002\\u80a1\\u6771\\u6709\\u6b0a\\u901a\\u904e\\u4ee3\\u7406\\u6295\\u7968\\u3001\\u8207\\u7ba1\\u7406\\u5c64\\u7684\\u5c0d\\u8a71\\uff0c\\u4ee5\\u53ca\\u8207\\u5176\\u4ed6\\u6295\\u8cc7\\u8005\\u7684\\u5408\\u4f5c\\u4f86\\u5f71\\u97ff\\u4f01\\u696d\\u884c\\u70ba\\u3002\\u8207\\u4f01\\u696d\\u5408\\u4f5c\\u6709\\u52a9\\u65bc\\u63a8\\u52d5\\u8b8a\\u9769\\u548c\\u63d0\\u5347ESG\\u6295\\u8cc7\\u7684\\u6709\\u6548\\u6027\\uff0c\\u4e26\\u4fc3\\u9032ESG\\u5831\\u544a\\u7684\\u6a19\\u6e96\\u5316\\u548c\\u900f\\u660e\\u5ea6\\uff1b\\u5236\\u5b9a\\u4e00\\u81f4\\u7684\\u6307\\u6a19\\u548c\\u65b9\\u6cd5\\uff0c\\u5247\\u6709\\u5229\\u65bc\\u5168\\u65b9\\u4f4d\\u5c0d\\u6bd4\\u4e0d\\u540c\\u4f01\\u696d\\u3002 ESG\\u5df2\\u6210\\u70ba\\u5c07\\u53ef\\u6301\\u7e8c\\u6027\\u548c\\u9053\\u5fb7\\u8003\\u616e\\u878d\\u5165\\u6295\\u8cc7\\u7684\\u5de5\\u5177\\uff0c\\u4f46\\u4e5f\\u4e0d\\u80fd\\u62b9\\u6bbaESG\\u76f8\\u95dc\\u9805\\u76ee\\u7684\\u6311\\u6230\\u548c\\u5c40\\u9650\\u6027\\u3002\\u6295\\u8cc7\\u8005\\u5fc5\\u9808\\u514b\\u670d\\u7f3a\\u4e4f\\u6a19\\u6e96\\u5316\\u7684\\u554f\\u984c\\uff0c\\u5e73\\u8861\\u8ca1\\u52d9\\u56de\\u5831\\u8207ESG\\u76ee\\u6a19\\uff0c\\u64f4\\u5927\\u5206\\u6790\\u7bc4\\u570d\\uff0c\\u8003\\u616e\\u6587\\u5316\\u80cc\\u666f\\uff0c\\u52a0\\u4e0a\\u50b3\\u7d71\\u7684\\u8ca1\\u52d9\\u8a55\\u4f30\\u4f86\\u88dc\\u5145ESG\\u5143\\u7d20\\u3002\\u901a\\u904e\\u7a69\\u5065\\u7684\\u8abf\\u67e5\\u3001\\u7d9c\\u5408\\u5206\\u6790\\u3001\\u6301\\u7e8c\\u53c3\\u8207\\uff0c\\u6295\\u8cc7\\u8005\\u4ea6\\u8db3\\u53ef\\u99d5\\u99adESG\\u6295\\u8cc7\\u9762\\u81e8\\u7684\\u7a2e\\u7a2e\\u6311\\u6230\\uff0c\\u4e26\\u5728\\u8ffd\\u6c42\\u8ca1\\u52d9\\u56de\\u5831\\u7684\\u540c\\u6642\\uff0c\\u81f4\\u529b\\u70ba\\u74b0\\u5883\\u3001\\u793e\\u6703\\u53ca\\u7ba1\\u6cbb\\u6210\\u679c\\u4f5c\\u51fa\\u8ca2\\u737b\\u3002 \\u53c3\\u8003\\u8cc7\\u6599 S. Hartzmark and A. Sussman, \\\"Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,\\\" The Journal of Finance, Vol. 74, No. 6 \\uff08December\",\"inLanguage\":\"zh-HK\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-reality-of-sustainable-investing-and-return-on-investment\\\/#breadcrumblist\"},\"datePublished\":\"2024-02-21T16:32:17+08:00\",\"dateModified\":\"2024-02-21T16:34:19+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\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6 - HKU Business School","description":"\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002 \u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f \u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078 \u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002 \u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002 \u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002 \u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe \u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002 \u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002 \u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002 \u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002 \u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996 \u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002 \u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002 \u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002 \u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002 \u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230 \u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002 \u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002 ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002 \u53c3\u8003\u8cc7\u6599 S. Hartzmark and A. Sussman, \"Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,\" The Journal of Finance, Vol. 74, No. 6 \uff08December","canonical_url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"google-site-verification":"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo","miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#listItem","position":1,"name":"Home","item":"https:\/\/www.hkubs.hku.hk\/tc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","name":"\u9f8d\u864e\u5c71\u4e0b"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","position":2,"name":"\u9f8d\u864e\u5c71\u4e0b","item":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/#listItem","name":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/#listItem","position":3,"name":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6","previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","name":"\u9f8d\u864e\u5c71\u4e0b"}}]},{"@type":"Organization","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization","name":"HKU Business School","url":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"@type":"WebPage","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/#webpage","url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/","name":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6 - HKU Business School","description":"\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002 \u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f \u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078 \u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002 \u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002 \u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002 \u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe \u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002 \u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002 \u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002 \u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002 \u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996 \u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002 \u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002 \u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002 \u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002 \u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230 \u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002 \u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002 ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002 \u53c3\u8003\u8cc7\u6599 S. Hartzmark and A. Sussman, \"Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,\" The Journal of Finance, Vol. 74, No. 6 \uff08December","inLanguage":"zh-HK","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/#breadcrumblist"},"datePublished":"2024-02-21T16:32:17+08:00","dateModified":"2024-02-21T16:34:19+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":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6 - HKU Business School","og:description":"\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002 \u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f \u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078 \u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002 \u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002 \u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002 \u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe \u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002 \u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002 \u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002 \u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002 \u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996 \u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002 \u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002 \u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002 \u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002 \u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230 \u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002 \u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002 ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002 \u53c3\u8003\u8cc7\u6599 S. Hartzmark and A. Sussman, &quot;Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,&quot; The Journal of Finance, Vol. 74, No. 6 \uff08December","og:url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/","article:published_time":"2024-02-21T08:32:17+00:00","article:modified_time":"2024-02-21T08:34:19+00:00","twitter:card":"summary_large_image","twitter:title":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6 - HKU Business School","twitter:description":"\u53ef\u6301\u7e8c\u6295\u8cc7\u65b9\u8208\u672a\u827e\uff0c2023\u5e74\u8cc7\u7522\u7e3d\u503c\u5df2\u589e\u81f33\u842c\u5104\u7f8e\u5143\uff1b\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u8868\u73fe\u52dd\u904e2022\u5e74\uff0c\u60df\u5728\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u537b\u8868\u73fe\u4e0d\u4e00\u3002\u64da\u7f8e\u570b\u91d1\u878d\u670d\u52d9\u516c\u53f8\u6668\u661f\uff08Morningstar\uff09\u53bb\u5e7412\u6708\u767c\u8868\u7684\u5831\u544a\uff0c\u82e5\u8207\u50b3\u7d71\u57fa\u91d1\u76f8\u6bd4\uff0c\u53ef\u6301\u7e8c\u57fa\u91d1\u7565\u898b\u905c\u8272\u3002 \u8fd1\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u9010\u6f38\u6ce8\u91cd\u7da0\u8272\u74b0\u4fdd\u7522\u696d\uff0c\u8a8d\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\uff08Environmental, Social, and Governance\uff1b\u7c21\u7a31ESG\uff09\u6709\u52a9\u65bc\u4f01\u696d\u4e0d\u65b7\u5275\u65b0\uff0c\u8db3\u4ee5\u5efa\u7acb\u53ef\u6301\u7e8c\u7684\u672a\u4f86\uff0c\u4e26\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u6a5f\u6703\u3002\u8a31\u591a\u6295\u8cc7\u57fa\u91d1\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u56e0\u6b64\u5c07\u4e4b\u7d0d\u5165\u6295\u8cc7\u6c7a\u7b56\u3002\u90a3\u9ebc\uff0c\u6295\u8cc7\u8005\u7684\u53d6\u5411\u53ca\u53ef\u6301\u7e8c\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5c0d\u4fc3\u9032\u53ef\u6301\u7e8c\u5be6\u8e10\u6709\u4f55\u5be6\u8cea\u4f5c\u7528\uff1f \u6295\u8cc7\u7b56\u7565\u5143\u7d20\u5982\u4f55\u7be9\u9078 \u6a5f\u69cb\u6295\u8cc7\u8005\u548c\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u53ef\u901a\u904eESG\u6574\u5408\uff0c\u5c07\u6b64\u4e09\u5927\u7bc4\u7587\u7d0d\u5165\u5176\u6295\u8cc7\u5206\u6790\u548c\u6c7a\u7b56\u904e\u7a0b\uff0c\u91dd\u5c0dESG\u98a8\u96aa\u548c\u6a5f\u6703\uff0c\u4ee5\u53ca\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\uff0c\u4ee5\u8a55\u4f30\u6295\u8cc7\u7684\u9577\u671f\u53ef\u6301\u7e8c\u6027\u548c\u696d\u7e3e\u3002\u8a02\u5b9a\u6295\u8cc7\u6c7a\u7b56\u4e4b\u524d\uff0c\u4ea6\u53ef\u900f\u904eESG\u6578\u64da\u548c\u6307\u6578\uff0c\u4f8b\u5982\u78b3\u6392\u653e\u3001MSCI ESG\u8a55\u7d1a\uff0c\u5f9e\u800c\u8a55\u4f30\u4f01\u696d\u7684ESG\u8868\u73fe\u3002 \u8a55\u4f30\u4f01\u696dESG\u5831\u544a\u7684\u8cea\u91cf\u548c\u900f\u660e\u5ea6\uff0c\u6709\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u660e\u667a\u7684\u6c7a\u5b9a\u3002\u7e7c2013\u5e74\u516c\u5e03\u300a\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u5831\u544a\u6307\u5f15\u300b\u5f8c\uff0c\u6e2f\u4ea4\u6240\u898f\u5b9a\uff0c\u6240\u6709\u4e0a\u5e02\u516c\u53f8\u81ea2016\u5e74\u8d77\u5fc5\u9808\u767c\u8868ESG\u5e74\u5831\uff1b\u5176\u5f8c\u53c8\u5728\u6307\u5f15\u4e2d\u52a0\u5165\u65b0\u898f\u5b9a\uff0c\u805a\u7126\u4e0a\u5e02\u516c\u53f8\u8463\u4e8b\u6703\u76e3\u7763ESG\u4e8b\u5b9c\uff0c\u4ee5\u53ca\u91cd\u5927\u6c23\u5019\u8b8a\u5316\u98a8\u96aa\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u9019\u4e9b\u76e3\u7ba1\u6846\u67b6\u70ba\u4f01\u696d\u62ab\u9732\u6c23\u5019\u76f8\u95dc\u98a8\u96aa\u548c\u6a5f\u6703\u63d0\u4f9b\u4e86\u6307\u5c0e\u65b9\u91dd\u3002 \u82e5\u6a5f\u69cb\u6295\u8cc7\u8005\u5c07ESG\u4e3b\u984c\u7d0d\u5165\u5176\u6295\u8cc7\u7b56\u7565\uff0c\u53ef\u5c08\u6ce8\u65bc\u7279\u5b9a\u7684\u53ef\u6301\u7e8c\u767c\u5c55\u4e3b\u984c\uff0c\u4f8b\u5982\u53ef\u518d\u751f\u80fd\u6e90\u6216\u7bc0\u7d04\u7528\u6c34\uff0c\u4f7f\u6295\u8cc7\u6c7a\u7b56\u8207\u7279\u5b9a\u793e\u6703\u76ee\u6a19\u4fdd\u6301\u4e00\u81f4\uff0c\u65e2\u53ef\u652f\u63f4\u7da0\u8272\u7522\u696d\uff0c\u540c\u6642\u5c0b\u6c42\u8ca1\u52d9\u56de\u5831\u3002 \u53e6\u4e00\u65b9\u9762\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u6309\u8ca0\u9762\u689d\u4ef6\u70ba\u4f9d\u64da\uff0c\u5254\u9664\u4e0d\u7b26\u5408\u7279\u5b9aESG\u6a19\u6e96\u7684\u4f01\u696d\uff0c\u4f8b\u5982\u907f\u514d\u6295\u8cc7\u7159\u8349\u3001\u6b66\u5668\u6216\u5316\u77f3\u71c3\u6599\u7b49\u884c\u696d\u3002\u8ca0\u9762\u7be9\u9078\u4f7f\u6295\u8cc7\u8005\u80fd\u5c07\u5176\u6295\u8cc7\u7d44\u5408\u8207\u50f9\u503c\u89c0\u639b\u920e\uff0c\u4e26\u6392\u9664\u8207\u5176ESG\u76ee\u6a19\u4e0d\u4e00\u81f4\u7684\u6295\u8cc7\u9805\u76ee\u3002\u53e6\u5916\uff0c\u5f71\u97ff\u529b\u6295\u8cc7\uff08impact investing\uff09\u4e0d\u50c5\u8ffd\u6c42\u6295\u8cc7\u56de\u5831\uff0c\u9084\u7a4d\u6975\u5c0b\u6c42\u6295\u653e\u65bc\u53ef\u7522\u751f\u793e\u6703\u548c\u74b0\u5883\u6548\u76ca\u7684\u9805\u76ee\u6216\u4f01\u696d\uff0c\u5982\u652f\u6301\u6276\u8ca7\u7d13\u56f0\u3002\u9019\u4e9b\u6295\u8cc7\u9805\u76ee\u65e8\u5728\u7522\u751f\u53ef\u8861\u91cf\u7684\u793e\u6703\u548c\u74b0\u5883\u5f71\u97ff\u4ee5\u53ca\u8ca1\u52d9\u6536\u76ca\uff1b\u901a\u904e\u7d0d\u5165ESG\u8003\u616e\u56e0\u7d20\uff0c\u6295\u8cc7\u8005\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u4e5f\u80fd\u70ba\u793e\u6703\u548c\u74b0\u5883\u51fa\u4e00\u5206\u529b\u3002 \u5256\u6790\u6295\u8cc7\u5be6\u8cea\u8868\u73fe \u7f8e\u570b\u6709\u7d93\u6fdf\u5b78\u8005\u66fe\u7814\u7a76\u53ef\u6301\u7e8c\u6027\u8a55\u4f30\u8207\u6295\u8cc7\u8868\u73fe\u7684\u95dc\u4fc2\uff0c\u901a\u904e\u5206\u6790\u7f8e\u570b2\u842c\u500b\u3001\u7e3d\u503c8\u842c\u5104\u7f8e\u5143\u7684\u4e92\u60e0\u57fa\u91d1\uff08Mutual Funds\uff09\u5e02\u5834\uff0c\u7d50\u679c\u986f\u793a\uff0c\u5e02\u5834\u6295\u8cc7\u8005\u666e\u904d\u91cd\u8996\u6295\u8cc7\u7684\u53ef\u6301\u7e8c\u6027\uff0c\u88ab\u6b78\u985e\u70ba\u53ef\u6301\u7e8c\u6027\u4f4e\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u6de8\u6d41\u51fa\u8cc7\u91d1\u8d85\u904e120\u5104\u7f8e\u5143\uff1b\u800c\u53ef\u6301\u7e8c\u6027\u9ad8\u7684\u4e92\u60e0\u57fa\u91d1\uff0c\u5176\u6de8\u6d41\u5165\u5247\u903e240\u5104\u7f8e\u5143\u3002\u81f3\u65bc\u53ef\u6301\u7e8c\u6027\u9ad8\u57fa\u91d1\u7684\u6295\u8cc7\u56de\u5831\u662f\u5426\u5fc5\u5b9a\u512a\u65bc\u53ef\u6301\u7e8c\u6027\u4f4e\u57fa\u91d1\uff0c\u5247\u672a\u6709\u5145\u5206\u8b49\u64da\u53ef\u8cc7\u8b49\u660e\u3002 \u5118\u7ba1\u5f37\u8abf\u793e\u6703\u8cac\u4efb\u7684\u80a1\u7968\u548c\u57fa\u91d1\u8fd1\u5e74\u6fc0\u589e\uff0c\u537b\u53ef\u80fd\u826f\u83a0\u4e0d\u9f4a\u3002\u6709\u897f\u65b9\u5b78\u8005\u9032\u884c\u7814\u7a76\uff0c\u628a2010\u81f32018\u5e74\u671f\u9593\u7531\u540c\u4e00\u91d1\u878d\u6a5f\u69cb\u7ba1\u7406\u7684\u7f8e\u570bESG\u57fa\u91d1\u8207\u975eESG\u57fa\u91d1\u52a0\u4ee5\u5c0d\u6bd4\uff0c\u767c\u73feESG\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e0d\u5c11\u516c\u53f8\uff0c\u5728\u9075\u5b88\u52de\u5de5\u548c\u74b0\u5883\u6cd5\u4f8b\u7684\u7d00\u9304\u90fd\u8f03\u5dee\u3002 \u7e31\u4f7fESG\u57fa\u91d1\u5167\u6295\u8cc7\u7d44\u5408\u516c\u53f8\u7684\u5e73\u5747ESG\u5f97\u5206\u8f03\u9ad8\uff0c\u4f46\u8207\u6301\u6709\u516c\u53f8\u7684\u5408\u898f\u7d00\u9304\u6216\u5be6\u969b\u78b3\u6392\u653e\u91cf\u7121\u95dc\u3002\u4f8b\u5982\uff0c\u6709\u95dc\u516c\u53f8\u96d6\u81ea\u9858\u62ab\u9732\u78b3\u6392\u653e\u8868\u73fe\uff0c\u4f46\u4e5f\u6301\u6709\u78b3\u6392\u653e\u91cf\u8f03\u9ad8\u7684\u80a1\u7968\u3002\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cESG\u57fa\u91d1\u4f3c\u4e26\u672a\u514c\u73fe\u5c0d\u6301\u4efd\u8005\u7684ESG\u8afe\uff0c\u800c\u4e14\u6536\u8cbb\u9ad8\u6602\uff0c\u4f46\u6295\u8cc7\u56de\u5831\u8868\u73fe\u537b\u4e0d\u53ca\u5176\u4ed6\u57fa\u91d1\u3002 \u5118\u7ba1\u53ef\u6301\u7e8c\u6027\u767c\u5c55\u751a\u5177\u6f5b\u529b\uff0c\u50b3\u7d71\u884c\u696d\u76f8\u61c9\u8f49\u578b\u537b\u6311\u6230\u91cd\u91cd\uff0c\u5305\u62ec\u524d\u671f\u8cc7\u672c\u6210\u672c\u4e0d\u83f2\u3001\u76e3\u7ba1\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u548c\u4f9d\u8cf4\u653f\u5e9c\u88dc\u8cbc\u3001\u7af6\u722d\u6fc0\u70c8\u548c\u8cc7\u672c\u5bc6\u96c6\u3001\u4f9b\u61c9\u93c8\u4e2d\u65b7\u3001\u7814\u767c\u53ca\u57fa\u790e\u8a2d\u65bd\u5347\u7d1a\u7684\u652f\u51fa\u9ad8\u6602\u3002\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5f71\u97ff\u4f01\u696d\u76c8\u5229\u80fd\u529b\uff0c\u4e26\u963b\u7919\u77ed\u671f\u6295\u8cc7\u56de\u5831\uff1b\u53d7\u5f71\u97ff\u7684\u884c\u696d\u5305\u62ec\u53ef\u518d\u751f\u80fd\u6e90\u3001\u96fb\u52d5\u6c7d\u8eca\u548c\u8fb2\u696d\u3002 \u6295\u8cc7\u771f\u76f8\u4e0d\u5bb9\u5ffd\u8996 \u5728\u6025\u529f\u8fd1\u5229\u7684\u60c5\u6cc1\u4e0b\uff0cESG\u6295\u8cc7\u4e0d\u514d\u51fa\u73fe\u300c\u6f02\u7da0\u300d\uff08greenwashing\uff09\u554f\u984c\uff0c\u5373\u4f01\u696d\u6216\u6295\u8cc7\u7522\u54c1\u8a87\u5927\u6216\u6b6a\u66f2\u5176ESG\u5143\u7d20\uff0c\u6216\u6703\u7d66\u6295\u8cc7\u8005\u5e36\u4f86\u7591\u60d1\u3002\u6b64\u5916\uff0c\u7531\u65bc\u7f3a\u4e4f\u5ba2\u89c0\u5831\u544aESG\u7e3e\u6548\u7684\u6a19\u6e96\u5316\u6846\u67b6\u548c\u6307\u6a19\uff0c\u6295\u8cc7\u8005\u4e0d\u6613\u5340\u5206\u771f\u5047\u3002 \u81f3\u65bc\u8a55\u7d1a\u4e00\u74b0\uff0c\u65e2\u672a\u80fd\u5168\u9762\u53cd\u6620ESG\u554f\u984c\u7684\u8907\u96dc\u6027\uff0c\u4e5f\u7121\u6cd5\u5145\u5206\u8003\u616e\u7279\u5b9a\u884c\u696d\u7684\u80cc\u666f\uff0c\u6295\u8cc7\u8005\u61c9\u76e1\u91cf\u5c0d\u6240\u6d89\u56e0\u7d20\u6df1\u5165\u7406\u89e3\u3002\u9451\u65bcESG\u6295\u8cc7\u5f80\u5f80\u96c6\u4e2d\u5728\u5df2\u7d93\u5efa\u7acb\u5b8c\u5584ESG\u7cfb\u7d71\u7684\u5927\u578b\u4f01\u696d\uff0c\u5c0f\u578b\u516c\u53f8\u548c\u65b0\u8208\u5e02\u5834\u6240\u80fd\u7372\u5f97\u7684ESG\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u6709\u9650\uff0c\u6295\u8cc7\u8005\u4e0d\u59a8\u6f01\u7fc1\u6492\u7db2\uff0c\u64f4\u5927\u6295\u8cc7\u7bc4\u570d\u3002 \u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u5c0d\u6295\u8cc7\u8005\u4f86\u8aaa\u4e5f\u662f\u6311\u6230\u3002ESG\u5be6\u8e10\u56e0\u524d\u671f\u6210\u672c\u9ad8\u6602\uff0c\u6216\u6703\u5f71\u97ff\u4f01\u696d\u7684\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u3002\u7136\u800c\uff0c\u6709\u7814\u7a76\u986f\u793a\uff0c\u6574\u5408ESG\u56e0\u7d20\u6709\u52a9\u65bc\u5275\u9020\u4f01\u696d\u9577\u671f\u50f9\u503c\u548c\u964d\u4f4e\u98a8\u96aa\u3002ESG\u6a19\u6e96\u61c9\u8207\u8ca1\u52d9\u91cd\u8981\u6027\u66f4\u7dca\u5bc6\u5730\u4fdd\u6301\u4e00\u81f4\uff0c\u4ee5\u78ba\u4fdd\u6295\u8cc7\u6c7a\u7b56\u7531\u6700\u6709\u53ef\u80fd\u5f71\u97ff\u4f01\u696d\u98a8\u96aa\u72c0\u6cc1\u548c\u8ca1\u52d9\u56de\u5831\u7684\u56e0\u7d20\u9a45\u52d5\u3002 \u5728\u5e03\u5c40\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u540c\u6642\uff0c\u61c9\u8003\u616e\u4e0d\u540c\u5730\u5340\u5728\u793e\u6703\u3001\u6587\u5316\u548c\u76e3\u7ba1\u74b0\u5883\u65b9\u9762\u7684\u5dee\u7570\uff0c\u4ee5\u63d0\u9ad8ESG\u6295\u8cc7\u7b56\u7565\u7684\u6709\u6548\u6027\u3002\u4e0d\u53ef\u4e0d\u5bdf\u7684\u662f\uff0c\u55ae\u6191ESG\u6a19\u6e96\uff0c\u96e3\u4ee5\u8a8d\u6e05\u4f01\u696d\u71df\u904b\u7684\u8907\u96dc\u6027\u548c\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u5b9c\u5728\u53c3\u8003ESG\u8a55\u7d1a\u4e4b\u9918\uff0c\u8f14\u4ee5\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\uff0c\u900f\u904e\u5c0d\u8ca1\u52d9\u696d\u7e3e\u3001\u76e3\u7ba1\u5408\u898f\u3001\u7b56\u7565\u5f48\u6027\uff0c\u4ee5\u53caESG\u5143\u7d20\u7684\u6574\u5168\u5206\u6790\uff0c\u5f9e\u800c\u6709\u6548\u7ba1\u7406\u98a8\u96aa\u3002 \u6295\u8cc7\u7b56\u7565\u9808\u9762\u9762\u4ff1\u5230 \u70ba\u4e86\u61c9\u5c0d\u4e0a\u8ff0\u6311\u6230\uff0c\u6295\u8cc7\u8005\u61c9\u9032\u884c\u5fb9\u5e95\u7814\u7a76\uff0c\u4ee5\u8a55\u4f30\u516c\u53f8\u6240\u767c\u8868ESG\u8072\u660e\u7684\u53ef\u4fe1\u5ea6\u548c\u771f\u78ba\u6027\u3002\u4ed4\u7d30\u7814\u7a76ESG\u8a55\u7d1a\u7684\u65b9\u6cd5\uff0c\u4e26\u5f9e\u7368\u7acbESG\u7814\u7a76\u6a5f\u69cb\u7372\u53d6\u5c08\u696d\u89c0\u9ede\u3002\u5c07ESG\u5143\u7d20\u6574\u5408\u5230\u50b3\u7d71\u7684\u8ca1\u52d9\u5206\u6790\u4e2d\uff0c\u4fbf\u65bc\u5168\u9762\u4e86\u89e3\u4f01\u696d\u7684\u696d\u7e3e\u548c\u98a8\u96aa\u3002\u540c\u6642\u8003\u616e\u8ca1\u52d9\u56de\u5831\u548c\u9577\u671f\u53ef\u6301\u7e8c\u6027\uff0c\u529b\u6c42\u5728ESG\u76ee\u6a19\u548c\u8ca1\u52d9\u76ee\u6a19\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002 \u6295\u8cc7\u8005\u61c9\u8a72\u7a4d\u6975\u8207\u4f01\u696d\u5408\u4f5c\uff0c\u9f13\u52f5\u6539\u9032ESG\u5be6\u8e10\u3002\u80a1\u6771\u6709\u6b0a\u901a\u904e\u4ee3\u7406\u6295\u7968\u3001\u8207\u7ba1\u7406\u5c64\u7684\u5c0d\u8a71\uff0c\u4ee5\u53ca\u8207\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u5408\u4f5c\u4f86\u5f71\u97ff\u4f01\u696d\u884c\u70ba\u3002\u8207\u4f01\u696d\u5408\u4f5c\u6709\u52a9\u65bc\u63a8\u52d5\u8b8a\u9769\u548c\u63d0\u5347ESG\u6295\u8cc7\u7684\u6709\u6548\u6027\uff0c\u4e26\u4fc3\u9032ESG\u5831\u544a\u7684\u6a19\u6e96\u5316\u548c\u900f\u660e\u5ea6\uff1b\u5236\u5b9a\u4e00\u81f4\u7684\u6307\u6a19\u548c\u65b9\u6cd5\uff0c\u5247\u6709\u5229\u65bc\u5168\u65b9\u4f4d\u5c0d\u6bd4\u4e0d\u540c\u4f01\u696d\u3002 ESG\u5df2\u6210\u70ba\u5c07\u53ef\u6301\u7e8c\u6027\u548c\u9053\u5fb7\u8003\u616e\u878d\u5165\u6295\u8cc7\u7684\u5de5\u5177\uff0c\u4f46\u4e5f\u4e0d\u80fd\u62b9\u6bbaESG\u76f8\u95dc\u9805\u76ee\u7684\u6311\u6230\u548c\u5c40\u9650\u6027\u3002\u6295\u8cc7\u8005\u5fc5\u9808\u514b\u670d\u7f3a\u4e4f\u6a19\u6e96\u5316\u7684\u554f\u984c\uff0c\u5e73\u8861\u8ca1\u52d9\u56de\u5831\u8207ESG\u76ee\u6a19\uff0c\u64f4\u5927\u5206\u6790\u7bc4\u570d\uff0c\u8003\u616e\u6587\u5316\u80cc\u666f\uff0c\u52a0\u4e0a\u50b3\u7d71\u7684\u8ca1\u52d9\u8a55\u4f30\u4f86\u88dc\u5145ESG\u5143\u7d20\u3002\u901a\u904e\u7a69\u5065\u7684\u8abf\u67e5\u3001\u7d9c\u5408\u5206\u6790\u3001\u6301\u7e8c\u53c3\u8207\uff0c\u6295\u8cc7\u8005\u4ea6\u8db3\u53ef\u99d5\u99adESG\u6295\u8cc7\u9762\u81e8\u7684\u7a2e\u7a2e\u6311\u6230\uff0c\u4e26\u5728\u8ffd\u6c42\u8ca1\u52d9\u56de\u5831\u7684\u540c\u6642\uff0c\u81f4\u529b\u70ba\u74b0\u5883\u3001\u793e\u6703\u53ca\u7ba1\u6cbb\u6210\u679c\u4f5c\u51fa\u8ca2\u737b\u3002 \u53c3\u8003\u8cc7\u6599 S. Hartzmark and A. Sussman, &quot;Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows,&quot; The Journal of Finance, Vol. 74, No. 6 \uff08December"},"aioseo_meta_data":{"post_id":"208415","title":null,"description":null,"keywords":[],"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":[],"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"WebPage","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":0,"ai":null,"created":"2024-02-21 08:33:53","updated":"2024-02-21 08:34:24","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/tc\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/\" title=\"\u9f8d\u864e\u5c71\u4e0b\">\u9f8d\u864e\u5c71\u4e0b<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"label":"\u9f8d\u864e\u5c71\u4e0b","link":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/"},{"label":"\u53ef\u6301\u7e8c\u6295\u8cc7\u8207\u56de\u5831\u73fe\u5be6","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-reality-of-sustainable-investing-and-return-on-investment\/"}],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/208415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":2,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/208415\/revisions"}],"predecessor-version":[{"id":208418,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/208415\/revisions\/208418"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/media?parent=208415"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/tags?post=208415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}