• 投资
  • 2023年03月06 日

多元、公平和包容 — 远不止一个美好的概念

  • DE&I带来的实际好处包括,公司创新能力更强、员工参与度更高、业绩更出色,因此盈利能力得到提升
  • 识别成功践行DE&I且估值具吸引力的公司
  • 影响力债券投资——橙色债券是否能成为下一个绿色债券?

什么是多元、公平和包容 (DE&I) ?

DE&I是组织机构中所秉承的紧密相关的价值观,旨在为不同种族、民族、宗教、能力、性别和性取向的不同群体提供支持。劳动力多元化体现在1) 性别多元化;2) 年龄多元化;3) 种族多元化;以及4) 生理和心理的多元化。另一方面,公平指公平对待所有人,因此实践到位能够确保一个人的身份特征无法决定其在职场中的机遇和输赢。这与平等不同,平等所假设的是全部人都应获得相同的待遇,而公平会考虑一个人的独特情况,然后相应地调整待遇,以实现最终结果的平等。最后,包容指员工在工作场所的体验,以及公司对全体员工的包容程度。

DE&I还是主要的ESG因素之一,决定着公司在投资者和客户眼中的社会和治理地位。除了对公司公众形象的提升外,本行还将在下一节中阐述DE&I可为公司带来的实际好处。

DE&I的重要性及其带来的真正好处

DE&I因素可被分析师纳入公司的基本面研究分析中,作为推动长期成果的一个驱动因素。从下文图表可见,在这方面表现良好的公司(此处使用路孚特多元化和包容性指数作为代表),其股价表现长期跑赢大市(使用MSCI全球指数和汤森路透全球发达国家指数作为代表)。

 

图表1:成功践行DE&I的公司实现的出色表现

资料来源:路孚特

为什么会出现这种情况?根据多年来的大量研究发现,DE&I可产生更强的创新能力、更高的员工保留率、更出色的业绩,从而提高盈利能力

 

影响力债券投资——橙色债券是否能成为下一个绿色债券?

多元化和包容性与业务和财务表现相关。员工多元化更有可能在人才、创新和市场方面推动竞争优势,并实现长期的领先表现。例如,麦肯锡全球研究所2015年的一项研究发现,通过缩小经济体中的男女比例差距,全球GDP可在2025年增长高达28万亿美元(增幅达26%)。因此,缩小性别不平等并增强包容性可让世界更加繁荣和可持续。

虽然可持续金融市场多年来增长显著,但与气候变化等其他主题投资相比,含性别因素的投资仍处于起步阶段。2020年,在40万亿美元的全球可持续投资领域中,带有性别标签的金融产品资产仅有170亿美元。在这方面,全球债务和贷款资本市场(通过社会、性别、可持续发展和与可持续发展挂钩的债券和贷款)是减少性别不平等和促进包容性的潜在渠道。

实现性别平等(可持续发展目标5)有可能对若干其他可持续发展目标产生积极影响,如无贫穷(可持续发展目标1)、零饥饿(可持续发展目标2)、确保健康与福祉(可持续发展目标3)、确保包容和公平的优质教育(可持续发展目标4)、促进持久和包容的经济增长(可持续发展目标8)以及减少国家内部的不平等(可持续发展目标10)。新冠疫情对女性造成了更大的影响,扩大了性别差距并使得性别融资更加重要。距离实现2030年可持续发展目标还有不到十年时间,因此应加快推动性别平等的融资解决方案。除带有性别标签的债券外,范围更广的社会债券也是资助针对低收入群体、残障人士、性少数群体和性别少数群体或者其他群体的项目的良好途径。

性别债券是一类将性别因素纳入其目标的债务工具,旨在提高对性别不平等的认知并为女性赋能,这与性别平等(可持续发展目标5)相一致。截至目前,性别债券的发行主要由多边开发银行(如亚洲开发银行和国际金融公司)和银行承担。此类债券可用于各种项目,例如,支持提高女性薪酬、以摆脱女性贫困为目标、资助由女性领导和/或拥有的微型企业发展、向女性或由女性控股的企业提供低成本贷款等。

2022年3月,美国开发金融公司 (DFC) 与其他国际组织合作,以发行一套名为“橙色债券倡议”的指引,该指引旨在到2030年投放100亿美元资本,为全球1亿妇女和女孩赋能。因此,橙色债券原则和首张橙色债券分别于2022年10月和2022年12月发布。橙色债券的收益必须用于实质造福女性或性别少数群体、确保性别平等的劳动力和/或包容性价值链,亦或主要由女性所有或领导的项目和企业。债券发行人必须保证领导团队或运营债券的团队中的实质性性别多元化。

为了让性别债券或橙色债券获得更多关注,增加性别债券的主权发行,并将性别特征纳入主流绿色债券,可成为我们迈向性别平等和实现可持续发展目标5的途径。

 

图表2:各项可持续发展目标的性别平等概况

资料来源:联合国

这对投资者意味着什么

当投资者将ESG因素视为其投资组合的回报驱动因素和风险指标时,本行认为,DE&I因素可为公司在如何提供可持续的价值来源方面提供宝贵的灵感。

本报告中展示的数据表明,董事会、管理团队和员工的多元化在创新、员工保留率和长期盈利能力方面,影响着公司的长期业绩。

相较于DE&I方面落后的同行,各行业中在这些方面领先的公司可能会产生更可持续的企业业绩和更低的风险。就投资工具而言,目前有更多类型的债券(如性别债券和橙色债券),供寻求在社群和社会中实现特定多元化结果的投资者使用。

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