中国基金业责任投资调查报告2013

2013年12月10日，在首届中国资本市场社会责任年会上，由商道纵横和证券时报中国上市公司社会责任研究中心共同发起中国责任投资论坛发布了《中国基金业责任投资调查报告2013》，从基金公司的责任投资意识，投资策略和投资行动三个方面审视社会责任投资在中国的发展进程。

　　本次调查的组织机构向国内73家基金管理公司发放了统一格式的调查问卷，共收集到来自27家基金公司有效的书面反馈，回复率达37%。回复问卷的基金公司资产管理规模超过1.7万亿元，占调查样本资产管理总规模的48%。

本次调查的主要发现包括：

　　承担企业社会责任和降低投资风险成为基金公司考虑责任投资的主要出发点。本次调查发现，超过一半（56%）的基金公司表示“承担企业自身社会责任”是其考虑社会责任投资的出发点。41%的基金公司认为责任投资理念能够“降低投资风险”。此外，基金公司认为社会责任投资可以满足“产品差异化”需求（37%）以及符合“政府政策倡导方向”（33%）。认为出于社会舆论和基民压力而进行社会责任投资的基金公司仅占7%。

　　企业良好的社会责任表现与企业业绩正相关成为基金公司共识。超过半数基金公司认为，上市公司短期业绩和长期业绩与其社会责任绩效有“一定正相关性”。特别是在对上市公司的长期业绩方面，选择社会责任表现与长期业绩有“显著正相关性”的基金公司达到了22%。在回复问卷的基金公司中，没有人认为企业社会责任与业绩之间有负相关性，即社会责任的履行会导致企业业绩降低，投资回报下降。由此可见，基金公司基本认同社会责任投资的特点是风险低，相对稳健，长期投资回报好的观点。

　　产品质量与安全、公司治理和财务造假成为基金公司最关注三大非财务议题。企业长期可持续发展与整个社会和环境的发展趋势密切相关。这些趋势包括：资源短缺、劳动力成本增加、产品质量要求日趋严格以及绿色运营成本上升等等。如果不能妥善应对这些问题，可能给公司带来法律纠纷和声誉风险。从长期来看，这样的企业也会逐渐失去竞争力，从而无法给投资者带来持续稳定的投资回报。产品质量问题（100%）是此次调查中基金公司最为关心的ESG 问题。其他受到集中关注的ESG风险还包括：公司治理（93%）、财务造假（93%）、环境污染（78%）、贪污腐败贿赂（74%）、供应链（59%）和安全事故（59%）等问题。

　　采掘业、农林牧渔业和公共事业行业面临的社会责任挑战最受投资者关注。每个行业的ESG风险水平都是不同的。从调查结果上看，基金公司普遍认为，采掘业（70%）、农林牧渔业（63%）和公共事业行业（63%）面临的社会责任挑战较大。

基于调查结果，中国责任投资论坛向资本市场参与各方提出四点建议：

　　首先，基金公司应区分履行企业社会责任与社会责任投资两者之间的关系，深入理解责任投资的意义。社会责任投资不是一项慈善行为，也不仅仅是企业对外的形象宣传工具。基金公司进行责任投资有助于实现长期、稳定的投资回报，并通过积极的影响和推动上市公司更好的履行社会责任，最终实现经济、社会和环境的和谐发展。

　　其次，基金公司应积极与上市公司对话，鼓励信息披露，提高市场透明度。作为股东，基金公司通过与上市公司展开积极对话，可以推动其解决社会、环境和公司治理（ESG）问题，更好的履行社会责任。另一方面，上市公司只有披露具有实质性的ESG 信息才能为投资决策所用。因此，提高市场的信息透明度和质量非常必要。

　　第三，基金公司可从关键风险和关键行业入手推动社会责任投资。目前，国内责任投资市场活力不足，要打破这一僵局，建议可以先从与民众息息相关的议题（如产品安全、空气污染）和政策控制的行业（如两高一剩行业）入手，普及社会责任投资理念，加强投资者社会和环境风险教育。

　　最后，政府、监管机构、行业协会和媒体也需积极加入，推动社会责任投资的发展。社会责任投资不仅需要基金公司和上市公司的参与，其它的市场各方也是不可或缺的重要环节。社会责任投资的发展离不开政府和监管机构的支持和引导，媒体和公众的监督，以及行业协会的倡导和第三方机构（如指数公司，研究机构）的参与。

 

On December 10th, 2013, the China Social Investment Forum (China SIF) released its first report, Socially Responsible Investment Survey on Chinese Funds 2013 during the first Responsible Chinese Capital Market Annual Conference. The report reveals the progress of socially responsible investment (SRI) in China from three aspects: awareness, strategy and practices.

