用善心投資，同時(shí)獲得豐厚的回報(bào)，是每一位具有社會(huì)意識(shí)的投資人都在追求的平衡。為了達(dá)到這種平衡，很多投資人一直在尋找一些指標(biāo)數(shù)據(jù)，特別是所謂的環(huán)境、社會(huì)和公司治理指標(biāo)（即所謂的ESG指標(biāo)），來(lái)幫助甄別哪些企業(yè)在社會(huì)責(zé)任上的表現(xiàn)較好，哪些企業(yè)表現(xiàn)較差。

對(duì)于有些指標(biāo)來(lái)說(shuō)，其數(shù)據(jù)質(zhì)量正在穩(wěn)步提高。比如有研究表明，減少浪費(fèi)與股票回報(bào)之間存在關(guān)聯(lián)性。不過(guò)在很多社會(huì)問(wèn)題上，這樣有深度的數(shù)據(jù)一般比較難以獲得——比如企業(yè)是怎樣對(duì)待他們的員工的。在這個(gè)貧富差距日益加深的社會(huì)里，有些投資人非常希望他們投資的公司的領(lǐng)導(dǎo)者能將成功的果實(shí)與普通員工分享。然而如何得知一家公司是否善待了他們的員工，卻是一個(gè)不折不扣的難題。

正義資本（Just Capital）就是一家致力于提供此類數(shù)據(jù)的非營(yíng)利機(jī)構(gòu)，該機(jī)構(gòu)由知名投資人保羅·都鐸·瓊斯等人于2013年創(chuàng)立，自從成立以來(lái)，該機(jī)構(gòu)已經(jīng)調(diào)查了8.1萬(wàn)余人，以確定公眾最關(guān)心哪些企業(yè)行為問(wèn)題。該公司還根據(jù)企業(yè)在相關(guān)問(wèn)題上的表現(xiàn)，對(duì)羅素1000指數(shù)中的企業(yè)進(jìn)行了排名。（排名已經(jīng)在網(wǎng)上發(fā)布，它也是正義資本于2018年6月推出的美國(guó)大盤(pán)證券ETF基金的基礎(chǔ)）。正義資本的調(diào)查顯示，工人薪酬福利問(wèn)題始終是受訪者最關(guān)注的問(wèn)題。

正義資本的CEO馬丁·惠特克表示，正義資本對(duì)于員工福利的評(píng)分體系不僅包括工資待遇，也包括醫(yī)保、退休計(jì)劃和其他福利因素。不過(guò)按照正義資本的評(píng)分標(biāo)準(zhǔn)，如果一家公司在裁員時(shí)提供了比較合理的遣散費(fèi)，并且提供了就業(yè)安置服務(wù)，則裁員未必會(huì)成為一家公司的扣分項(xiàng)。正義資本還將工作與生活的平衡作為一個(gè)評(píng)分標(biāo)準(zhǔn)，他們會(huì)通過(guò)外部團(tuán)隊(duì)收集數(shù)據(jù)，對(duì)那些積極鼓勵(lì)員工休年假和育兒假的企業(yè)予以加分。

該研究的結(jié)果是鼓舞人心的：如果一項(xiàng)政策對(duì)員工是有利的，那么它往往對(duì)公司的股東也是有利的。過(guò)去幾年間，在正義資本的打分體系中排在前幾名的公司，其總體表現(xiàn)始終穩(wěn)定優(yōu)于羅素1000指數(shù)中的其他公司。在工作/生活平衡指標(biāo)中排名前50%的公司，其過(guò)去五年的年均證券市場(chǎng)回報(bào)率高達(dá)19.4%，比排在后50%的公司高出兩個(gè)百分點(diǎn)以上?；萏乜苏J(rèn)為，高福利帶來(lái)的高績(jī)效可以歸結(jié)于簡(jiǎn)單的人性：勞動(dòng)者獲得的回報(bào)越高，其產(chǎn)出水平也就越高。其他機(jī)構(gòu)的調(diào)查也發(fā)現(xiàn)了類似結(jié)果。比如關(guān)注ESG指標(biāo)的帕納塞斯投資公司（Parnassus Investments）發(fā)現(xiàn)，《財(cái)富》雜志的“最佳雇主排行榜”上榜企業(yè)的績(jī)效總體上總是能跑贏市場(chǎng)。

