The business benefits of doing good | Wendy Woods

翻译人员: Yuchen Han 校对人员: Guangyuan Chen

A few years ago,

几年前，

all the developed countries in the world --

所有发达国家——

the wealthier ones --

那些比较富裕的国家——

and all of the charities

还有所有慈善机构，

together donated about 200 billion dollars

总共捐款两千亿美元

to developing countries in the world --

帮助发展中国家——

the ones that bear most of the burden,

这些国家拥有沉重的负担，

the heaviest burden of the world's biggest problems:

面临世界上最艰难的种种问题，

poverty, hunger, climate change and inequality.

贫困，饥饿，气候变化以及不平等。

That same year,

就在同一年，

businesses invested in those same countries 3.7 trillion dollars.

还是这些国家， 收到了 3.7 万亿美元的商业投资。

Now, I get to travel a lot in my work

我因工作需要经常出差，

and I'm privileged to see the amazing things

我有幸看到

that NGOs and some governments are doing

许多非政府组织以及政府

with some of that 200 billion dollars:

善用那两千亿美元：

helping malnourished children

帮助营养不良的儿童，

or families that don't have access to clean water,

无法获取干净水源的家庭

children who wouldn't be educated otherwise.

和无法接受教育的孩子们。

But it's not enough

然而这还远远不够，

because the biggest problems in our world need trillions

因为那些最艰巨的问题 需要万亿级的资金，

not just billions.

否则是不够的。

So if we're going to make lasting and significant progress

要想在应对这些巨大挑战时

in the big challenges in our world,

实现长期且显著的进步，

we need business,

我们需要商业，

both the companies and the investors,

需要公司和投资者

to drive the solutions.

共同找到解决办法。

So let's talk about what business should do.

那么我们来谈谈商业应该扮演的角色。

And when I say that,

我说到商业时，

you probably think that I'm going to talk about corporate philanthropy

大家可能以为我要说的是企业慈善

or corporate social responsibility.

或企业社会责任 (CSR)。

CSR is the norm today,

CSR 如今已经很主流了，

and it's very useful.

它的确很有用。

It provides a route for corporate generosity

它为企业施展慷慨提供了机会，

and that generosity is important to many corporations' employees

这对许多企业的员工和客户来说

and customers.

非常重要。

But you know what?

但是，

It's just not big enough,

CSR 规模不够大，

or strong enough,

不够有力，

or durable enough

不够持久，

to drive solutions to the biggest problems in our world today

并不能解决当今世界的艰巨问题，

because it's incremental cost.

因为 CSR 是增量成本。

Even when business is booming,

就算在企业业绩可观的情况下，

CSR just isn't designed to scale.

CSR 也无法扩大规模，

And then of course in a downturn,

更不用说在企业运营不佳的情况下，

it's one of the first programs to be cut.

CSR 是最先被裁掉的项目之一。

So no,

所以说，

CSR --

CSR——

corporate social responsibility --

即企业社会责任，

isn't the answer,

不是我们要找的答案，

but TSI --

而 TSI——

total societal impact, is.

整体社会影响，才是。

TSI is the sum of all of the ways

TSI 包括了商界影响社会的

business can affect society

各种途径，

by doing the real work:

这是通过实干做到的：

thinking about their supply chains,

关注它们的供应链，

working on their product design and manufacturing processes

改善产品设计，优化生产流程

and their distribution.

和分销。

The real work of business,

企业的本职工作

when done with innovation,

如果能以革新的方法完成，

can actually create core business benefits for the company

可以为该企业创造核心商业效益，

and it can solve the meaningful problems in our world today.

并且可以解决 我们当今世界的重要问题。

So what does TSI look like?

TSI 到底是怎么一回事呢？

Focusing on TSI

专注于 TSI 意味着

means incorporating social and environmental considerations.

将社会与环境因素纳入考量。

And you know what?

而且，

It's something that isn't completely new.

这并不是一个全新的想法，

It's been thought about for a while.

它其实已经存在一段时间了。

But the hard part is that corporations almost exclusively still think

但问题在于， 各大企业还是几乎只想着

about something called TSR:

一个叫 TSR 的概念：

total shareholder returns.

即 股东总回报。

But TSI --

但是 TSI ——

total societal impact --

即整体社会影响——

needs to stand alongside TSR

应与 TSR 一起

as an important and valid driver of corporate strategy

成为决定企业战略和决策的

and corporate decision-making.

重要因素。

And we've got the data to show you why and how.

