道德投资和邪恶投资对比研究

社会责任投资，又称道德投资，近年来受到了各界关注，一些机构纷纷成立道德基金进行投资。但另一方面，有人反其道而行之成立邪恶投资基金，专门投资道德投资排除在外的烟酒、军火、博彩等被认为缺乏社会责任的行业。基于常用的基金绩效对比指标-Sharpe指标和Jensen指标的实证显示，邪恶基金的表现优于传统基金和道德投资基金。因此，要持续得当投资者关注和青睐，道德投资还得从营销、法律约束等其它方面吸引投资者。

A contrastive study on ethical investment and evil investment

Socially responsible investing, namely ethics investing, is becoming famous in global investment market. Some ethics investing Fund was found by finance institution. On the other hand, there is the Vice Fund, raising the flag for an unethical investment approach by investing only in sinful industries such as gambling, defense, tobacco and alcohol. By traditional performance measures ways-Sharpe ratio and Jensen＇s alpha, the empirical research show that Vice Fund performed better than Domini Social Equity Fund and S＆P500 Index. According to the results, marketing strategies and law restriction should take into account attract investor to fund socially responsible investing.