港交所报告指ESG股票指数可以与传统指数媲美或更胜一筹
港交所首席中国经济学家办公室发表有关ESG股票指数的研究报告指,ESG股票指数可以与传统指数媲美或更胜一筹,可持续投资日渐受国际市场重视,究其原因,主要是受《巴黎协定》和其他国际社会为应对全球气候变化的问题作出的努力所推动。实际上,市场相信顾及环境、社会和企业管治(ESG)因素的投资能支持长远经济及业务的可持续发展。
另外,投资者在拣选投资组合时,也更倾向将ESG纳入考虑因素,支持他们认为有助解决人类面对的环境和社会问题的公司和技术。
报告并指,现时投资者的ESG投资大多配置於股本证券和债券。自美国於1990年推出首只ESG指数以来,投资者对可持续投资的兴趣有增无减,令这类指数日益盛行。现时全球可供投资者选择的ESG指数过千只,当中很多都是被动型交易所买卖基金(ETF)、指数期货和其他相关产品的基准指数。
研究发现,许多时候ESG指数的风险回报就算不是比其母指数更胜一筹,表现也相差不远。有些ESG指数(主要是地区指数)在一些情况下比其母指数有较高的回报率或较小的回报率波幅,而这情况通常较ESG指数比其母指数有较低回报率或较大回报率波幅的情况更常见。所研究的23对指数中,有13对的ESG指数的平均每日回报率比其母指数高,当中8对在统计上有显着性的差异。研究更发现,有多个ESG指数(主要是地区指数)在不同长短投资期内的风险回报均优於其母指数。
报告指,上述有关ESG指数的风险回报表现许多时候与母指数相若、甚至更佳的这项研究结果,与多项研究发现公司的ESG表现与其财务业绩有正向关系的研究结果是一致的。其他可能驱动ESG指数有更佳表现的因素包括:投资者对ESG表现较佳的公司有较高的评价,以及投资者对不同的ESG投资策略有所偏好,以追求其道德投资的目标。这些研究结果意味着ESG指数方面的投资在追求合符道德投资的同时,不一定会牺牲财务回报,其回报更可能会比传统的投资优胜。
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