基于EIO-LCA模型的中国可持续投资基金环境绩效评价研究

Research on Environmental Performance Evaluation of China's Sustainable Investment Fund Based on EIO-LCA Model

在追求财务目标的同时确保可持续发展目标,是可持续投资基金(SIF)区别于传统基金最大的特点。与传统基金相比,SIF的环境绩效的实际表现如何?论文分别选取十四支可持续投资基金(K组)和传统基金(C组)为样本,构建经济投入产出生命周期模型(EIO-LCA),从国民经济部门投资比例、重污染行业投资趋势、百万净值环境影响量三方面对比两组基金的环境绩效。研究发现:(1)K组与C组基金在国民经济各部门中的分配差异并不明显;(2)无论是K组还是C组基金,近年在重污染行业的投资比重均呈下降态势,环境绩效均有所提升;(3)以百万净值环境影响量度量基金投资的环境绩效,无论是均值还是标准差,K组基金均差于C组基金。在实际投资过程中,SIF并未实现其投资目标,甚至SIF的环境绩效表现略差于传统基金。

The key difference between the sustainable investment fund （SIF） and the conventional fund is that the former takes into account both financial targets and sustainable development goals. This study comparatively assesses the environmental performance of portfolios of 28 investment funds： 14 sustainable investment funds （as K group） and 14 conventional funds （as C group）. Economic Input-Output Life Cycle Assessment （EIO-LCA） model was established to compare the environmental performance of the two groups. Environmental performance evaluation indicators include the investment structure in sectors of national economy, the investment trend in heavily polluting industries, and the environmental impact per one million net values. The results show that there is no significant difference in the distribution of various sectors and the proportion of investment in heavy polluting industries showed a downward trend. The average and standard deviation of the environmental impact per one million net value of SIF is not as good as the traditional fund. Although the environmental performance of the SIF has been improved, the traditional fund is still better than the SIF. SIF do not achieve investment objectives in the actual investment process.