考慮到這種相關(guān)性，《財(cái)富》雜志對(duì)正義資本的最新排名進(jìn)行了研究，看看有哪些企業(yè)既對(duì)員工十分慷慨，同時(shí)未來(lái)幾年又有較好的前景。

終極軟件（Ultimate Software）是一個(gè)云服務(wù)人力資源平臺(tái)，2017年實(shí)現(xiàn)了近10億美元的收入。這家公司的總部位于南佛羅里達(dá)州的韋斯頓郊區(qū)，這里的生活成本雖然不高，但該公司給員工開(kāi)出的薪水卻比肩硅谷水平。終極軟件在工作/生活平衡和職業(yè)發(fā)展上也名列前茅。它還提供了學(xué)費(fèi)報(bào)銷(xiāo)、日托服務(wù)和無(wú)限個(gè)人休假等多項(xiàng)福利。

在業(yè)務(wù)方面，自從2012年以來(lái)，終極軟件的營(yíng)收每年都增長(zhǎng)20%左右。最近由于市場(chǎng)擔(dān)心美國(guó)經(jīng)濟(jì)下滑將會(huì)給軟件行業(yè)造成周期性打擊，終極軟件的股價(jià)比2018年夏天的峰值下跌了24%。不過(guò)為了保持增長(zhǎng)，終極軟件將目光投向歐洲，2018年以3億美元的價(jià)格收購(gòu)了巴黎的PeopleDoc公司。該公司2019年的預(yù)期市盈率是41倍，但它的交易價(jià)格與其他快速增長(zhǎng)的軟件公司大體一致。尼德罕姆公司的分析師斯科特·伯格表示，考慮到這家公司的持續(xù)增長(zhǎng)，終極軟件的股票是值得溢價(jià)交易的。

在線房地產(chǎn)平臺(tái)Zillow集團(tuán)也是在工作/生活平衡方面做得最好的公司之一，該公司提供16周的產(chǎn)假和8周的陪產(chǎn)假。2018年以來(lái)，受多種因素影響，該公司的股價(jià)下跌了18%。Zillow對(duì)房地產(chǎn)經(jīng)銷(xiāo)模式的調(diào)整令平臺(tái)的一些付費(fèi)用戶感到有些不安，利率上漲和住宅銷(xiāo)量放緩也給房地產(chǎn)行業(yè)帶來(lái)了一些風(fēng)險(xiǎn)。

不過(guò)，德意志銀行的分析師勞埃德·沃姆斯利表示，憑借11億美元的年收入，Zillow仍然是在線房地產(chǎn)市場(chǎng)的領(lǐng)導(dǎo)者。人們?cè)诰W(wǎng)上看房時(shí)，“絕大多數(shù)時(shí)間”都是在Zillow上看房源。雖然它的中介客戶出了一些問(wèn)題，但它過(guò)去幾年的總收入還是猛漲了22%。

Zillow的最新舉措，是購(gòu)買(mǎi)無(wú)人問(wèn)津的房子，然后將它們轉(zhuǎn)手獲利。這項(xiàng)業(yè)務(wù)也有可能成為一個(gè)增長(zhǎng)引擎。2018年8月，該公司收購(gòu)了美國(guó)抵押貸款公司（Mortgage Lenders of America），該筆交易很可能會(huì)使這項(xiàng)業(yè)務(wù)更具有成本效益優(yōu)勢(shì)。

