文章基本信息

标题：Integration of social environmental factors in the valuation of corporate fixed income securities
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作者：Marcos Costa Mattos ; Celso Funcia Lemme
期刊名称：Revista de Administração da UFSM
印刷版ISSN：1983-4659
出版年度：2020
卷号：13
期号：2
页码：260-276
DOI：10.5902/1983465928109
出版社：Universidade Federal de Santa Maria
摘要：Este trabalho apresenta um diagnóstico das práticas vigentes e uma proposta de roteiro para integração de variáveis socioambientais na avaliação de títulos de renda fixa corporativos. O roteiro não faz distinção entre as diferentes formas que os títulos podem assumir e foi desenvolvido a partir da identificação das melhores práticas de integração adotadas por agentes do mercado. A amostra de agentes foi obtida por critérios de engajamento em finanças sustentáveis e relevância no mercado de títulos de renda fixa. O diagnóstico indicou fraca consideração de variáveis socioambientais na avaliação dos títulos de renda fixa, pouca diferença entre as práticas das instituições financeiras nacionais e estrangeiras e rating de crédito como principal abordagem utilizada. O roteiro proposto apresenta considerações básicas de riscos e oportunidades, seguindo o caminho da análise de fatores socioambientais setoriais e empresariais, acompanhado de ajuste de spreads na taxa contratual.
其他摘要：This study presents a diagnosis of the current practices and a proposal of a roadmap for integrating social environmental variables in corporate fixed income securities valuation. The roadmap does not make a distinction between the different forms that the securities can take on and was developed by identifying the best integration practices adopted by market players. The sample was formed by 67 agents from the corporate fixed income securities market obtained by criteria of engagement in sustainable finance and relevance in the fixed income securities market. The diagnosis indicated a weak consideration of social environmental variables in the valuation of fixed income securities with little difference among the practices of the domestic and foreign financial institutions with credit rating being the main approach used. The roadmap proposed presents basic considerations of risks and opportunities following the path of analysis the sector and corporate social environmental factors accompanied by adjusting contractual rate spreads. The specific contributions expected from the study are to improve the financial strategy of companies, reach greater efficiency in investor portfolio management, and provide guidance that is more adequate by the regulators and formulators of public policies.
关键词：sustainable finance;social environmental valuation;corporate fixed income securities;asset valuation