金融英语阅读辅导：投资人力资本

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　　Investing in people benefits all
" e* l( \% V% `/ d　　Investing in human capital as an effective strategy for delivering outperformance might raise a few questions and eyebrows, but at Axa WF Human Capital, fund managers believe it will work.
　　The fund's innovative responsible investment strategy is based on investing in companies with good human capital management, which Axa Investment Managers maintains leads to good productivity and profitability. "Good human capital management, which means things like job creating, training and reward systems, creates competitive advantages for companies and investors," says Jean-Marc Maringe, fund manager, speaking from 10 years of experience in running a mandate on human capital.
　　"In increasingly competitive and global world markets, where pricing power for firms no longer guarantees success, productivity factors are becoming key competitive advantages," says Mr Maringe.
3 m" N" R. s3 ~/ v/ P* @　　Brett Walsh, lead consulting partner for human capital in Europe, the Middle East and Africa at Deloitte, supports his view and sees human capital as an investment area "likely to outperform". "It is an intelligent asset class in which to invest, as it is one that appears to be robust," says Mr Walsh.
　　In the Sunday Times's recent Best Companies to Work For competition, the share performance of the 31 best listed companies outstripped those in the FTSE 100 index. Over the past five years the survey showed they performed twice as well as the FTSE 100, showing a strong correlation between investing in human resources and increasing shareholder value.
* A" O1 C: Y/ ]8 T' [) ]6 N　　Mr Walsh is not surprised by the correlation but says he is surprised by how few companies recognise it and miss out on a good financial strategy. Attracting, training and retaining good talent in the workplace is of particular importance for the future. "The workforce in Europe is shrinking and will drop 13 per cent over the next 40 years, so there will be a smaller talent pool to draw from," he says.
　　Raj Thamotheram, director of responsible investment at Axa Investment Managers, says: "It is a different way of looking at human capital, not regarding it as just a cost but looking at the correlation between human capital performance and good returns

9 f4 I3 j. A$ u" ?" x7 P5 R& o　　"However, there is a misperception of the importance of human capital," he says. He believes the market mis-prices risks and rewards related to human capital management. "Analysts often celebrate [corporate] staff cuts but we do not follow this view." Belowaverage performance in human capital management will negatively impact financial performance in the long run.
　　The Watson Wyatt Human Capital Index, which surveyed human capital performance in 750 US and European companies between 1999 and 2001, measuring the impact of various HR strategies on shareholder value, showed companies with low human capital investment averaged a 21 per cent total return to shareholders, while those making a big investment averaged a 64 per cent total return.
　　Similarly a 2004 survey of executives in six countries by Accenture showed a compelling correlation between excellence in human capital management and superior business performance.
　　However, company data on investment in human capital can be difficult to measure and is not always available. "More transparency is needed," says Mr Thamotheram.
. [( j1 f0 q$ [1 I- S　　A good indication of a company's commitment to human capital management is whether the human resources director is on the board, says Mr Maringe. The inclusion of investment in human resources on company balance sheets would also promote greater transparency, although Deloitte's Mr Walsh thinks this might take another three to five years to happen.
8 L& m4 K- _, m　　Mr Thamotheram sees a gap in the market for the product and says current interest is coming from pension funds in the UK, France, the Netherlands and Switzerland.
　　Launched last October, the fund aims to invest in European companies that combine strong financial performance with the best human capital management practices.