有数据可以证明 为什么如此和怎样做到。

Some companies are already making this happen.

有的公司已经在这样做了。

They're beginning to make it happen.

他们正在采取行动。

So let me tell you the story about Mars.

我们来说说玛氏食品。

Mars is the sixth-largest private company in the United States.

玛氏食品是美国第六大私有公司。

If you're like me,

如果你和我一样，

they make some important products,

会觉得玛氏食品 生产了很多重要产品，

like coffee and chocolate.

比如说咖啡和巧克力。

So not surprisingly,

理所当然的，

one of their most important ingredients is cocoa.

他们最重要的原材料之一就是可可。

And some of their competitors are actually really worried

一些玛氏食品的竞争对手非常担心

about the sustainability and the availability of cocoa supplies.

可可供应的可持续性。

But not Mars.

而玛氏食品则不同，

They're confident in the stable supply of that crop for the long term.

他们有信心拥有 长期且稳定的可可供应。

And why is that?

为什么呢？

It's because they partner with NGOs around the world

因为他们与世界各地 跟小股东农民打交道

that are working with small shareholder farmers.

的非政府组织合作。

And those certification agency's NGOs

那些验证机构验证过的非政府组织

are working to help farmers improve crop yields,

努力帮助农民提高产量，

they're making sure that they get a fair, premium, livable wage

确保他们有公平、合理、足够的收入，

and they're helping them address any human rights potential issues

并且帮他们解决在供应链中

in supply chains,

潜在的人权问题，

and they're helping minimize the effects on the environment,

同时帮助减小对环境的影响，

like deforestation.

比如乱砍滥伐。

Mars is on a path to 100 percent certified cocoa,

玛氏正朝着 100% 认证的可可努力，

so this is a good program for farming communities,

所以说这个项目有利于种植者，

it's a good program for the environment,

有利于环境，

and it's a good program for Mars,

也有利于玛氏自己，

who has solved a significant risk in their supply chain.

因为他们解决了 供应链方面的一大风险。

But now let's get to the data,

现在我们就来让数据说话，

because it's actually really awesome.

因为数据展示了非常鼓舞人心的信息。

And let me explain exactly what the data points I'm going to talk about are.

我来解释一下， 我所谓的数据到底指什么。

When analysts and financial people look at companies,

分析师与金融人士谈到公司的时候，

they think about a lot of different statistics.

他们想的是许多不同的数据。

I want to talk about two of the most important ones.

我想说说这其中最重要的两个。

I'm going to talk about the overall value of a company --

一个是公司整体的价值，

its valuation --

即公司估价——

and I'm going to talk about its margin.

另一个是利润率。

Basically the difference between all of its earnings

简单来说就是 所有收入和所有成本

and all of its costs.

的差值。

So in our study,

我们的研究

we looked at oil and gas companies,

着眼于石油和天然气公司，

and the oil and gas companies

具体来说，

that are performing most strongly on TSI --

那些在 TSI，也就是

整体社会影响方面

total societal impact --

表现最出众的公司， 有 19% 的估值溢价。

see a 19 percent premium on their valuation.

19 percent.

没错，19%。

When they do really well

当公司在有些方面

on things like minimizing the impact of their company

做得特别好时，比如减少公司

on the environment and water,

对环境和水资源的影响，

and when they have very strong occupational health and safety programs.

有强有力的工作相关 的健康与安全项目，

And when they also add in strong employee training programs,

或者有坚实的员工培训机制，

they get a 3.4 percentage point premium on their margins.

会有 3.4 个百分点的利润溢价。

But what about other industries?

其他产业又是怎么样的呢？

Biopharmaceutical companies that are the strongest performers on TSI

TSI 做得最好的生物制药公司

see a 12 percent premium on their valuation.

估值溢价达 12%。

And then if they're best at expanded access to medicines --

如果在拓宽获得药物 的途径方面做得好，

making medicines available for the people who need them --

也就是让那些 最需要药物的人有药可吃，

they see a 6.7 percentage point premium on their gross margins.

便会有 6.7 个百分点的利润增长溢价。

For the retail banks that are strongest on TSI,

表现好的零售银行，

they see a three percentage point premium on their valuation,

有 3 个百分点的估值溢价，

and then for those that differentially provide financial inclusion --

那些特别为增强金融包容性，

access to financial products for people who need it --

也就是为真正需要的人 提供金融产品的公司，

they see a 0.5 percentage point premium in their net income margin.

