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搶美國(guó)人飯碗的并非是機(jī)器人，也不是移民以及將生產(chǎn)搬到海外的狠心首席執(zhí)行官，而是股東。

按照股東資本主義的說法，美國(guó)勞動(dòng)力已經(jīng)成為了一種累贅，也就是一種需要控制的成本，而不是資產(chǎn)。同時(shí)，員工福祉的下降是一種簡(jiǎn)單的外部效應(yīng)，應(yīng)該從報(bào)表中拿掉，沒有必要重視。

為了幫助美國(guó)員工和股東，我們建議資產(chǎn)經(jīng)理和所有者應(yīng)采用“利益相關(guān)方資本主義”理念，并以此取代“股東至上”原則，同時(shí)投資制定能夠?qū)崿F(xiàn)公平就業(yè)的積極策略，從而幫助員工重新獲得企業(yè)決策話語(yǔ)權(quán)。

要做到這一點(diǎn)，可以從以下幾個(gè)方面著手：

支持企業(yè)采用多利益相關(guān)方構(gòu)架

投資者可以通過三種方式來實(shí)現(xiàn)從股東資本主義向利益相關(guān)方資本主義的轉(zhuǎn)變。第一種方式是“員工所有”模式。該模式在歐洲已經(jīng)成功運(yùn)行了很長(zhǎng)一段時(shí)間，諸多歐洲公司的管理都是以利益相關(guān)方的長(zhǎng)期利益為出發(fā)點(diǎn)。這些公司的做法是：給予員工有關(guān)重大問題的信任否決權(quán)；將股東傳統(tǒng)權(quán)力分配給廣泛的利益相關(guān)方。治理權(quán)被分配給那些與公司運(yùn)營(yíng)和目標(biāo)（股東、員工、客戶和供應(yīng)商）相關(guān)的各個(gè)方面，而資本成本之外的利潤(rùn)則用于推動(dòng)公司目標(biāo)的實(shí)現(xiàn)。

第二種方式是美國(guó)設(shè)立的新企業(yè)法律實(shí)體——公益企業(yè)，其目標(biāo)是實(shí)現(xiàn)利益相關(guān)方利益的最大化，其中包括股東的利益。這類形式的出現(xiàn)為持有這一目標(biāo)的企業(yè)提供了法律依據(jù)。主流上市公司對(duì)公益企業(yè)的采納十分緩慢，因此在今年8月，參議員伊麗莎白·沃倫提出了《負(fù)責(zé)任資本主義法案》。為此，她在《華爾街日?qǐng)?bào)》的專欄上總結(jié)道：“《負(fù)責(zé)任資本主義法案》希望重塑的理念在于，大型美國(guó)公司應(yīng)該關(guān)注美國(guó)公民的利益?！?

第三種方式是支持雇員所有制企業(yè)。當(dāng)前的美國(guó)稅法提倡通過賦稅優(yōu)惠，推行雇員股票所有制計(jì)劃。雇員所有制可以增強(qiáng)工作安全感和應(yīng)對(duì)突發(fā)事件的韌性，同時(shí)能夠?yàn)閱T工提供更高的平均薪資以及企業(yè)發(fā)展紅利。研究表明，廣泛的雇員所有制能夠提升公司的生產(chǎn)效率，減少員工流失率。

取消高管薪酬與股價(jià)之間的關(guān)聯(lián)

公司應(yīng)鼓勵(lì)高管在創(chuàng)造財(cái)務(wù)業(yè)績(jī)之余為員工和社會(huì)創(chuàng)造價(jià)值。沃倫在專欄中提到了這一點(diǎn)：“……高管們把股東回報(bào)放在首位，而且能夠因此獲得可觀的金錢獎(jiǎng)勵(lì)。在1980年前，大公司的高管很少有股票薪酬。如今，它的比例達(dá)到了其薪酬額的62%。很多高管因其對(duì)短期股價(jià)上升所做的貢獻(xiàn)而獲得了更多的股份。這種反饋式循環(huán)也成就了首席執(zhí)行官的天價(jià)薪酬?！?

