ESG投资价值与ESG指数投资

1、esg1esg4esg2 esg5esg30.20.10-0. I-0.2-0.3-0.422.0%21.0%20.5%20.0%19.5%19.0%18.0%ESG0M#t#esglesg2esg3esg4esg5Friede, Busch, Bassen (20l5)iJ 7g1970 & R 2014 & 2000 K ESG 0 N& U &kk Q Q ESG A4Gregory Tharyan fi Whittaker 2014 ) J&TT*a ESGI $5100%3.5%80%3.0%60%2.5%40%2.0%20%1.5%0%1.0%-20%0.5%-40%0.0%-60

2、%20141220150620l5l22016062016t22017062017l220180620l82-0.5%Tx*)(KEsG2?), 6I%*+9 A9?*M*),.6ESG1 Q ROE k2018Q Q2015100esglesg2esg3esg4esg5esg1 esg4esg2 esg5esg30.20.10-0.1-0.2-0.4300%250%200%150%100%50%omn* 2018Qesglesg2esg3esg4esg57jJNJQ Eccles. loannou H Serafeim2014 ) &106420esglesg2esg3esg4esg51.1

3、52.5max1 .11.0510.950.90.850.8esg1esg2esg3esg4esg52min -92%91%90%89%gg/87%86%85%2362302241.6%2.0%2.1%2.1%3.4%2.5%5.7%6.1%6.8%7.4%12.1%9.4%I 1.2%9.4%8.2%TL3% T0.3%41.1%38.2% 0.0%10.0%20.0%30.0%40.0%50.0% 300 ESG i N3000.612.1%12.2%2.0%2.1%/300 300 ESG i 300 300 ESGj,P 300 300 ESGROE11 2 M E i% $ 5 &

4、( 2017.6-2020.2 )K 300300 ESG201712.7%16.5%2018-25.3%-24.3%201936.1%36.6%2020-3.8%1.3%.3%7.4%7.6%5.6%20.1%28.0%140012001000800600 40020008%3007%6%5%4%3%2%0%-1% 120.90.612.1%12.4%2.0%2.0%I 300 300 ESG IP R300 300 ESG ) 300 300 ESGROE42.5/5 44%.1%8.4%11.2%41 2%38.2%1314006%4%2%0%300 ESG201712.7%17.6%2018-25.3%-24.9%201936.1%36.8%2020-3.g%-4.4% 3/1.5%7.4%7.7%3.3%5.5%19.6%20.5%17.0%27.0%12001000800600400200! 411.2210.167.600.64 0.75 0.790.90.7300 ESG iP 300 300 300ESGQ PE10%ESG 201715.2%18.4%2018-19.1%-24.8%201924.1%37.8%2020-8.6