{"id":9192,"date":"2021-09-23T10:00:54","date_gmt":"2021-09-23T02:00:54","guid":{"rendered":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/?p=9192"},"modified":"2026-06-23T09:28:00","modified_gmt":"2026-06-23T01:28:00","slug":"peering-through-the-kaleidoscope-of-esg-rating-confusion-tc","status":"publish","type":"post","link":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/peering-through-the-kaleidoscope-of-esg-rating-confusion-tc\/","title":{"rendered":"\u7aba\u8996\u4e94\u82b1\u516b\u9580\u7684ESG\u8a55\u7d1a"},"content":{"rendered":"<p>\u4e5f\u8a31\u50c5\u5728\u5341\u5e74\u524d\uff0c\u53ef\u6301\u7e8c\u6295\u8cc7\u4ecd\u88ab\u8996\u4f5c\u7570\u985e\uff0c\u73fe\u5728\u537b\u8b8a\u5f97\u524d\u6240\u672a\u6709\u5730\u53d7\u8ffd\u6367\u3002\u5ba2\u89c0\u5730\u4f86\u770b\uff0c\u884c\u696d\u6578\u64da\u63d0\u4f9b\u5546<a href=\"https:\/\/www.morningstar.com\/articles\/1035554\/sustainable-fund-flows-reach-new-heights-in-2021s-first-quarter\" rel=\"noopener\" target=\"_blank\">\u6668\u661f\uff08Morningstar\uff09<\/a>\u7684\u8cc7\u6599\u986f\u793a\uff0c\u7f8e\u570b\u5404\u7a2e\u53ef\u6301\u7e8c\u57fa\u91d1\u57282021\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5438\u5f15\u4e86\u8fd1\u5169\u842c\u5104\u7f8e\u5143\u7684\u5275\u7d00\u9304\u6295\u8cc7\u984d\u3002\u96a8\u7740\u5c0dESG\uff08\u74b0\u5883\u3001\u793e\u6703\u8207\u6cbb\u7406\uff09\u6295\u8cc7\u9700\u6c42\u7684\u589e\u52a0\uff0c\u5c0dESG\u6578\u64da\u8cea\u7d20\u7684\u8981\u6c42\u4ea6\u5728\u63d0\u9ad8\u3002\u7136\u800c\uff0c\u6700\u8fd1\u7684\u4e00\u9805\u7814\u7a76\u767c\u73fe\uff0c\u7531\u4e0d\u540c\u6a5f\u69cb\u63d0\u4f9b\u7684\u4f01\u696dESG\u8a55\u7d1a\u65bc\u6295\u8cc7\u8005\u800c\u8a00\u53ef\u80fd\u986f\u5f97\u6df7\u4e82\uff0c\u6216\u6703\u963b\u7919\u53ef\u6301\u7e8c\u6295\u8cc7\u9818\u57df\u5be6\u73fe\u5176\u5168\u90e8\u6f5b\u529b\u3002<\/p>\n<h2>\u4ec0\u9ebc\u662fESG 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loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/OBp4IJqPVhY\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><br \/>\n&nbsp;<\/p>\n<h2>\u4e86\u89e3ESG\u6295\u8cc7\u6982\u5ff5<\/h2>\n<p>ESG\u6295\u8cc7\u4e00\u8a5e\u672c\u8eab\u662f\u7531<a href=\"https:\/\/www.unglobalcompact.org\/\" rel=\"noopener\" target=\"_blank\">\u806f\u5408\u570b\u5168\u7403\u5951\u7d04<\/a>\u65bc2004\u5e74\uff0c\u5728\u5176\u6a19\u8a8c\u6027\u7814\u7a76\u5831\u544a\u300a<a href=\"https:\/\/www.unepfi.org\/fileadmin\/events\/2004\/stocks\/who_cares_wins_global_compact_2004.pdf\" rel=\"noopener\" target=\"_blank\">Who Cares