港交所報告指ESG股票指數可以與傳統指數媲美或更勝一籌
港交所首席中國經濟學家辦公室發表有關ESG股票指數的研究報告指,ESG股票指數可以與傳統指數媲美或更勝一籌,可持續投資日漸受國際市場重視,究其原因,主要是受《巴黎協定》和其他國際社會為應對全球氣候變化的問題作出的努力所推動。實際上,市場相信顧及環境、社會和企業管治(ESG)因素的投資能支持長遠經濟及業務的可持續發展。
另外,投資者在揀選投資組合時,也更傾向將ESG納入考慮因素,支持他們認為有助解決人類面對的環境和社會問題的公司和技術。
報告並指,現時投資者的ESG投資大多配置於股本證券和債券。自美國於1990年推出首隻ESG指數以來,投資者對可持續投資的興趣有增無減,令這類指數日益盛行。現時全球可供投資者選擇的ESG指數過千隻,當中很多都是被動型交易所買賣基金(ETF)、指數期貨和其他相關產品的基準指數。
研究發現,許多時候ESG指數的風險回報就算不是比其母指數更勝一籌,表現也相差不遠。有些ESG指數(主要是地區指數)在一些情況下比其母指數有較高的回報率或較小的回報率波幅,而這情況通常較ESG指數比其母指數有較低回報率或較大回報率波幅的情況更常見。所研究的23對指數中,有13對的ESG指數的平均每日回報率比其母指數高,當中8對在統計上有顯著性的差異。研究更發現,有多個ESG指數(主要是地區指數)在不同長短投資期內的風險回報均優於其母指數。
報告指,上述有關ESG指數的風險回報表現許多時候與母指數相若、甚至更佳的這項研究結果,與多項研究發現公司的ESG表現與其財務業績有正向關係的研究結果是一致的。其他可能驅動ESG指數有更佳表現的因素包括:投資者對ESG表現較佳的公司有較高的評價,以及投資者對不同的ESG投資策略有所偏好,以追求其道德投資的目標。這些研究結果意味著ESG指數方面的投資在追求合符道德投資的同時,不一定會犧牲財務回報,其回報更可能會比傳統的投資優勝。
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