Intuitive Surgical公司主要從事機(jī)器人輔助手術(shù)業(yè)務(wù)。伯恩斯坦公司的分析師李·漢布萊特說(shuō)道：“在醫(yī)療科技行業(yè)，它可以說(shuō)是獨(dú)一無(wú)二的?！痹摴镜倪_(dá)芬奇手術(shù)系統(tǒng)幾乎占據(jù)了這一領(lǐng)域的壟斷地位，它能輔助醫(yī)生更高效地進(jìn)行子宮摘除術(shù)、前列腺手術(shù)等一系列手術(shù)，同時(shí)也顯著降低了創(chuàng)傷水平，減少了患者的痛苦。其他醫(yī)療器械公司在機(jī)器人領(lǐng)域發(fā)力較晚，這也使Intuitive Surgical公司的機(jī)器人制造水平與行業(yè)幾乎拉開(kāi)了十年的差距。2017年，該公司的營(yíng)收達(dá)到31億美元。Intuitive Surgical還在另外一個(gè)方面領(lǐng)導(dǎo)著整個(gè)行業(yè)：據(jù)正義資本介紹，該公司的前任和現(xiàn)任員工都對(duì)它的福利待遇給予了高度評(píng)價(jià)——比如它的401(k)養(yǎng)老金計(jì)劃。它在員工福利上的得分超過(guò)了醫(yī)療保健設(shè)備領(lǐng)域里的任何一家公司。

種善因得善果

正義資本的調(diào)查顯示，員工薪資福利與股東收益并不是互相矛盾的。

· 羅素1000指數(shù)中的100家“最正義”公司的2018年員工中位薪酬比全美國(guó)平均水平高出26%。

· 78%的美國(guó)受訪者表示，他們至少會(huì)采取以下行動(dòng)之一來(lái)獎(jiǎng)勵(lì)“正面行動(dòng)的企業(yè)”，如購(gòu)買(mǎi)一家公司的更多產(chǎn)品，在社交媒體上提及公司名稱，或?qū)υ摴具M(jìn)行投資。

· 羅素1000指數(shù)公司中在工作/生活平衡指標(biāo)中排名前50%的公司，其年均證券市場(chǎng)回報(bào)率為19.4%，較后50%的公司總體高出2.3%。

來(lái)源：正義資本

（財(cái)富中文網(wǎng)）

本文的另一版本刊載于2019年1月的《財(cái)富》雜志，文章的題目是《當(dāng)工人與投資者共享財(cái)富》。

譯者：樸成奎

Investing with the heart, while still earning a strong return, is the equilibrium that every socially conscious shareholder aims for. To achieve that balance, investors are in constant search of strong data—specifically, environmental, social, and governance (ESG) metrics that can help them screen out bad actors and identify the good.

For some of those metrics, the data has steadily improved. There is now research that shows a correlation between reduction of waste and stock returns, for example. The same depth of data has been elusive, however, for many social issues—including how companies treat their employees. That’s a conundrum in a society marked by growing wealth inequality, in which some investors are eager to back companies whose leaders share the fruits of success with the rank and file.

One group striving to close the worker-treatment data gap is Just Capital. Just, a nonprofit founded in 2013 by a group that includes billionaire investor Paul Tudor Jones, has surveyed some 81,000 people since then to determine which corporate-behavior-issues the public cares most about. It ranks the companies in the Russell 1000 based on their performance on those issues. (The rankings are available online; they’re also the basis for the Just U.S. Large Cap Equity ETF, which launched in June 2018.) In Just’s surveys, worker pay and benefits consistently rank at the top of respondents’ priorities.

To develop a rating system for employee well-being, Just looked beyond salary and perks, says CEO Martin Whittaker; training and career development opportunities, health care, retirement plans, and other factors all fall into this bucket. Layoffs don’t necessarily count against a company if it provides, say, good severance and access to job-placement services. Just Capital also measures work/life balance, gathering data through outside groups and giving credit to companies that actively encourage and remind employees to use vacation days and parental leave.

