ESG因素对市场法修正影响的初探

Initial exploration of ESG influence on the adjusted market approach

本文综合运用定性定量、比较分析、案例模拟等方法,讨论了ESG因素对市场法进行修正的相关考虑、假设前提和修正原则,并尝试构建评估框架。研究表明,评估机构有必要自行构建ESG因素影响初始评估框架,收集分析ESG信息,合理设计项目评估框架,并参考行业权重计算确定ESG修正系数。本文认为,现阶段ESG在内涵外延等方面尚未形成最终共识,研究其对市场法修正的影响具有现实意义,并应持续跟踪完善。

This paper comprehensively uses both qualitative and quantitative analysis, comparative analysis and case simulation to discuss the relevant considerations, assumptions, preconditions and principles of ESG influence on the adjusted market approach, in an attempt to establish a valuation framework as well. The research shows that it is necessary for asset appraisal services to construct their own Initial Valuation Framework with ESG factors taken into account, collect and analyze ESG information, rationally design different and applicable project valuation framework, and determine the ESG difference and adjustment coefficient with various industry weights. This paper holds that, at present stage, ESG has yet received its stable and universal consensus in terms of connotation and extension. Therefore, it is of practical significance to push study in ESG influence on the adjusted market approach, and achieve relevant valuation optimization via continuous tracking effort.