投資者可以通過以下方式來推動(dòng)高管薪酬機(jī)制的改變：股東建議；與管理層溝通；用以往的薪酬政策來降低公司價(jià)值；不要寄希望通過回購(gòu)的效力來影響高管薪酬。

投資將員工放在首位的公司

首先，美國(guó)人可以投資社會(huì)責(zé)任型上市公司。美國(guó)大市值多元化公平企業(yè)指數(shù)（JULCD）源于一項(xiàng)對(duì)美國(guó)公民的調(diào)查，主題涉及什么樣的公司才是“公平”公司。該調(diào)查發(fā)現(xiàn)，大多數(shù)受調(diào)對(duì)象關(guān)注的是勞動(dòng)力公平對(duì)待問題。Just Capital發(fā)現(xiàn)，入選公平企業(yè)指數(shù)的公司在2016年11月至2018年1月之間的累計(jì)投資回報(bào)比羅素1000指數(shù)公司高出3個(gè)百分點(diǎn)。

第二，投資者可以將其資產(chǎn)組合撤出對(duì)沖基金，這些對(duì)沖基金會(huì)迫使公司通過回購(gòu)或短線財(cái)富運(yùn)作來壓榨現(xiàn)金。全美經(jīng)濟(jì)研究所發(fā)布的研究顯示，對(duì)沖基金目標(biāo)公司的員工發(fā)現(xiàn)，即便公司的勞動(dòng)生產(chǎn)率有所上升，但他們的薪酬卻沒有什么變化，而且這些改善所創(chuàng)造的財(cái)富基本都落入了投資者的腰包。

第三，資產(chǎn)所有者可以考慮私人債務(wù)基金，后者可以幫助其資產(chǎn)組合公司打造高質(zhì)量的崗位。例如，夾層債務(wù)基金HCAP會(huì)投資那些以打造高質(zhì)量工作崗位為首要任務(wù)的公司，并在整個(gè)投資周期提供支持，以改善其薪資、福利、晉升機(jī)會(huì)，以及利潤(rùn)和所有權(quán)分享。

第四，投資者可以支持為高質(zhì)量工作崗位提供資助的社區(qū)發(fā)展融資機(jī)構(gòu)（Community Development Finance Institutions）。其中的一家機(jī)構(gòu)Coastal Enterprises與雇主開展合作，把改善工作崗位和生活質(zhì)量作為一項(xiàng)競(jìng)爭(zhēng)優(yōu)勢(shì)，并表彰那些支持高質(zhì)量就業(yè)的被投資雇主。

投資界已經(jīng)以股東的名義對(duì)美國(guó)民眾造成了廣泛的傷害，而這些股東中的大多數(shù)都是被動(dòng)投資者，他們對(duì)投資界的上述行徑一無所知，所有者和管理商必須予以反擊，并支持那些對(duì)員工投資的公司。這一舉措必然將為投資者和社會(huì)帶來更好的回報(bào)。（財(cái)富中文網(wǎng)）

安德魯·阿曼尼是Transform Finance公司的聯(lián)合創(chuàng)始人兼執(zhí)行董事。該公司是一家非盈利性質(zhì)的場(chǎng)館建設(shè)機(jī)構(gòu)，致力于在資本和社會(huì)公正之間尋求平衡點(diǎn)。滕西·衛(wèi)蘭是紐約大學(xué)斯特恩商學(xué)院可持續(xù)發(fā)展業(yè)務(wù)中心的主任，她還擔(dān)任商業(yè)和社會(huì)專業(yè)的實(shí)習(xí)教授。本評(píng)論節(jié)選自發(fā)布于紐約大學(xué)網(wǎng)站的一篇文章，并獲得了福特基金會(huì)（Ford Foundation）的許可。

譯者：Pessy

審校：夏林

It’s not the robots that are coming for American jobs. It’s not the immigrants. It’s not evil offshoring CEOs either. It’s the shareholders.

