venezuela protest Carlos Becerra/Getty Images

饥荒债券

发自剑桥——投资经常会在其最终目的上产生某些道德困境:我们应该只关注投资回报还是关注所投资的事业是否正当?投资烟草公司有问题吗?把钱投给向毒品团伙出售枪支的公司又可不可以?

近期一些所谓影响型投资基金(impact investment fund)的风行(这些基金承诺能在推动某些社会或环境目标的同时提供体面的回报)正是基于这种矛盾情绪。各大基金会往往发现这些投资工具可以帮助它们做好事,一方面借助它们在慈善事业上花费的金钱,另一方面则借助那些可以产生回报来资助慈善活动的捐赠资产。

可如今新兴市场也成为了一种让人在道德上心存疑虑的资产类别。试问一个体面的人应否将钱投入新兴市场债券基金?

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