SRI is a sustainable investment strategy that focuses on corporate social responsibility in addition to financial performance. According to the report Universal ownership: Why environmental externalities matter to institutional investors, published by the UN Principles of Responsible Investment (UN PRI) in 2010, the portfolios of institutional investors are inevitably exposed to growing and widespread costs from environmental damage caused by companies.

Of the 73 Chinese mutual funds which were sent the questionnaire by China SIF, 27 mutual funds (37%) responded. Respondents, with assets under management beyond 1.7 trillion, accounted for 48% of the total assets of the 73 Chinese funds.

Survey Findings:

Corporate social responsibility (CSR) is the major reason for implementing SRI. The survey finds that more than half (56%) of the respondents regard SRI as their corporate social responsibility. 41% of the respondents agree that SRI can lower their investment risk. 37% of the respondents consider SRI as a tool of product differentiation, and 33% think that SRI is in line with the policy trend of the Chinese government. Only 7% hold the view that there is pressure for improved corporate social responsibility from the public and trustees.

Mutual funds generally agree that good CSR performance leads to better financial returns. More than half the respondents agree that there is certain positive correlation between a company’s CSR performance and financial returns. 22% of the respondents give great significance to the positive link between CSR performance and long-term returns, and none of them believe that there is negative link. Thus mutual funds generally agree that SRI is of lower risk, relatively more stable, with better long-term returns.

Product safety, corporate governance and fraud are the most risky non-financial factors recognized by mutual funds.Sustainable development is closely related to the following social and environmental trends: resource scarcity, increasing labor cost, stricter product quality standards and growing costs of environmentally friendly operations. Legal risks and reputational risks are inevitable if companies cannot properly manage their environmental, social and governance (ESG) performance, resulting in harm to their competitiveness. The returns those companies generate for investors will also be damaged in the long term. Product safety (100%) is recognized as the most significant ESG risk, followed by corporate governance (93%), fraud (93%), environment pollution (78%), bribery and corruption (74%), supply chain management (59%) and work safety (59%).

Extractive industries, agriculture, forestry, animal husbandry and fishery industries, as well as the municipal public utility industry are the sectors that are most exposed to ESG risks.Different sectors are exposed to different ESG risks. Extractive industries (70%), agriculture, forestry, animal husbandry and fishery industries (63%) as well as the municipal public utility industry (63%) are recognized by surveyed mutual funds as sectors that are most challenged on their extra-financial issues.

Based on the findings, China SIF has four suggestions to stakeholders in the Chinese capital market:

1. Differentiate the concept of CSR and SRI and further understand the significance of SRI. SRI is not charity, nor is it a tool for public relations. Implementing SRI can bring long-term stable returns to mutual funds. It can also promote a harmonious development of economy, society and environment by positively influencing listing companies to better perform their social responsibilities.
2. Positively engage with listed companies, encourage information disclosure and transparency. As shareholders of listed companies, mutual funds can have a say on a company’s ESG risk management, and can improve their CSR performance using positive engagement. In addition, it is of vital importance that the data disclosed by listed companies is of high transparency and quality, as only material ESG information disclosure can help responsible investors with decision making.
3. Key risks and key sectors are priorities for responsible investors. As China has not established an “ecosystem” of responsible investment, investors can begin their practices on responsible investment by focusing on the issues which are considered important by the general public (e.g. product safety, air emissions), and on industries that are under policy pressure (e.g. highly polluting, energy intensive, and overcapacity).
4. Efforts from government, regulators, industry association and media are needed to promote SRI. Apart from investors and listed companies whom are the major players in the market, other parties need to be included in the SRI movement. Support and guidance from the government and regulators, promotion and monitoring from the media and the general public, initiatives from industry associations, and involvement of other third parties (e.g. index producers, research institutions) are essential in building a complete SRI ecosystem.

The general manager of SynTao Co. Ltd., Dr. Guo Peiyuan says that SynTao has been actively involved in promoting the development of SRI in China since the company was established in 2005. The development of SRI in western economies reveals that SRI is an inevitable part of a functioning mature financial market. By encouraging long-term and value-oriented investment, SRI will generate financial returns and enhance the eleg*ance of the capital market. The survey suggests that SRI is still at an infant stage in China, with more support and attention needed for future development.

Securities Times, as an important and established part of the Chinese capital market, conducts active research in the CSR field, according to the Director of the Social Responsibility Research Center for Chinese Listed Companies, Mr. Zhang Wang. Mr. Zhang calls for more institutional investors to implement a SRI strategy. Securities Times and SynTao, as the initiators of China SIF, wish to share the report Socially Responsible Investment Survey on Chinese Funds 2013 with all stakeholders of China’s financial market to promote the progress of SRI in China.

About China SIF

China SIF (China Social Investment Forum) is a non-profit membership association 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. China SIF invites guest speakers, including professionals from SRI organizations, corporate social responsibility experts, and representatives from financial market home and abroad, to join online and offline discussions about SRI in China.

For more information, please visit http://csr.stcn.com/zrtzlt.