Wins<\/a>\u300b\u5167\u9996\u6b21\u63d0\u51fa\u3002\u4e5f\u8a31\u662f\u7531\u65bc\u5176\u5728\u91d1\u878d\u754c\u51fa\u73fe\u7684\u6642\u9593\u8f03\u77ed\uff0c\u6a5f\u69cb\u4e4b\u9593\u4e26\u6c92\u6709\u666e\u904d\u7684\u6a19\u6e96\u6216\u5ee3\u6cdb\u88ab\u63a5\u53d7\u7684\u4e00\u5957\u65b9\u6cd5\u4f86\u8a08\u7b97ESG\u8a55\u7d1a\u3002\u6839\u64da<a href=\"https:\/\/home.kpmg\/cn\/en\/home\/insights\/2020\/10\/esg-ratings-are-not-perfect-but-can-be-a-valuable-tool-for-asset-managers.html#:~:text=Currently%2C%20there%20are%20roughly%2030,of%20these%20have%20global%20coverage.\" rel=\"noopener\" target=\"_blank\">\u7562\u99ac\u5a01<\/a>\u7684\u6578\u64da\uff0c2020\u5e74\u5168\u7403\u5927\u7d04\u670930\u500b\u4e3b\u8981\u7684ESG\u6578\u64da\u4f9b\u61c9\u5546\u3002\u9019\u4e9b\u8a55\u7d1a\u6a5f\u69cb\u5728\u8a08\u7b97ESG\u8a55\u5206\u6642\u901a\u5e38\u63a1\u7528\u5404\u81ea\u7684ESG\u8a55\u5206\u6307\u6a19\uff0c\u7d93\u5e38\u6703\u51fa\u73fe\u5b83\u5011\u7d66\u4e88\u540c\u4e00\u5bb6\u516c\u53f8\u4e0d\u540cESG\u8a55\u7d1a\u7684\u60c5\u6cc1\u3002\u4f8b\u5982\uff0c\u5728MSCI\u7684ESG\u8a55\u7d1a\u88ab\u8a55\u70ba<a href=\"https:\/\/www.msci.com\/our-solutions\/esg-investing\/esg-ratings\/esg-ratings-corporate-search-tool\/issuer\/tesla-inc\/IID000000002594878\" rel=\"noopener\" target=\"_blank\">\u4e2d\u7b49<\/a>\u7684Tesla\uff0c\u5728Sustainalytics\u7684\u8a55\u7d1a\u4e2d\u537b\u88ab\u7d0d\u5165<a href=\"https:\/\/www.sustainalytics.com\/esg-rating\/tesla-inc\/1035322998\" rel=\"noopener\" target=\"_blank\">\u9ad8\u98a8\u96aa<\/a>\u985e\u5225\u3002 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<\/p>\n<p>\u56db\u4f4d\u6559\u6388\u5728\u7814\u7a76\u4e2d\u5229\u75282002\u5e74\u81f32019\u5e74\u7684\u7f8e\u570b\u80a1\u7968\uff0c\u4e26\u5be9\u8996\u4e86\u516d\u500b\u4e3b\u8981ESG\u8a55\u7d1a\u4f9b\u61c9\u5546\uff0c\u5305\u62ec<a href=\"https:\/\/www.refinitiv.com\/en\/financial-data\/company-data\/esg-data\" rel=\"noopener\" target=\"_blank\">Asset4<\/a>\uff08Refinitiv\uff09\u3001<a href=\"https:\/\/www.msci.com\/msci-kld-400-social-index\" rel=\"noopener\" target=\"_blank\">MSCI KLD<\/a> \u3001<a href=\"https:\/\/www.msci.com\/documents\/10199\/25a39052-0b0e-4a10-bef8-e78dbc854168\" rel=\"noopener\" target=\"_blank\">MSCI IVA<\/a>\u3001<a href=\"https:\/\/www.bloomberg.com\/professional\/solution\/sustainable-finance\/?gclid=EAIaIQobChMIqrfnrN3I8AIV857CCh2y5AAXEAAYASAAEgJpDPD_BwE#scores\/?utm_medium=Adwords&#038;utm_campaign=ESG&#038;utm_source=pdsrch&#038;utm_content=esgscores&#038;tactic=342352\" rel=\"noopener\" target=\"_blank\">\u5f6d\u535a\u793e<\/a>\u3001<a href=\"https:\/\/www.sustainalytics.com\/\" rel=\"noopener\" target=\"_blank\">Sustainalytics<\/a>\u548c<a