The encouraging result of this research: What’s good for employees appears to be good for shareholders. Just’s top-ranked companies overall have consistently outperformed the Russell 1000 over the past several years. And companies that scored in the top 50% on its work/life balance metrics, for example, have earned an average annual return on equity of 19.4% over the past five years, more than two percentage points higher than those in the bottom half. The explanation for that superior performance may come down to simple human nature: A better-rewarded workforce produces at higher levels, Whittaker explains. Other groups are registering similar results; the ESG-oriented firm Parnassus Investments, for example, has found that as a group, the companies on Fortune’s Best Companies to Work For list have consistently beaten the market.

With that correlation in mind, Fortune explored Just Capital’s most recent rankings to find generous employers that also have promising outlooks for the years ahead.

Ultimate Software specializes in cloud-based human resources platforms, and it brought in nearly $1 billion in revenue in 2017. It’s known for paying Silicon Valley–esque salaries to workers in the comparatively affordable environs of its headquarters in Weston, in South Florida. Ultimate also tops Just’s lists for work/life balance and career development, offering tuition reimbursement, day-care services, and unlimited personal time off.

On the business front, it’s Ultimate’s revenue growth, which has hit 20% every year since 2012, that investors find righteous. True, the stock has fallen 24% from 2018’s summer peak on concerns that software firms will take a cyclical hit if the U.S. economy sputters. But to sustain growth, Ultimate has looked toward Europe, buying Paris-based PeopleDoc for $300 million in 2018. With a price-to-expected-2019-earnings ratio of 41, Ultimate trades in line with other fast-growing software companies. Needham analyst Scott Berg says it actually deserves to trade at a premium because of its consistent growth.

Online real estate platform Zillow Group is another top performer on the work/life balance front, offering benefits like 16-week maternal and eight-week paternal leave. A variety of factors shaved 18% off its share price in 2018. A tweak in how Zillow distributes real estate leads upset some of the agents who pay to use the platform, and rising interest rates and slowing home sales have put its industry’s growth at risk.

But Zillow, with its $1.1 billion in annual revenue, remains the dominant player in online home-listing, owning “the vast majority of time” people spend looking at homes on the web, says Deutsche Bank analyst Lloyd Walmsley. And despite the hiccup with its agent customers, the company registered a 22% jump in total revenues over the past years.

Zillow’s newest effort, purchasing unloved homes and flipping them for profit, could also become a growth engine; the company’s 2018 August purchase of Mortgage Lenders of America could make that business line more cost-efficient.

Intuitive Surgical focuses on robot-assisted surgeries, and “there’s nothing like it in the med-tech industry,” says Lee Hambright, a Bernstein analyst. Intuitive’s da Vinci Surgical System dominates this field, providing a tool that enables doctors to perform hysterectomies, some prostate procedures, and other surgeries in more efficient, less invasive ways. The total number of operations using robotic systems rose 20% over the past year. But competitors have been slow to embrace robotics, giving Intuitive, which brought in $3.1 billion in revenue in 2017, more than a decade’s head start. It leads its industry in another way: According to Just, ratings from current and former Intuitive employees gave the company’s benefits, such as its 401(k), higher marks than those of any other health care equipment maker.

What goes around comes around

Research by Just Capital suggests that worker pay and benefits and shareholder gains aren’t mutually exclusive.

· 26%

amount above the national average that the 100 “most just” companies in the Russell 1000 paid their median employee in 2018.

· 78%

share of U.S. survey respondents who say they’ve taken at least one action—such as buying more of a company’s product, mentioning a company on social media, or investing in a company—to reward its “positive behavior.”

· 19.4%

average annual return on equity over the past five years for companies that rank in the top half of the Russell 1000 companies on work/life balance metrics. That’s 2.3 percentage points higher than the bottom half.

*Source Just Capital

A version of this article appears in the January 2019 issue of Fortune with the headline “When Workers And Investors Share the Wealth.”