中國(guó)的影響力投資可能為時(shí)尚早

Polluted Beijing is an apt place to consider how international asset managers can incorporate concerns about the environment into their investment choices.

全球各地的資產(chǎn)經(jīng)理是如何將他們對(duì)環(huán)境的擔(dān)憂與投資選擇結(jié)合起來(lái)的?污染之下的北京是一個(gè)頗為適當(dāng)?shù)乃伎嫉攸c(diǎn)。

But China’s domestic share owners simply expect returns. Meanwhile, reliable information on environmental, social and governance, or E.S.G., factors is scarce, investors and companies talk past each other and there are plenty of other issues to worry about.

但中國(guó)國(guó)內(nèi)的股票持有者只期望獲得投資回報(bào)。與此同時(shí)，關(guān)于環(huán)境、社會(huì)及治理(environmental, social and governance，簡(jiǎn)稱ESG)因素的可靠信息極少，投資者及企業(yè)各有說(shuō)辭，還有其他許多需要擔(dān)心的問題。

There’s hope, nonetheless, according to panelists at the Asian Corporate Governance Association’s E.S.G.-focused annual conference in Beijing this week: Some local companies and investment firms see the point. Still, the A.C.G.A. observes that the number of Chinese companies reporting on corporate social responsibility, or C.S.R., which rose rapidly to around 1,600 in 2014, has subsequently plateaued.

盡管如此，本周亞洲公司治理協(xié)會(huì)(Asian Corporate Governance Association，簡(jiǎn)稱ACGA)在北京舉行一年一度的會(huì)議，今年的主題是ESG方面，根據(jù)與會(huì)專家的說(shuō)法，希望仍存。一些本土企業(yè)及投資公司看到了這一點(diǎn)。不過，ACGA也注意到，中國(guó)報(bào)告社會(huì)企業(yè)責(zé)任(corporate social responsibility，簡(jiǎn)稱CSR)的公司數(shù)量在2014年快速增長(zhǎng)到了約1600家，隨后趨于平穩(wěn)。

E.S.G., which is a more mature, mainstream version of C.S.R., is relatively new. Getting all the right data is a challenge worldwide. Companies may view reporting as a compliance exercise rather than a meaningful part of their strategic and risk-management thinking. They may focus only on good news. Or they may simply misunderstand what information investors want, a point underscored in several presentations in the Chinese capital.

ESG較新出現(xiàn)，是更為成熟、更為主流的CSR版本。在全世界范圍內(nèi)，獲得全部正確數(shù)據(jù)都是一個(gè)挑戰(zhàn)。企業(yè)可能將報(bào)告視為合規(guī)行為，而非企業(yè)戰(zhàn)略和風(fēng)險(xiǎn)管理理念的一部分。或者，企業(yè)會(huì)對(duì)投資人想要的信息產(chǎn)生誤解，這一點(diǎn)在中國(guó)首都的多場(chǎng)演講中都有強(qiáng)調(diào)。

Using the data is tricky, too. By way of illustration, E.S.G. scores from MSCI and FTSE for the same global companies show little in the way of correlation when plotted against each other, Charles Yonts of the investment group CLSA noted at the A.C.G.A. event. Investors have to figure out if such ratings are useful.

如何利用數(shù)據(jù)也十分棘手。投資集團(tuán)里昂證券(CLSA)的楊立志(Charles Yonts)在ACGA的活動(dòng)上指出，舉例來(lái)說(shuō)，在圖表對(duì)比上，同一批全球企業(yè)的MSCI新興市場(chǎng)指數(shù)和富時(shí)指數(shù)(FTSE)的ESG分?jǐn)?shù)沒有體現(xiàn)出多少相關(guān)性。投資者必須要搞清楚這些評(píng)級(jí)是否有用。

They also have to grapple with potentially bigger issues. For overseas-listed Chinese companies, there are basic uncertainties surrounding the legality of the so-called variable interest entities that give shareholders their indirect ownership. In many corporations, wherever listed and whether government or privately controlled, it’s hard to know who makes decisions when dominant shareholders, management boards, supervisory boards and Communist Party officials are all involved.

他們也必須要努力克服潛在的更大問題。對(duì)于在海外上市的中國(guó)公司來(lái)說(shuō)，圍繞所謂“可變利益實(shí)體”(給股東間接所有權(quán))合法性存在著不確定性。在許多集團(tuán)，不論企業(yè)在哪里上市，是由政府控制還是私人控股，當(dāng)大股東、管理委員會(huì)、監(jiān)管委員會(huì)及共產(chǎn)黨官員都牽涉其中時(shí)，要知道誰(shuí)是做決定的一方很難。

Beijing’s moves toward more shareholder-friendly state-owned enterprises has helped make them preferred investments over private-sector firms for international investors by a three-to-one margin, according to an A.C.G.A. survey. This surprising state of affairs probably says more about the weakness of governance at typical private companies than its strength at state-owned enterprises.

據(jù)ACGA的一項(xiàng)調(diào)查顯示，北京采取措施，讓國(guó)有實(shí)體對(duì)股東更有利的做法讓它們成為了更受國(guó)際投資者青睞的一方，與民營(yíng)企業(yè)相比比例達(dá)到三比一。這種令人驚訝的狀況可能更多地說(shuō)明了典型的民營(yíng)企業(yè)的治理缺陷，而不是國(guó)有企業(yè)的治理優(yōu)勢(shì)。

That’s because corporate governance remains a work in progress in China. E.S.G. may well take hold eventually, just as stock markets, Starbucks and smog have done. But it will take time — and for now, it’s mainly a project for foreign investors.

這是因?yàn)椋髽I(yè)治理在中國(guó)仍然有待發(fā)展。ESG可能最終會(huì)生根發(fā)芽，就像股市、星巴克和霧霾一樣。但這需要時(shí)日——就目前而言，它主要是面向外國(guó)投資者的一個(gè)項(xiàng)目。