href=\"https:\/\/www.robeco.com\/hk\/en\/about-us\/robecosam.html\" rel=\"noopener\" target=\"_blank\">RobecoSAM<\/a>\u4e4bESG\u8a55\u5206\u9805\u76ee\uff0c\u53bb\u6e2c\u8a66\u4ed6\u5011\u7684\u5047\u8a2d\u3002\u6b63\u5982\u73fe\u6709\u95dc\u65bcESG\u8a55\u7d1a\u7684\u8abf\u67e5\u986f\u793a\uff0c\u7a0b\u6559\u6388\u548c\u5979\u7684\u7814\u7a76\u5925\u4f34\u4ea6\u89c0\u5bdf\u5230\u4e0d\u540c\u7684ESG\u8a55\u7d1a\u4f9b\u61c9\u5546\u4e4b\u9593\u5b58\u5728\u76f8\u7576\u5927\u7684\u8a55\u5206\u6307\u6a19\u5dee\u7570\u3002\u4ed6\u5011\u767c\u73fe\uff0cESG\u8a55\u7d1a\u6a5f\u69cb\u7d66\u4e88\u4e0d\u4e00\u81f4\u7684\u8a55\u7d1a\u6240\u5e36\u4f86\u7684\u6df7\u4e82\uff0c\u4f7f\u53ef\u6301\u7e8c\u6295\u8cc7\u7684\u98a8\u96aa\u589e\u52a0\uff0c\u4e26\u6e1b\u5c11\u4e86\u6295\u8cc7\u8005\u5c0d\u80a1\u7968\u4e4b\u9700\u6c42\u3002<\/p>\n<h3>ESG\u8a55\u7d1a\u5206\u6b67<\/h3>\n<p>\u7a0b\u6559\u6388\u8868\u793a\uff1a\u300c\u901a\u5e38\u4f86\u8aaa, 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style=\"line-height: 100%;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-6519 size-full\" src=\"https:\/\/cbk.bschool.cuhk.edu.hk\/wp-content\/uploads\/iStock-625281592.jpg\" alt=\"\" width=\"1254\" height=\"836\" \/><span style=\"font-size: 12pt;\"><em>\u8a55\u7d1a\u6a5f\u69cb\u5728\u8a08\u7b97ESG\u8a55\u5206\u6642\u901a\u5e38\u63a1\u7528\u5404\u81ea\u7684\u8861\u91cf\u6a19\u6e96\uff0c\u7d93\u5e38\u6703\u51fa\u73fe\u5b83\u5011\u7d66\u4e88\u540c\u4e00\u5bb6\u516c\u53f8\u4e0d\u540cESG\u8a55\u7d1a\u7684\u60c5\u6cc1\u3002\u4f8b\u5982\uff0c\u5728MSCI\u7684ESG\u8a55\u7d1a\u88ab\u8a55\u70ba\u4e2d\u7b49\u7684Tesla\uff0c\u5728Sustainalytics\u7684\u8a55\u7d1a\u4e2d\u537b\u88ab\u7d0d\u5165\u9ad8\u98a8\u96aa\u985e\u5225\u3002<\/em><\/span><\/p>\n<p>\u7814\u7a76\u4eba\u54e1\u5229\u7528\u4f86\u81ea\u516d\u500bESG\u8a55\u7d1a\u4f9b\u61c9\u5546\u7684\u6578\u64da\uff0c\u70ba\u6bcf\u96bb\u80a1\u7968\u767c\u51fa\u4e00\u500bESG\u8a55\u5206\uff0c\u4ee5\u53ca\u4e00\u500b\u5206\u6578\u4f86\u6e2c\u91cf\u516d\u9593\u6a5f\u69cb\u4e4b\u9593\u7684ESG\u5f97\u5206\u5dee\u8ddd\uff0c\u4ee5\u8a08\u7b97ESG\u8a55\u7d1a\u4e0d\u78ba\u5b9a\u6027\u7684\u7a0b\u5ea6\u3002\u7d50\u679c\u986f\u793a\uff0c\u8a55\u7d1a\u95dc\u806f\u5ea6\u5e73\u5747\u53ea\u67090.48\uff0cESG\u8a55\u7d1a\u4e0d\u78ba\u5b9a\u5ea6\u5e73\u5747\u70ba0.18\u3002\u9019\u610f\u5473\u7740\u4e00\u5bb6\u516c\u53f8\u6700\u4f4e\u53ef\u88ab\u67d0\u500b\u6578\u64da\u4f9b\u61c9\u5546\u6392\u5728\u767e\u5206\u4f4d\u6392\u540d\u4e2d\u7684\u7b2c33\u4f4d\uff0c\u4f46\u537b\u88ab\u53e6\u4e00\u4f9b\u61c9\u5546\u6392\u5728\u7b2c59\u4f4d 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