论社会责任投资的中立性:一般均衡视角

IF 1.2 3区经济学 Q3 ECONOMICS

Theoretical Economics Pub Date : 2023-01-01 DOI:10.3982/te4719

L. Arnold

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引用次数: 1

摘要

本文从一般均衡理论的角度考察了社会责任投资中性的条件。三个条件共同足以满足SRI的中立性。首先，金融市场是完整的，SRI不会损害它提供的跨越机会。其次，消费者对消费组合的排名不受其资产持有情况的影响。第三，企业最大化股东价值。在另一个满足的假设下，例如，如果SRI采取负筛选的形式，那么实施帕累托最优分配所需的税收和转移支付与没有SRI时相同。如果目标股票存在完美替代品，那么在金融市场不完备的情况下，SRI是中性的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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On the neutrality of socially responsible investing: The general equilibrium perspective

This paper investigates the conditions under which socially responsible investment (SRI) is neutral from the viewpoint of general equilibrium theory. Three conditions are jointly sufficient for neutrality of SRI. First, the financial market is complete and SRI does not compromise the spanning opportunities it provides. Second, consumers' rankings of consumption bundles are unaffected by their asset holdings. Third, firms maximize shareholder value. Under an additional assumption that is satisfied, e.g., if SRI takes the form of negative screening, the taxes and transfers needed to implement a Pareto‐optimal allocation are the same as in the absence of SRI. SRI is neutral despite financial market incompleteness if there are perfect substitutes for targeted stocks.

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来源期刊

Theoretical Economics ECONOMICS-

CiteScore

2.40

自引率

5.90%

发文量

审稿时长

52 weeks

期刊介绍： Theoretical Economics publishes leading research in economic theory. It is published by the Econometric Society three times a year, in January, May, and September. All content is freely available. It is included in the Social Sciences Citation Index