Research On Performance Evaluation Of Low Carbon Fund Based On ESG Score

Under the background of "carbon neutralization" and "carbon peak",low-carbon life,energy conservation and environmental protection have become the mainstream of society.Low carbon economy is attracting more and more attention,green finance is also developing,a large number of green financing needs begin to appear in the market,and low-carbon and energy-saving financial products such as green bonds and green credit continue to emerge.Therefore,in order to better serve the development of low-carbon emission reduction of the real economy,we need to establish a perfect green financial system.As an important form of media investment and financing in the financial system,low-carbon fund is also gradually growing.There are more investment opportunities for environmental protection,energy conservation and emission reduction,and there are more and more low-carbon funds with environmental protection and energy conservation as the main body in China’s market.While the low-carbon theme funds are developing rapidly,their investment performance should be evaluated.This thesis focuses on the performance of low-carbon funds,shows the economic performance of low-carbon funds at this stage by measuring the risk return,investment style and timing and stock selection ability of low-carbon funds,evaluates and compares the environmental performance of low-carbon funds in combination with the increasingly perfect ESG evaluation system,and focuses on the investment enterprises of low-carbon funds,Test whether China’s low-carbon fund can achieve the purpose of "low-carbon,green,energy saving and environmental protection" and promote the green behavior of invested enterprises.Finally,the performance status of low-carbon fund is analyzed from the aspects of economy and environment.The thesis found that at this stage,the growth of the number and scale of China’s low-carbon funds has been seriously affected by policies.The comprehensive performance of the recently established low-carbon funds is slightly better than that of the earlier established low-carbon funds,but the latter has a higher return after risk adjustment.In terms of investment style,low-carbon funds prefer mature enterprises.Half of the funds have good stock selection ability and two-thirds have good timing ability.The regression analysis shows that the purposeful shareholding of low-carbon fund has poor correlation with the environmental performance of the invested enterprises,and the impact of shareholding duration and shareholding ratio on the environmental benefits of the invested enterprises is not significant.Due to the small scale of China’s low-carbon fund itself,the relatively scattered shareholding and the small number of shares in the invested enterprises,it is difficult to urge enterprises to fulfill their environmental protection responsibilities and obligations through external forces.At present,China’s low-carbon fund plays a weak role in environmental protection and sustainable development.We need to strengthen efforts to expand the scale of low-carbon fund,correct its low-carbon environmental protection attribute and guide the flow of funds to low-carbon fund.