nizations consistently experience corrupt practices, social and political instability, and clashes with nearby communities that debilitate their license to work.
对项目和组织的投资会对个人的生活产生影响，特别是在创作场景中，对任何进步的软弱往往更值得注意。这些投资的社会影响已经转变为ESG内部的一个巨大的（如果不是普遍的话）点。相关问题包括对新项目感兴趣的省级经济优势、与扩大就业相关的社会可移植性增强，或负面影响问题，例如强迫重新安置、群体内部的金钱转移或对健康或犯罪的影响。例如，冲突矿产是ESG中一个坚实的主题区域。由于世界上少数地区的锡、钨、钽和黄金开采与资助内战、家庭虐待和不公平的工作条件有关，被投资方和投资者有理由证明，项目细分并非来自与斗争有关的矿山。采矿、石油和天然气组织一直经历着腐败行为、社会和政治不稳定，以及与附近社区的冲突，这些都削弱了他们的工作许可证。
GOVERNANCE 治理
Resource scarcity undermines to be a critical test to the worldwide economy. With numerous innovative products requiring the sourcing of uncommon minerals, and with inquiries around the sustainable production of goods around the world, opportunities lie in the sustainable sourcing and production of products, while putting weight on practices that are unsustainable. Today’s financial markets experience issues consolidating low recurrence however high effect chances in finance within shorta€term benchmarks, it might be hard to accommodate with key ESG issues that are gone for revealing dangers in the medium to long term. The wealth destruction experienced by shareholders of BP after the Gulf of Mexico oil slick or of TEPCO after the atomic mischance at Fukushima is outlines of this misa€pricing.
资源短缺已成为对世界经济的关键考验。随着许多创新产品需要采购稀有矿物，以及世界各地对商品可持续生产的询问，机会在于产品的可持续采购和生产，同时强调不可持续的做法。今天的金融市场经历了一些问题，这些问题巩固了低复发率，但在短期基准内，金融的影响机会很高，可能很难适应关键的ESG问题，因为这些问题在中长期内揭示了危险。英国石油公司（BP）股东在墨西哥湾漏油事件后或东京电力公司（TEPCO）股东在福岛核事故后所经历的财富破坏，就是这种错误定价的概述。
Principles of capital structure including the cost of capital for business sustainability 资本结构原则，包括商业可持续性的资本成本
CAPITAL STRUCTURE 资本结构
Capital structure is the composition of long-term liabilities, exact short-term liabilities, similar to bank notes, common equity, and preferred equity, which construct up the funds a company firm uses for its operation and expansion. The capital structure of a business firm is basically the right area of its balance sheet. Capital structure, normally, is composed of the firm debt and equity. There are considerations through management and the stakeholders over what mix up of debt and equity to use. Must be more debt financing be old in order to make a higher return.
资本结构是长期负债、确切的短期负债的组成，类似于银行票据、普通股和优先股，它们构成了公司用于运营和扩张的资金。企业的资本结构基本上是其资产负债表的正确区域。资本结构通常由公司债务和股权组成。管理层和利益相关者对使用何种债务和股权组合进行了考虑。必须更多的债务融资才能获得更高的回报。
For instance, the capital structure of XYZ, Inc. is 40% long-term debt (bonds), 10% preferred stock, and 50% common stock.
例如，XYZ股份有限公司的资本结构是40%的长期债务（债券）、10%的优先股和50%的普通股。
1. Decisions are based on cash flow not accounting income 决策基于现金流而非会计收入
The capital structure choices depend on the cash flow as opposed to depending on the accounting income. These are the incremental cash flows, that is, the extra cash flow that will happen if the project is attempted contrasted with if the project is not undertaken. While evaluating this cash flow certain costs, for example, the sunk cost will be overlooked. This is on the grounds that sunk cost is the cost that is as of now acquired whether the project is undertaken or not. Correspondingly any intangible costs and advantages are overlooked. The investment analysis ought to likewise account for any externalities. An externality refers to the impact of the project/investment on different things than the project itself. A typical externality is cannibalization, where another project diminishes the cash flow of another project. This is a negative externality. A venture can likewise have a positive externality where another venture has constructive outcome on the income from another project.
资本结构的选择取决于现金流，而不是会计收入。这些是增量现金流，也就是说，如果尝试项目，与不进行项目相比，将发生的额外现金流。在评估这种现金流时，某些成本，例如，沉没成本将被忽略。这是基于沉没成本是指无论项目是否进行，截至目前所获得的成本。相应地，任何无形的成本和优势都被忽视了。投资分析同样应考虑任何外部因素。外部性是指项目/投资对不同于项目本身的事物的影响。一个典型的外部性是蚕食，即另一个项目减少了另一项目的现金流。这是一种负外部性。一个风险企业也可能具有正外部性，其中另一个风险公司对另一个项目的收入有建设性的结果。
2. Timing of cash flow 现金流的时间安排
Another very important part of the analysis is to appraise the timing of cash flow as precisely a