Under shareholder capitalism, the U.S. labor force has become a liability—a cost to be contained—rather than an asset, and the decrease in worker well-being is a simple externality to be placed off books and ignored.

To help American workers and shareholders, we suggest asset managers and owners move to reject shareholder primacy and embrace stakeholder capitalism, invest in positive approaches to quality employment, and help workers regain a voice in corporate decision-making.

Here’s how we can get started:

Support multi-stakeholder corporations

There are three potential ways for investors to help effect the shareholder-to-stakeholder capitalism transition. The first is the steward ownership model, which builds on a distinguished history of European companies being managed for the long-term benefit of stakeholders. These companies accomplish this by assigning to a trust veto rights over fundamental issues and by distributing shareholders’ traditional rights among a broader range of stakeholders. Governance is distributed among those connected to the operation and its mission (shareholders, workers, customers, and suppliers) and profits above the cost of capital are deployed to advance the company’s mission.

Second is a new corporate legal entity developed in the U.S., the benefit corporation, which provides legal standing for a corporation that seeks to maximize benefit for stakeholders in addition to shareholders. Adoption of benefit corporation status among major public companies has been slow, so in August, Sen. Elizabeth Warren introduced the Accountable Capitalism Act, which she summarized in a Wall Street Journal op-ed: “The Accountable Capitalism Act restores the idea that giant American corporations should look out for American interests.”

A third approach is to support employee-owned companies. Current U.S. tax law encourages Employee Stock Ownership Plans (ESOP) through tax benefits. Employee ownership can promote job security and resilience to shocks while giving workers higher average wages and a stake in the upside of their businesses. And research shows that broad-based employee ownership increases firm productivity and decreases turnover.

Decouple executive compensation from stock price

Executives should be incentivized to produce value for employees and society in addition to financial returns. Warren’s editorial makes the point: “…executives have a strong financial incentive to prioritize shareholder returns. Before 1980, top CEOs were rarely compensated in equity. Today it accounts for 62% of their pay. Many executives receive additional company shares as a reward for producing short-term share-price increases. This feedback loop has sent CEO pay skyrocketing.”

Investors can support changing executive compensation norms through shareholder proposals, engaging with management, and devaluing companies with outmoded compensation policies, as well as not considering the effect of buybacks when influencing executive compensation.

Invest in companies that prioritize employees

First, Americans can invest in socially responsible publicly traded companies. The JUST U.S. Large Cap Diversified Index (JULCD) categories were developed through surveying American citizens on what makes a company “just”—and found they were most focused on a just approach to labor. Just Capital found that the cumulative investment returns for JUST companies outperformed the Russell 1000 by three points between November 2016 and January 2018.

Second, investors can reallocate their portfolios away from hedge funds that pressure companies to disgorge cash through buybacks or that otherwise rely on short-term wealth extraction. According to research published by the National Bureau of Economic Research, workers at hedge fund-targeted firms do not see their compensation increase after the company achieves higher labor productivity; wealth created by the improvements is captured almost solely by investors.

Third, asset owners may consider private debt funds that support their portfolio companies in creating quality jobs. For example, the mezzanine debt fund HCAP invests in companies that prioritize quality jobs and supports them throughout the life of the investment to improve wages, benefits, opportunities for advancement, and profit and ownership sharing.

Fourth, investors can support Community Development Finance Institutions, which finance quality jobs. One such institution, Coastal Enterprises, works with employers to improve job quality and livelihoods as a competitive advantage and highlights investee employers that are champions of quality employment.

Extensive damage is being done to our country in the name of shareholders, most of whom are passive investors who have no idea what is being done in their names. Asset owners and managers must fight back and support companies that are investing in their workforce. That will ensure better returns for investors and for society.

Andrea Armeni is the co-founder and executive director of Transform Finance, a field-building non-profit organization working at the intersection of capital and social justice. Tensie Whelan is the director of NYU Stern School of Business’s Center for Sustainable Business, where she also serves as a clinical professor for business and society. This commentary is adapted from an article published on NYU’s website, and was made possible by a grant from the Ford Foundation.