• 投資
  • 2023年03月06 日

多元、公平和包容 — 遠不止一個美好的概念

  • DE&I帶來的實際好處包括,公司創新能力更強、僱員參與度更高、業績更出色,因此盈利能力得到提升
  • 識別成功踐行DE&I且估值具吸引力的公司
  • 影響力債券投資——橙色債券是否能成為下一個綠色債券?

甚麼是多元、公平和包容(DE&I)?

DE&I是組織機構中所秉持的緊密相關的價值觀,旨在為不同種族、民族、宗教、能力、性別和性取向的不同群體提供支持。勞動力多元化體現在1) 性別多元化,2) 年齡多元化,3) 種族多元化,以及4) 生理和心理的多元化。另一方面,公平指公平對待所有人,因此實踐到位能夠確保一個人的身份特徵無法決定其在職場中的機遇和輸贏。這與平等不同,平等所假設的是全部人都應獲得相同的待遇,而公平會考慮一個人的獨特情況,然後相應地調整待遇,以實現最終結果的平等。最後,包容指員工在工作場所的體驗,以及公司對全體僱員的包容程度。

DE&I還是主要的ESG因素之一,決定著公司在投資者和客戶眼中的社會和治理地位。除了對公司公衆形象的提升外,本行還將在下一節中闡述DE&I可爲公司帶來的實際好處。

爲甚麼DE&I很重要性及其帶來的真正好處

DE&I因素可被分析師納入其對公司的基本面研究分析中,作爲推動長期成果的一個驅動因素。從下文圖表可見,在這方面表現良好的公司(此處使用路孚特多元化和包容指數作爲代表),其股價表現長期跑贏大市(使用MSCI全球指數和湯森路透全球成熟國家指數作爲代表)。

 

圖表1:成功踐行DE&I的公司實現的出色表現

資料來源:路孚特

為何會出現這種情況?根據多年來進行的大量研究發現,DE&I可産生更強的創新能力、更高的僱員保留率、更出色的業績,從而提高盈利能力

 

影響力債券投資——橙色債券是否能成爲下一個綠色債券?

多元化和包容性與業務和財務表現相關。僱員多元化更有可能在人才、創新和市場方面推動競爭優勢,並實現長期的領先表現。例如,麥肯錫全球研究所2015年的一項研究發現,通過縮小經濟體中的男女比例差距,全球國內生產總值可在2025年增長高達28萬億美元(增幅達26%)。因此,縮小性別不平等並增強包容性可令世界更加繁榮和可持續。

雖然可持續金融市場多年來增長顯著,但與氣候變化等其他主題投資相比,含性別因素的投資仍處於起步階段。2020年,在40萬億美元的全球可持續投資領域中,帶有性別標簽的金融産品資産僅有170億美元。在這方面,全球債務和貸款資本市場(通過社會、性別、可持續發展和與可持續發展掛鈎的債券和貸款)是減少性別不平等和促進包容的潛在渠道。

實現性別平等(可持續發展目標5)有可能對若干其他可持續發展目標産生積極影響,如無貧窮(可持續發展目標1)、零饑餓(可持續發展目標2)、確保健康與福祉(可持續發展目標3)、確保包容和公平的優質教育(可持續發展目標4)、促進持久和包容的經濟增長(可持續發展目標8)以及減少國家內部的不平等(可持續發展目標10)。新冠疫情對女性造成了更大的影響,擴大了性別差距並使得性別融資更加重要。距離實現2030年可持續發展目標還有不到十年時間,因此應加快推動性別平等的融資解決方案。除帶有性別標簽的債券外,範圍更廣的社會債券也是資助針對低收入群體、殘障人士、性少數群體和性別少數群體或者其他群體的項目的良好途徑。

性別債券是一類將性別因素納入其目標的債務工具,旨在提高對性別不平等的認知並爲女性賦能,這與性別平等(可持續發展目標5)相一致。截至目前,性別債券的發行主要由多邊開發銀行(如亞洲開發銀行和國際金融公司)和銀行承擔。此類債券可用於各種項目,例如,支持提高女性薪酬、以擺脫女性貧困爲目標、資助由女性領導和/或擁有的微型企業發展、向女性或由女性控股的企業提供低成本貸款等。

2022年3月,美國開發金融公司 (DFC) 與其他國際組織合作,以發行一套名爲「橙色債券倡議」的指引,該指引旨在到2030年投放100億美元資本,爲全球1億婦女和女孩賦能。因此,橙色債券原則和首張橙色債券分別於2022年10月和2022年12月發佈。橙色債券的收益必須用於實質造福女性或性別少數群體、確保性別平等的勞動力和/或包容價值鏈,亦或主要由女性所有或領導的項目和企業。債券發行人必須保證領導團隊或運營債券的團隊中的實質性性別多元化。

爲了讓性別債券或橙色債券獲得更多關注,增加性別債券的主權發行,並將性別特徵納入主流綠色債券,可成爲我們邁向性別平等和實現可持續發展目標5的途徑。

 

圖表2:各項可持續發展目標的性別平等概況

資料來源:聯合國

 

這對投資者意味著甚麼

當投資者將ESG因素視爲其投資組合的回報驅動因素和風險指標時,本行認爲,DE&I因素可爲公司在如何提供可持續的價值來源方面提供寶貴的靈感。

本報告中展示的數據表明,董事會、管理團隊和僱員的多元化在創新、僱員保留率和長期盈利能力方面,影響著公司的長期業績。

相較於DE&I面落後的同業,各行業中在這些方面領先的公司可能會産生更可持續的企業業績和更低的風險。就投資工具而言,目前有更多類型的債券(如性別債券和橙色債券),供尋求在社群和社會中實現特定多元化結果的投資者使用。

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