利用被动基金促进可持续发展

Q4 Economics, Econometrics and Finance Journal of Index Investing Pub Date : 2019-06-25 DOI:10.3905/jii.2019.1.071
Benoît Mercereau, João Paulo C. C. Sertã, Constance Gavini
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引用次数: 5

摘要

可持续指数基金正成为主流。一个自然的问题是,这些基金在促进可持续性方面做得如何?他们可以通过两种方式做到这一点:通过影响企业的资本成本;通过投票和参与管理。两者都是经验性的。此外,推动ESG为股东创造了财务价值。不过,可持续指数基金使用这两种推广手段的效果差别很大。例如,37%的可持续指数基金的ESG得分低于其非ESG基准。只有16%的公司不仅进行了简单的负面筛选,而且超越了特定主题,同时将ESG得分提高了至少5%,并避免了衍生品。可持续指数基金的数量和成熟度应该会继续增长。因此,分析它们的框架是及时的。主题:ESG投资,共同基金/被动投资/指数,绩效评估
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Promoting Sustainability Using Passive Funds
Sustainable index funds are becoming mainstream. A natural question is how well these funds promote sustainability. They can do so in two ways: by influencing firms’ cost of capital; and by voting and engaging management. Both work empirically. Moreover, promoting ESG creates financial value for shareholders. How well sustainable index funds use these two promotion levers varies a lot, though. For example, 37% of sustainable index funds have a lower ESG score than their non-ESG benchmark. Only 16% perform more than a simple negative screening and go beyond specific themes while improving ESG scores by at least 5% and avoiding derivatives. The number and sophistication of sustainable index funds should continue to grow. Frameworks for analyzing them are therefore timely. TOPICS: ESG investing, mutual funds/passive investing/indexing, performance measurement
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来源期刊
Journal of Index Investing
Journal of Index Investing Economics, Econometrics and Finance-Finance
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