企业ESG价值货币化与评级体系解析：解锁ESG价值货币化

ESG Value Monetization System - ESG value monetization system focuses on quantifying the environmental and social externalities of enterprises, aiming to reflect the net impact of ESG factors on sustainability through monetary valuation[5] - The system is in its growth stage, lacks subjective evaluation factors, and is more likely to form unified standards[6] - It can generate ESG value accounting statements, integrate with financial statements, and provide data support for sustainable financial policies[6] - The system is more compatible with valuation models, making it easier to predict future valuation trends[6] - ESG monetization factors are particularly effective in identifying companies with strong current sustainable practices[6] ESG Rating System - ESG rating system evaluates companies based on environmental, social, and governance (ESG) dimensions, focusing on ESG risks beyond financial information[5] - The system is mature, widely recognized, and covers a broad range of companies[6] - It includes a variety of non-quantifiable indicators and has theoretical predictive power for long-term sustainability and stock prices[6] - However, the system suffers from inconsistencies in rating methods and standards, leading to poor consistency in results[6] - ESG ratings do not directly reflect the magnitude of external environmental and social impacts[6] Application in Investment Strategies - Combining ESG monetization factors and rating factors in investment strategies significantly outperforms the CSI 300 Index[6] - Financial industry, especially banking, shows strong ESG performance, with ESG net value per share increasing from 0.10 in 2018 to 13.53 in 2023[6] - High-externality industries like coal and utilities have long-term negative net values, highlighting management-externality disconnects[6] International and Domestic Development - International ESG value monetization systems are in the growth stage, with frameworks like Harvard's Impact-Weighted Accounts and Natural Capital Protocol leading the way[17] - Domestic ESG value monetization systems are in the introductory stage, with initiatives like the "Social Responsibility Contribution Value per Share" concept introduced in 2008[32] - Domestic ESG rating systems are rapidly growing, with over 20 ESG rating agencies in China by 2022[53]