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　　The fund, which is Luxembourg domiciled and was registered in the UK last month, aims to deliver annual returns of over 2 per cent more than its benchmark on a three-year rolling basis. Since launch it has outperformed its benchmark, the Dow Jones Stoxx EurMed 200 and DJ Stoxx EurSmall, by 4.8 per cent.
　　Fulfilling goals of delivering high returns comes from a combination of strong bottom-up stock picking, good financial analysis and the team's experience in identifying value in human capital management, says Mr Thamotheram.
) y  t& N- p( l& u+ e. ]- h　　The fund selects across sectors, using an ethical screening approach that excludes defence and tobacco companies, and also follows a best-in-class strategy. Any company with a below average score in human capital is excluded.
  e7 r, k* w5 D# T/ v" x/ y8 x4 t　　Its criteria in examining human capital management include career and development planning for staff, working conditions, and staff growth and how these relate to financial and stock price performance.
8 W. h" n6 p3 ^. G4 F) ^2 F　　投资人力资本
& j) T2 w2 w, w, ^/ s　　将人力资本投资作为提供跑赢大盘表现的有效战略，可能会引发人们的疑问，但在Axa WF Human Capital，基金经理认为这将行得通。</p>
　　该基金的创新型责任投资战略，是以投资拥有优秀人力资本管理的公司为基础，Axa Investment Managers在生产率和盈利能力方面保持着领先位置。基金经理让-马克?马兰热(Jean-Marc Maringe)在谈到其管理人力资本10年的经验时表示：“优秀的人力资本管理包括就业创造。”马兰热表示：：“在竞争越来越激烈和日益全球化的市场上，对于企业而言，定价权不再是成功的保证，生产率因素正日益成为关键的竞争优势。”德勤(Deloitte)欧洲、中东和非洲人力资本首席咨询合伙人布雷特?沃尔什(Brett Walsh)支持上述观点，他认为，将人力资本作为一个投资领域“可能跑赢大盘”。沃尔什表示：“它属于智力资产投资类别，它的表现非常强劲。”
/ `1 B: F* u: W8 _  y4 c9 a* U2 _) u　　在《星期日泰晤士报》(Sunday Times)最近的“最佳雇主”(Best Companies to Work For)评选中，31家最佳上市公司的股价表现超过了富时100指数(FTSE 100 index)成分股公司。调查显示，过去5年，这些企业的股价表现是富时100指数成分股公司的两倍，从而显示人力资源投资与股东价值提升之间的相关性很高。
　　沃尔什对这种相关性并不感到意外，但他表示，令他意外的是，很少有公司意识到这点，并且在优秀的财务战略上忽视了该问题。吸引、培训并留住优秀人才对于企业的未来尤为重要。他表示：“欧洲的员工数量正在减少，未来40年将减少13%，因此未来的人才数量将减少。”
　　Axa Investment Managers责任投资主管拉吉?达摩特拉姆(Raj Thamotheram)表示：“这是看待人力资本问题一种不同的方式，它不是光把人力资本看成成本，而是考虑到人力资本表现与高回报之间的相关性。”
　　他表示：“然而，人们对人力资本的重要性存在误解。”他认为，市场定价错误风险与回报与人力资本管理相关。“分析师经常赞成（公司）裁员，但我们不同意这种观点。”人力资本管理表现低于平均水平，将对公司长期财务表现产生负面影响。
$ m7 c% J2 }: @* Z　　华信惠悦人力资本指数(Watson Wyatt Human Capital Index)对750家欧美公司1999年至2001年间的人力资本表现进行了调查，衡量不同人力资源战略对股东价值的影响。该指数显示，人力资本投入少的企业的股东总体平均回报率为21%，而那些大举进行人力资本投资的企业的平均回报率为64%。
6 ~9 |& X8 r) y- H　　同样，埃森哲(Accenture)于2004年对6个国家的主管进行调查，结果发现，优秀的人力资本管理和卓越的企业表现之间存在明显的相关性。
- C, H7 ~2 r3 ]1 T- D% g$ |' `　　然而，有关人力资本投资的企业数据很难衡量，而且并非总能获得。达摩特拉姆表示：“必须提高透明度。”
) n! a. y1 K" T/ q' H# t# V　　马兰热表示，表明公司人力资本管理努力的有用信号是，公司的人力资源主管是否进入董事会。将人力资源投资纳入公司资产负债表也可以提高透明度，不过，德勤的沃尔什认为，这可能要等到3到5年后才会出现。
　　达摩特拉姆认为人力资本管理市场存在差距，他表示，目前对此的兴趣来自英国、法国、荷兰和瑞士的养老基金。
; T* H: q: |9 ]6 E- }% c8 f+ n　　于去年10月启动的该基金，旨在投资于那些将强劲财务表现和最佳人力资本管理实践结合在一起的欧洲公司。
　　该基金位于卢森堡，上月在英国注册。目标是在3年滚动的基础上，提供超出基准2%以上的年回报率。自成立以来，该基金表现一直较其基准指数道琼斯Stoxx EurMed 200和道琼斯Stoxx EurSmall高出4.8%。
  {' Q& p& I3 @5 F& g( W　　达摩特拉姆表示，实现高回报率的目标，要结合强大的自下而上选股方法，良好的财务分析，以及其团队在确认人力资本管理价值方面的经验。
　　该基金实行跨行业选股，利用剔除防务和烟草企业的道德筛选方法，还采用行业最佳战略。该基金排除了那些人力资本得分低于平均水平的公司。
　　该基金在考察人力资本管理方面的标准，包括员工职业发展计划、工作条件、员工成长及其与财务和股价表现的关系。

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