Research On Investment Income And Term Of ESG Fund

Under the background of epidemic situation and "double carbon",the scale of ESG fund in China has been expanding,but at the same time,it also reveals that the investment strategy is still dominated by negative screening and fails to comprehensively consider all dimensions of ESG.At present,the research on ESG investment funds in China mainly focuses on its development,while the research on its investment style is relatively few.With the deepening of ESG information disclosure,ESG integration strategy has gradually replaced negative screening,and related research also shows that ESG factors perform well,which provides a certain theoretical basis for this study.This paper mainly discusses the investment income differences between ESG fund managers and traditional fund managers,and the reasons for the investment income differences.Firstly,it is proved that ESG funds have higher excess returns than traditional funds.In order to explore the reasons why ESG funds generate higher excess returns,it is further found that ESG fund investors have long-term investment horizons,which leads ESG fund managers to pay little attention to quarterly portfolio disclosure.The empirical analysis of Wind ESG Fund database and Guotai ’an database proves that ESG fund managers have less performance whitewashing behavior.In addition,the empirical results show that ESG fund managers use long-term performance indicators in investment decisions,which is consistent with customers’ long-term investment vision.The analysis of the personal characteristics of fund managers shows that the heterogeneity of disclosure behavior may be due to the differences in gender and investment style of fund managers.Based on the conclusions of the study,the relevant trading strategy is designed,which produces positive returns and brings higher returns with a long holding period.The results further confirm the hypothesis that ESG funds have higher returns and tend to invest for a long time.