Роль ESG-рейтингов в формировании инвестиционной привлекательности: анализ на примере стран БРИКС
Аннотация
Целью исследования является анализ влияния ESG рейтингов на инвестиционную привлекательность компаний в странах БРИКС в сравнении с другими регионами, а также анализ данного влияния в различных отраслях. Методология основана на регрессионном анализе, оценивающем влияние ESG рейтингов и продолжительности их раскрытия на финансовые показатели, включая Tobin’s Q, EV/EBITDA, P/BV и WACC. В исследовании используется набор данных, состоящий из 16 691 наблюдения для 1 859 компаний из 57 стран за 2014–2022 годы, включая 2 116 наблюдений для 236 компаний из стран БРИКС. По результатам исследования показано, что повышение ESG рейтинга увеличивает показатель Tobin’s Q и снижает показатель WACC в компаниях из стран БРИКС, тогда как более продолжительный период раскрытия ESG рейтингов приводит к росту WACC. В компаниях из стран, не входящих в состав БРИКС, рост ESG рейтингов увеличивает показатель EV/EBITDA. Отраслевой анализ показал, что увеличение ESG рейтинга положительно влияет на рыночную оценку компаний из сектора информационных технологий и сектора коммуникационных услуг. Анализ влияния ESG рейтинга и длительности его раскрытия на инвестиционную привлекательность компаний из стран БРИКС, включая секторный анализ, делает результаты данного исследования ценными для формирования стратегий развития компаний в регионе БРИКС, а также при определении приоритетных инициатив в области устойчивого развития.Скачивания
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