如何读懂MSCI

企业ESG评级报告
ESG企业沟通团队
MSCI ESG研究部

2020年12月

© 2020 MSCI Inc. All rights reserved.

Please refer to the disclaimer at the end of this document.
 目录

1 2 3 4 5
为发行人提供关键 评分变化分析 解读关键议题 数据来源 如何与MSCI沟通
洞察
MSCI ESG评级深 从指标层面深度研 助力您的MSCI 企业与MSCI ESG
MSCI ESG评级 度探讨 究评分变化 ESG评级评估 发行人沟通团队的
互动

2
为发行人提供关键
洞察
MSCI ESG评级

3
#1 我司上一次ESG评级在什么时候？

企业ESG数据会持续更新，并可能
Sample company
产生ESG评分的变化。您可在
“Last Update”一栏查看最近一
次报告更新的时间。

基础数据会以周为单位进行更新，
当得分产生重大改变时，分析师会
对该公司做审核和重新评估。

MSCI ESG 研究对所覆盖的公司以

至少每年一次的频率进行全面的深
入评审。

数据来源：MSCI ESG研究部
如需更多信息，请参考上市企业常见问题中的Q.3.1 4
#2 MSCI ESG评级由什么组成?
关键议题的权重和评分决定E、S、G三个维度的评分

继上次评级以来，企业关
键议题评分变动

关键议题评分解释

E、S、G三个维度的权重和评分决定ESG评级
• 加权平均关键议题评分
• 行业调整评分（按正态分布调整后转化成AAA-CCC的评级）

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Ratings Methodology Summary Guide 的Q.6和Q.7 5
#3 关键议题如何反映在企业ESG评级和行业均值中？
以行业均值作为基准线，该图表可视化了各个关键议题评分（正/负）对于整体评级的影响

有害排放 & 废弃物

权重 = 16%
评分 = 7.4
行业均值 = 5.6

人力资源开发
权重 = 16%
评分 = 2.8
行业均值 = 4.7

数据来源：MSCI ESG研究部 6
#4 我司ESG评分为何变化？
此处反映了近期对关键议题加权平均得分有影响的重大评分动态。

一年中会进行多次动态更新，常规更新
的例子包括：

• 公司治理事件，董事、薪酬和同行
数据变化情况
• 争议事件更新
• 风险敞口数据更新
• 发行人数据审核/反馈

数据来源：MSCI ESG研究部 7
#5 ESG评级能识别出我司特有的商业模式特征吗？
有些公司可能面临着独特的ESG风险或机遇，而这些风险或机遇是同行业其他公司所没有的。

这可能源于以下情况： Rating model details

Sample company was rated based on a modified
• 独特或者多元化的商业模式 version of the Textiles, Apparel & Luxury Goods
Industry ESG Rating model:
• 企业某一部分（子公司/分公司）在行业内
面临的特殊风险 Supply Chain Labor Standards has been added as a
company-specific Key Issue for all textile and apparel
在这种情况下，我们的分析中会增加一个公司 manufacturing companies that have outsourced
significant manufacturing in developing countries.
特有的关键议题，其余关键议题的权重会按比
例进行调整。
评级模型细则
目标企业基于调整后的Textiles, Apparel & Luxury
Goods行业ESG评级模型被评级:

Supply Chain Labor Standards作为公司特有的关键

议题被添加到所有在发展中国家有大量制造外包的纺
织和服装制造公司。
数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Ratings Methodology Summary Guide的Q.4 8
#6 争议事件如何影响我司ESG评级评估？
• 基于ESG风险的争议案例被纳入公司MSCI ESG评级评估中，为所有记录的争议提供一个更全面的视
角。
• 然而，只有中度、严重和非常严重的争议案例才会导致相关关键议题的风险管理部分的扣分（最多5
分）。

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Controversies and Global Norms Methodology Summary Guide的Q.8 9
#7 我司会与哪些进行ESG评分比较？
• ESG行业划分基于GICS子行业1划分标准，该标准把面临类似ESG问题的企业归于一类。
• 当我们计算行业调整评分的时，ESG行业划分也会按照GICS标准来
• 我们会展示行业内市值前五的公司的ESG评分。

SAMPLE COMPANY

1 The Global Industry Classification Standard (GICS®) 子行业 https://www.msci.com/gics

数据来源：MSCI ESG研究部 10
如需更多信息，请参考MSCI ESG Ratings Methodology Summary Guide的Q.1
评分变化分析
MSCI ESG评级深度探讨

11
评分深度探讨
步骤1: 查看“Difference”一
栏了解评分变化

步骤2: 查看引起变化的不同关
键议题和组成部分

步骤3: 深入报告的各个关键议
题子栏目，了解更多关于关键
议题表现的信息。

数据来源：MSCI ESG研究部 12
解读关键议题
从指标层面深度研究评分变化

13
关键议题风险

1. 查阅方法论注解
2. 理解风险敞口与风险管理之间的相互作用
– 更高的风险敞口需要更高的风险管理能力
以获得相同的关键议题总评分
– 相关争议事件最多扣掉风险管理部分的5
分

风险敞口
公司评分 = 9.5

风险管理
公司评分 = 8.7
⎯ 争议事件减分 = (1.3)

关键议题评分 = 6.2

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Ratings Methodology Summary Guide的总览部分 14
关键议题机遇

1. 查阅方法论注解
2. 理解机遇敞口与机遇管理之间的相互
作用
– 更高的机遇敞口需要更高的机遇管
理能力以获得相同的关键议题总评
分

机遇敞口
公司评分= 7.3

机遇管理
公司评分= 4.6

关键议题评分 = 4.7

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Ratings Methodology Summary Guide的总览部分 15
风险敞口评估

