2014年11月14日，中国责任投资论坛（China SIF）组织编写的《中国基金业责任投资调查报告》（2014）在其第二届年会上隆重发布。报告通过面向基金经理发放问卷和实地采访的方式调查发现，在当 前经济结构转型的大背景下，“社会责任投资”理念得到市场一定认可，新兴产业成为社会责任类基金主要关注领域，企业社会责任报告对投资参考价值仍不大。
责任投资是一种可持续的投资策略，它主张投资者在选择投资标的时不仅关注财务业绩表现，同时还关注企业的社会责任绩效水平。报告显示，89%接受调查的基 金经理表示关注社会责任问题。其中61%的基金经理表示对社会责任的关注度较去年提升。这与近一年多来，生态、绿色、环保类的基金产品发行呈现温和升温的 态势相符。报告发布方认为相关主题的基金产品的设立，会从一定程度上约束和引导资金向更加低碳、环保、健康的行业流入。
报告指出，基金经理普遍认为新兴产业有望成为中国经济发展的核心驱动力。但在是否对传统重资产行业进行资金配置的问题上，基金经理意见存在分歧。多数受访 者表示高耗能、高污染的经济增长模式必然发生转变，投资上会规避两高行业而更愿意投资于高科技、新能源、新兴服务业等新兴产业。但部分受访者却认为，经济 结构转型过程中，把资金投向相对能更好应对变化的传统企业是帮助这个行业向更健康、更可持续的方向发展，发挥资金引导作用的方式。
报告显示，社会责任报告对投资决策的参考价值不大。不少投资者表示希望了解更多有关环境、社会和公司治理信息，但他们也提出目前大部分社会责任报告缺乏与 企业经营密切相关的社会责任数据，很难应用到实际的投资决策中去。报告发布方呼吁，只有包括政府监管部门、交易所、行业协会、民间团体以及基金公司在内的 机构投资者共同努力，使社会责任信息披露规范化、标准化，提高市场透明度，从而社会责任投资市场才能得到长足发展。
此外，报告还包括了基金经理对未来一年责任投资最具风险的环境、社会和治理（ESG）问题和行业的识别。今年是中国责任投资论坛第二次发布此类报告，该论 坛是商道纵横（商道融绿）和证券时报上市公司社会责任研究中心于2012年共同发起，是一个不以营利为目的的会员制平台，旨在探讨中国责任投资，促进资本 市场社会责任建设。商道纵横（商道融绿）是国内首家签署联合国负责任投资原则（UN PRI）的咨询机构，致力于提供与绿色信贷和可持续金融相关的专业咨询、培训与研究服务。国内第一份金融资产管理行业专业报纸——《中国基金报》对于报告 撰写给予了大力支持。
On November 14th 2014, the Socially Responsible Investment Survey on Chinese Mutual Funds 2014 was released on China Socially Investment Forum (China SIF)’s Second Annual Conference.
Through surveys and on-site interviews with fund managers, the report discovers that under the current context of economic transformation, the concept of ‘Socially Responsible Investment (SRI)’ has already been recognized by the market. Emerging industries are the focus of sustainability themed fund managers. However, corporate social responsibility (CSR) reports do not have much reference value due to a lack of material information disclosure.
SRI is any sustainable investing strategy which encourages investors to consider both corporate’s financial performance and its social responsibility performance. The report shows that 89% of fund managers surveyed concern about environmental, social and corporate governance (ESG) issues, among which 61% have increased their interests on ESG matters in the last 12 months. In recent years, a growing number of sustainability themed mutual fund products have emerged, such as the Industrial Green Investment Fund, Bank of China Beautiful China Fund, Fortune SG Ecology Fund, HuaAn Ecology Priority Fund and Caitong Sustainable Development Theme Fund. China SIF believes that with the establishment of sustainability themed equity funds, capital resources can be allocated towards more low-carbon, environmental-friendly and sustainable industries.
The report points out that fund managers generally expect emerging industries to be the core momentum for China’s economic development. However, they have different opinions on whether to reallocate their portfolio from traditional asset-heavy industries. Most of the fund managers surveyed suggest that China’s extensive industrial growth model featuring high energy consumption and high pollution will definitely be changed. At the same time, some of them hold the idea that directing funds to the most adaptive traditional enterprises can improve the health and sustainability of the industry and make full use of the guiding role of capital.
The report also shows that CSR reports do not provide much valuable information to investors. Many investors hope to understand more about the environmental, social and corporate governance conditions of a company. The problem is that most CSR reports lack material data that are closely related to operation of the company, so the information in the report can hardly be used in the decision-making process. China SIF suggests that the joint efforts of institutional investors, government supervision bodies, exchange houses, industry associations and NGOs can regulate and improve transparency and information standardization on CSR. Only by then, socially responsible investment market can be fully developed.
Besides, the report includes fund managers’ in*sights into the most risky ESG issues and industries for investment. This annual report is the second report of China SIF. China SIF was initiated by SynTao (SynTao Green Finance) and Security Times China CSR Research Center in 2012, a non-profit membership platform that aims to provide a platform for investors and other stakeholders to discuss SRI opportunities in China, and promote the development of China’s SRI market. SynTao Green Finance provides consulting, research and training services on sustainable finance in China. SynTao is the first consultancy signatory to the United Nations Principles for Responsible Investment (UN PRI) in China. The report is also attributed to the support of China Fund, the first professional newspaper of financial asset management industry in China.
The report is available only in Chinese version now.
