Abstract This paper looks at recent forms of ‘responsible investment’. It follows the use of ESG within a large global bank. ESG is a valuation technique that takes into account environmental, social and governance issues. Drawing on ethnographic data, the paper explores how ESG has become an accepted concept among financial analysts, and looks at how they implement it in their everyday calculations. It argues that ESG enables financial analysts to understand factors related to corporate responsibility as market signals and to use them to support their investment narratives. It concludes that the application of ESG has transformed ‘responsible investment’ from a normative attempt to increase the morality of investing into a speculative practice of valuation. This creates profit from current social contention and crises of capitalism.

中文翻译：

---

“负责任的投资”：ESG 和危机后的道德秩序

摘要 本文着眼于“负责任投资”的最新形式。它遵循在大型全球银行内使用 ESG。ESG 是一种考虑环境、社会和治理问题的估值技术。该论文利用人种学数据，探讨了 ESG 如何成为金融分析师公认的概念，并研究他们如何在日常计算中实施它。它认为 ESG 使金融分析师能够将与企业责任相关的因素理解为市场信号，并使用它们来支持他们的投资叙述。结论是，ESG 的应用已经将“负责任的投资”从规范性的提高投资道德的尝试转变为估值的投机实践。这从当前的社会争论和资本主义危机中创造了利润。