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華坊諮詢：ESG表現優秀利公司估值
華坊諮詢評估可持續發展顧問劉凱琦表示，發行綠債、可持續掛鈎表現票據，甚至着手參與減碳，以至興建項目時達至LEED或BEAM國際標準，都能夠改善ESG表現。當中表現優秀者更通常在風險控制上表現較好，也可利用其競爭優勢產生更高盈利，因此估值上會對現金流量、風險和資金成本均帶來正面影響。在公司估值之外，劉凱琦更引述香港理工大學數年前以深水埗的住宅項目作研究指出，獲BEAM Plus認證的項目售價比未有認證的高出4.4%。
她稱，市場替公司估值時，執行ESG能力高的企業一般有較低的系統性風險和資金成本，若按現金流折現法模型分析，反映系統風險的Beta值較低的公司將具較高估值。
Our Hannah Lau told MingPao that companies issued green bond, provided
sustainability-linked performance note, accelerate decarbonization of the economy, as well as build up LEED or BEED international standard project, leading to higher valuation.
She said, a high ESG scores company usually has a lower systematic risk and cost of capital. Since financial variables such as beta are reflecting systematic risk, if a company with lower beta are usually awarded higher valuation by using DCF model for testing.
Ming Pao: https://bit.ly/2KZzAzM
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