Sample Company
风险敞口评估基于以下三个关键因素：

业务划分：从企业收入、资产或者运营方面分析
公司业务细分

地理划分：从企业收入、资产或者运营方面分析
公司地理划分

公司层面因素：雇员人数、规模、对政府合同或
外包生产的依赖程度

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Ratings Methodology Summary Guide的Q.5 16
风险管理评估

风险管理评估基于以下三个关键因素：

战略和治理：评估组织能力和公司管理层对关键风险和机
遇的承诺水平，如行政主体责任、申诉上报程序等。

举措和方案：评估企业在提高认证、审计等方面表现的举
措、方案和目标的力度和范围

表现：评估企业在管理诸如排放强度、产品召回等特定机
遇或风险方面的过往记录。作为公司在ESG问题上表现的
定性指标的一部分，我们将公司涉及的争议事件信息纳入
计算。

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Ratings Methodology Summary Guide的总览部分 17
公司治理评估

董事会：评估基于董事会相对于公司
管理层的独立性以及董事会在经验和
效力方面的衡量。

薪酬：评估CEO和高管的薪酬惯例，
以及薪酬方案设计的特点进行评估。
该评分基于相对于同行的薪酬水平。

会计：评估基于财务数据一致性，作
为潜在会计风险和相关会计事件的指
标。
所有权和控制权：评估不同的所有权
模式和控制结构有助于确定公司是否
面临委托人-代理人或控股股东的问题。

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Governance Metrics Methodology Summary Guide 18
公司治理评估

所有权&控制权、董事会、薪酬和会计，这四个
关键议题的得分是对公司治理这四个方面的绝
对评估，使用普适的0-10制。

每家公司以 "满分10分 "为起点，根据各个关键

指标的评估情况进行扣分。

详细阅读报告的公司治理部分，了解每个关键
议题的关键指标扣分情况。

数据来源：MSCI ESG研究部
如需更多信息，请参考MSCI ESG Governance Metrics Methodology Summary Guide 19
公司行为评估

商业道德和税务透明度，这两个关键问题的得
分是对企业治理这两个方面的绝对评估，使用
普适的0-10制。

每家公司以 "满分10分 "为起点，根据各个关键

指标的评估情况进行扣分。

商业道德：评估基于公司对商业道德问题的 税务透明度：评估基于企业税差额（即估计的有效
监督和管理，如欺诈、高管不当行为、腐败 税率和估计的法定税率之间的差额）、收入报告的
行为、洗钱或反垄断违法行为。 透明度以及其税务相关争议事件。

数据来源：MSCI ESG研究部 20
数据来源
助力您的MSCI ESG评级评估

21
MSCI ESG评级使用广泛的数据来源
下图按贡献值比例%显示MSCI ESG评级数据来源

事件数据
数据处理
强制的
公司特有 强制的
风险因素 地理划分数据 获取数据
CDP 监管机构 产品划分披露
数据 数据
用替代数据和预测填补数据真空
标准化数据

SASB
指标 宏观风险数据
非结构化
公司披露
建模
强制的 转换为可量化评估
公司治理披露
汇总模型组成部分
应用权重
GRI指标 产品风险数据

企业披露信息
非企业披露信息（替代数据）

数据来源：MSCI ESG研究部 22
哪些数据和信息来源会被纳入MSCI ESG评级？

替代性数据是
ESG评级模型的重要组成部分
公司披露（如年报、企业社会责任报告、股东大会报告和
100%
官网信息）
强制性公司
20% 披露
80%
替代性数据，包括专业的监管、政府、学术和非政府组织
数据集，以及超过3000个全球和本地新闻来源，为公司评
60% 45% 替代性数据 级提供助力。

40%
我们不使用非公开或机密信息，以保持透明性和数据来源
20% 35%
自愿性公司 的可追溯性。
ESG披露

0%
来自MSCI ACWI指数中2434个成分股，截 至2017年11 月30日
数据来源：MSCI ESG研究部

数据来源：MSCI ESG研究部
如需更多信息，请参考上市企业常见问题中的Q.3.5 23
如何与MSCI沟通
企业与MSCI ESG发行人沟通团队的互动

24
参与到数据审核过程中
登录企业沟通平台
https://esgicp.msci.com/

高效的数据审核
• 标准化和统一化的反馈格式
• 仅包括公司可验证的数据
• 数据已被预先填写；不是问卷调查！

透明化的度量标准
• 更好地理解MSCI ESG研究的评估标准

如需更多信息，请参考上市企业常见问题中的Q.3.3 25
在企业沟通平台里查看更多相关信息

上市公司常见问题解答 方法论指南

观看MSCI ESG评级视频

26
About MSCI: ESG
About MSCI ESG Research Products and Services
MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and are
designed to provide in-depth research, ratings and analysis of environmental, social and
governance-related business practices to companies worldwide. ESG ratings, data and analysis
from MSCI ESG Research LLC. are also used in the construction of the MSCI ESG Indexes.
MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act
of 1940 and a subsidiary of MSCI Inc.

About MSCI Inc.

MSCI is a leading provider of critical decision support tools and services for the global
investment community. With over 45 years of expertise in research, data and technology, we
power better investment decisions by enabling clients to understand and analyze key drivers of
risk and return and confidently build more effective portfolios. We create industry-leading
research-enhanced solutions that clients use to gain insight into and improve transparency
across the investment process.
To learn more, please visit www.msci.com.

27
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