JAPAN is prone to fads—usually in fancy desserts or fashion ripe for Instagram. A less photogenic one has hit finance: investing in assets screened for ESG (environmental, social and governance) factors. In 2014-16 funds invested in ESG assets grew faster in Japan than anywhere else (and not just because of better reporting and a low base).

日本常追逐风潮——这些风潮常见于Instagram上的高档甜点和流行时尚。最近金融界有不太上镜的风尚，即对经过环境、社会和治理（environmental, social and governance，简称ESG）因素筛选后的资产进行投资。2014至2016年间，日本投资于环境、社会和治理资产的资本增长速度是全球最快的（而且不仅是因为报道数量更多以及基数低的问题）。

Today Japan’s sustainable-investment balance is $474bn, or some 3.4% of the country’s total managed assets—low compared with Europe or America, but high for Asia. The shift is driven from the top down, rather than, as elsewhere, by ethically minded individual investors.

如今，日本的可持续投资数额达到了4740亿美元，约占本国管理资产总额的3.4%。这一数据虽然低于欧洲或美国，但在亚洲却是偏高。与其它地区不同，日本的这种转变是自上而下进行的，推动力来自注重道德的个人投资者。

When he returned to power in 2012 with a plan to revitalise the economy Shinzo Abe, Japan’s prime minister, wanted to reform Japan’s conservative business culture. A code for institutional investors was introduced in 2014, followed by one on corporate governance a year later. The government’s aim is not only to get firms to distribute some of their vast piles of cash, but to shake up boards that tend to see their job as rubber-stamping management decisions.

在安倍晋三2012年重新上台执政时，他提出振兴日本经济计划，希望改革日本保守的企业文化。日本在2014年发布机构投资者行为准则，一年后又推出了企业治理行为准则。日本政府的目的不仅是让公司分配他们大量的现金，还要整顿那些碌碌无为企业董事会。

The big boost for ethical investing in Japan came from the Government Pension Investment Fund (GPIF), the world’s biggest public-sector investor, with $1.3trn of assets under management. In 2015 GPIF signed the UN’s Principles for Responsible Investment. This year it invested 3% of its holdings in socially responsible assets, using three ESG indices. Smaller investors have started to follow suit.

在日本，道德性投资的巨大推动力来自于政府养老金投资基金（Government Pension Investment Fund，简称GPIF），是全球最大的公共部门投资者，管理着1.3万亿美元资产。2015年，日本政府养老金投资基金成为联合国责任投资原则（The UN’s Principles for Responsible Investment）的签约方。今年，日本政府养老金投资基金采纳了环境、社会和治理这三个指标，将3%的资产投资于社会责任资产。一些相比较小的投资者也开始纷纷效仿。

Hiromichi Mizuno, GPIF’s chief investment officer, says the decision to invest in three ESG indices is for the long-term future, rather than with an eye on short-term returns or to support government policy: “The more companies pay attention to the sustainability of the environment, society and governance, the more likely investors are to find investment opportunities in them.”

政府养老金投资基金的首席投资官水野弘道表示，根据环境、社会和治理等三个指标来做出的投资决策着眼长久，而非短期回报或政府政策支持：“越是注重环境、社会和治理的可持续性发展企业，投资者就越有可能发现其投资机遇。“

Analysts say GPIF is setting a trend for sustainable investing not just in Japan but globally. It has said it wants to increase its allocations in ESG funds to 10% of its assets. Earlier this month it called for proposals for ethical funds to manage its foreign equity investments.

分析人士认为，日本养老金投资基金不仅在日本引领了可持续投资的潮流，也在全球起到了领导作用。据称，该基金希望将环境、社会和治理基金的资产配置增加至其资产的10%。11月初，该基金还征集了用道德基金来管理外国股权投资的提案。

Nick Benes, who heads the Board Director Training Institute of Japan, an educational body, says he is “all for” the enthusiasm for ESG in Japan. But he frets that Japanese companies are focusing on environmental and social aspects at the expense of governance. “That is the real driver of sustainability,” says Mr Benes. “But here it’s a big, boldEand S, and a small, plain G.”

日本教育机构日本董事培训学院的负责人尼克·贝内斯表示，他“完全支持”日本对环境、社会和治理的投资热情。不过，他担心日本企业会将重点放在环境和社会方面，而忽视了治理。“治理才是可持续发展的真正动力，”贝内斯说道。“但是日本这里将环境、社会看得很重，对于治理却不怎么重视。”

Japanese companies tend to score well on environmental concerns: they are very energy-efficient, for example. Social issues such as empowering women are receiving more attention. (One of GPIF’s chosen indices represents companies that are gender-diverse.) But governance is a work in progress; some still see requirements for disclosure and outside directors as undue interference. A series of scandals this year at companies including Kobe Steel and Nissan, a carmaker, suggests there is still work to do.

日本企业大都在环保方面表现较好：比如，日本企业都非常节能。女性赋权等社会问题正受到越来越多的关注。（日本养老金投资基金有一项指数专门指向性别多样化的企业。）但是，在治理方面仍然不够，有人认为对信息公开和外部董事的要求是不正当的干涉。今年，包括神户钢铁和日产汽车在内的多家公司爆出了一系列丑闻，这都表明企业仍需进一步提高治理水平。

编译：张思琦

审校：张愈妍

编辑：翻吧君

来源：经济学人