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搶美國人飯碗的并非是機器人，也不是移民以及將生產搬到海外的狠心首席執行官，而是股東。

按照股東資本主義的說法，美國勞動力已經成為了一種累贅，也就是一種需要控制的成本，而不是資產。同時，員工福祉的下降是一種簡單的外部效應，應該從報表中拿掉，沒有必要重視。

為了幫助美國員工和股東，我們建議資產經理和所有者應采用“利益相關方資本主義”理念，并以此取代“股東至上”原則，同時投資制定能夠實現公平就業的積極策略，從而幫助員工重新獲得企業決策話語權。

要做到這一點，可以從以下幾個方面著手：

支持企業采用多利益相關方構架

投資者可以通過三種方式來實現從股東資本主義向利益相關方資本主義的轉變。第一種方式是“員工所有”模式。該模式在歐洲已經成功運行了很長一段時間，諸多歐洲公司的管理都是以利益相關方的長期利益為出發點。這些公司的做法是：給予員工有關重大問題的信任否決權；將股東傳統權力分配給廣泛的利益相關方。治理權被分配給那些與公司運營和目標（股東、員工、客戶和供應商）相關的各個方面，而資本成本之外的利潤則用于推動公司目標的實現。

第二種方式是美國設立的新企業法律實體——公益企業，其目標是實現利益相關方利益的最大化，其中包括股東的利益。這類形式的出現為持有這一目標的企業提供了法律依據。主流上市公司對公益企業的采納十分緩慢，因此在今年8月，參議員伊麗莎白·沃倫提出了《負責任資本主義法案》。為此，她在《華爾街日報》的專欄上總結道：“《負責任資本主義法案》希望重塑的理念在于，大型美國公司應該關注美國公民的利益。”

第三種方式是支持雇員所有制企業。當前的美國稅法提倡通過賦稅優惠，推行雇員股票所有制計劃。雇員所有制可以增強工作安全感和應對突發事件的韌性，同時能夠為員工提供更高的平均薪資以及企業發展紅利。研究表明，廣泛的雇員所有制能夠提升公司的生產效率，減少員工流失率。

取消高管薪酬與股價之間的關聯

公司應鼓勵高管在創造財務業績之余為員工和社會創造價值。沃倫在專欄中提到了這一點：“……高管們把股東回報放在首位，而且能夠因此獲得可觀的金錢獎勵。在1980年前，大公司的高管很少有股票薪酬。如今，它的比例達到了其薪酬額的62%。很多高管因其對短期股價上升所做的貢獻而獲得了更多的股份。這種反饋式循環也成就了首席執行官的天價薪酬。”

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

投資將員工放在首位的公司

首先，美國人可以投資社會責任型上市公司。美國大市值多元化公平企業指數（JULCD）源于一項對美國公民的調查，主題涉及什么樣的公司才是“公平”公司。該調查發現，大多數受調對象關注的是勞動力公平對待問題。Just Capital發現，入選公平企業指數的公司在2016年11月至2018年1月之間的累計投資回報比羅素1000指數公司高出3個百分點。

第二，投資者可以將其資產組合撤出對沖基金，這些對沖基金會迫使公司通過回購或短線財富運作來壓榨現金。全美經濟研究所發布的研究顯示，對沖基金目標公司的員工發現，即便公司的勞動生產率有所上升，但他們的薪酬卻沒有什么變化，而且這些改善所創造的財富基本都落入了投資者的腰包。

第三，資產所有者可以考慮私人債務基金，后者可以幫助其資產組合公司打造高質量的崗位。例如，夾層債務基金HCAP會投資那些以打造高質量工作崗位為首要任務的公司，并在整個投資周期提供支持，以改善其薪資、福利、晉升機會，以及利潤和所有權分享。

第四，投資者可以支持為高質量工作崗位提供資助的社區發展融資機構（Community Development Finance Institutions）。其中的一家機構Coastal Enterprises與雇主開展合作，把改善工作崗位和生活質量作為一項競爭優勢，并表彰那些支持高質量就業的被投資雇主。

投資界已經以股東的名義對美國民眾造成了廣泛的傷害，而這些股東中的大多數都是被動投資者，他們對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，并支持那些對員工投資的公司。這一舉措必然將為投資者和社會帶來更好的回報。（財富中文網）

安德魯·阿曼尼是Transform Finance公司的聯合創始人兼執行董事。該公司是一家非盈利性質的場館建設機構，致力于在資本和社會公正之間尋求平衡點。滕西·衛蘭是紐約大學斯特恩商學院可持續發展業務中心的主任，她還擔任商業和社會專業的實習教授。本評論節選自發布于紐約大學網站的一篇文章，并獲得了福特基金會（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.