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華坊諮詢評估表示,2020全球市場受到新冠肺炎疫情、社會狀況、氣候變化等因素影響。各國政府及市場參與者更加意識到「環境、社會及管治」(ESG)能力的重要性,因此可以預計未來將會有更多相關指引及規則落實。ESG能力較高的公司較不容易受到系統性風險的影響,在估值模型中的Beta值由於與系統性風險有正向關係,也會較低,意味投資者的預期回報率也較低,可有助降低公司的資本成本,從而有較高的公司估值。華坊亦表示香港的綠色金融發展明顯較其他市場緩慢,政府可以投放更多資源於培育ESG或綠色金融人材,以迎合正在加速上升的綠色金融需求。


The government has introduced more initiatives to bolster ESG reporting standards to improve Hong Kong’s status as an international financial center. When talking about how ESG affects equity valuation, risk and performance, our research team suggests a higher ESG profile was associated with higher profitability, lower tail risk and lower systematics risk.


Read full text:

Hong Kong Economic Journal

https://bit.ly/2X0M1yd



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