华坊咨询:ESG表现优秀利公司估值


雖然在本港愈來愈多企業發行綠債,予人印象是為了尋求曲線融資,不過,華坊諮詢評估可持續發展顧問劉凱琦書面回覆本報查詢時表示,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。


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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