ESG investment takes environmental,social and corporate governance factors into account,redefining the boundary between investment and market.And it has became a hot topic in the investment field under the new economic situation.Whether ESG investment can improve fund performance has attracted widespread attention and sparked a lot of dis-cussion in the business and academic circles.This study takes China's 2016-2021 equity and partial equity hybrid funds as the research object,and discusses the relationship be-tween fund ESG investment behavior and investment performance from the perspective of portfolio optimization.The reason is that funds funds that carry out ESG investment have better ability to identify and select high-performing individual stocks,so that the portfolio can be optimized in terms of individual stock allocation.In addition,Although the fund can obtain excess returns through ESG investment,it will also lead to a weakening of the posi-tive correlation between fund performance and capital inflow.The above conclusions not only deepen and enrich the current research on the relationship between ESG investment and investment performance,but also provide a policy reference for China to improve the ESG investment system and further promote the strategy of high-quality sustainable development.
ESG InvestmentFund PerformancePortfolio OptimumStock Selection and Market Timing"Performance-flow Relationship"
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