{"title":"ESG标准对公司估值的影响:应用于油气行业的定量方法","authors":"Antonio García Amate","doi":"10.25115/sae.v41i2.9186","DOIUrl":null,"url":null,"abstract":"The integration of Environmental, Social and Governance (ESG) criteria implies that they must be explicitly introduced into valuation models and investment decisions. Socially Responsible Investment (SRI) does not take into account this integration, so it is necessary to know the real impact that ESG criteria have on the valuation of actions to carry out effective investment decisions. The approach used is the Value – Drivers Adjustment (VDA) through the Discounted Cash Flow (DFC) method for Shell PLC as one of the most influential O&G companies in the energy transition. The results of the analysis reveal that the impact of ESG criteria on valuation translates into a reduction of 29.11% of its target price. The need for investment and the rising cost of capital explain these result. This results in a more comprehensive valuation method, where ESG criteria are no longer supplementary information and become indirect financial elements.\n \n ","PeriodicalId":210068,"journal":{"name":"Studies of Applied Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Effect of ESG Criteria on Company Valuation: A Quantitative Approach Applied to the O&G Sector\",\"authors\":\"Antonio García Amate\",\"doi\":\"10.25115/sae.v41i2.9186\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The integration of Environmental, Social and Governance (ESG) criteria implies that they must be explicitly introduced into valuation models and investment decisions. Socially Responsible Investment (SRI) does not take into account this integration, so it is necessary to know the real impact that ESG criteria have on the valuation of actions to carry out effective investment decisions. The approach used is the Value – Drivers Adjustment (VDA) through the Discounted Cash Flow (DFC) method for Shell PLC as one of the most influential O&G companies in the energy transition. The results of the analysis reveal that the impact of ESG criteria on valuation translates into a reduction of 29.11% of its target price. The need for investment and the rising cost of capital explain these result. This results in a more comprehensive valuation method, where ESG criteria are no longer supplementary information and become indirect financial elements.\\n \\n \",\"PeriodicalId\":210068,\"journal\":{\"name\":\"Studies of Applied Economics\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-05-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Studies of Applied Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.25115/sae.v41i2.9186\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Studies of Applied Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.25115/sae.v41i2.9186","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Effect of ESG Criteria on Company Valuation: A Quantitative Approach Applied to the O&G Sector
The integration of Environmental, Social and Governance (ESG) criteria implies that they must be explicitly introduced into valuation models and investment decisions. Socially Responsible Investment (SRI) does not take into account this integration, so it is necessary to know the real impact that ESG criteria have on the valuation of actions to carry out effective investment decisions. The approach used is the Value – Drivers Adjustment (VDA) through the Discounted Cash Flow (DFC) method for Shell PLC as one of the most influential O&G companies in the energy transition. The results of the analysis reveal that the impact of ESG criteria on valuation translates into a reduction of 29.11% of its target price. The need for investment and the rising cost of capital explain these result. This results in a more comprehensive valuation method, where ESG criteria are no longer supplementary information and become indirect financial elements.
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