净利润率溢价有 0.5 个百分点。

Now, these numbers for banks may not seem very big,

对于银行来说，这些数字可能 听上去不算什么，

but in highly competitive industries,

但在竞争高度激烈的产业，

even really small differences in margin matter a lot.

利润率的一点点差别 也有很大的影响。

Now, what about those consumer goods companies --

消费品公司的情况又是怎样的呢？

the ones who make those products we love like coffee and chocolate?

生产人们喜爱的咖啡 和巧克力等产品的公司呢？

Consumer goods companies that perform best on total societal impact

在整体社会影响力方面 表现最好的消费品公司

see an 11 percent valuation premium.

估值溢价有11%。

And then if they do those smart things with their supply chain --

如果在供应链方面做得好——

inclusive and responsibly sourcing their product --

寻找原材料时具有包容性和责任感，

they see a 4.8 percentage point premium on their gross margins.

便有 4.8 个百分点的增长率。

These numbers are significant.

这些数字是意义非凡的。

We've long known that things like fundamental financials,

一直以来我们都知道 基本财务状况，

growth rates and financial risks are key drivers of valuation,

增长率，财务风险等因素 是决定公司估值的关键因素，

but this rigorous analysis shows that social and environmental factors --

但这份严谨细致的分析显示， 社会与环境因素——

total societal impact measures --

即整体社会影响的衡量因素——

are also linked to valuations and margins.

也与估值和利润率息息相关。

Wow.

哇。

All else equal --

保持其他因素相同——

we didn't confuse the analysis with anything.

这份分析排除了其他任何干扰因素。

All else being equal,

在其他因素相同的情况下，

companies that perform strongly on social and environmental areas

在社会与环境方面表现好的公司

achieve higher margins

拥有更高的利润率

and higher valuations.

和更高的估值。

Now, I do understand

当然，我也清楚，

that companies are under a lot of short-term earnings pressures.

公司也都面临许多短期利润的压力。

But fortunately,

不过幸运的是，

the investors who create some of this pressure

制造这种短期压力的投资者

are actually more and more themselves starting to think longer-term

已经逐渐开始以长期视角

and starting to think with this TSI lens.

和 TSI 视角开始思考问题。

In our conversations and surveys with investors,

通过对投资者进行的采访 与调查问卷我们发现，

75 percent of them say they expect to see improved revenues

有 75% 说他们认为 以 TSI 视角考虑问题的公司

and improved operating efficiency

会出现利润增长

for companies that are thinking with a TSI lens.

和运作效率的提高。

And they're actually starting to incorporate this

其实他们已经开始秉持这个理念

in their own investing behavior.

进行投资。

Last year,

去年，

23 trillion in global assets

全球资产中的 23 万亿

were in the category of socially responsible investing.

属于社会责任感投资这一类别。

Now, that's five billion over just the last two years.

在过去的仅仅两年里是五十亿，

And it represents a quarter of the total global assets managed in the world.

代表了全球资产的四分之一。

I know that some of you may be cringing a little bit right now.

在座的有些人可能有点坐立不安。

Because in my decades of strategy consulting

因为在我几十年的战略咨询中，

with businesses and NGOs and governments around the world,

不管是世界各地的企业、 非政府组织还是政府，

I find that many businesspeople

许多商人

are hesitant to talk or even sometimes think about

都不太愿意讨论，甚至不愿想想

the business benefits of doing good.

做好事的商业价值。

They somehow think it's going to negate the value

他们会觉得这样会

of the benefits they're creating for society.

丧失掉本来为社会创造的价值

Or that they'll be perceived as heartless or even mercenary.

或者会被认为是无良商人。

But we really do need to think differently.

但我们的确需要换个思考方式了。

We need to think differently

我们需要变换思维，

because the only way we're going to make substantial progress

因为要想实现切实的进步，

on the challenging problems of our time

解决我们这个时代的艰难问题，

is for business to drive the solutions.

唯一办法就是让商业驱动解决办法。

The job of business is to meet customer needs

商业的目的是满足客户需求，

and to do so profitably.

同时赚取利润。

They need to to survive.

他们需要生存下去。

So one of the best ways for businesses to help ensure their own growth,

所以帮助企业确保增长，保持生命力

their own longevity,

的最佳方式之一，

is to meet some of the hardest challenges in our society

就是解决社会上最艰难的那些挑战，

and to do so profitably.

同时赚取利润。

And when they do that innovatively,

如果他们的办法有创意，

when they do that ethically, responsibly, incredibly,

很道德，负责任，并且做得好，

they should be proud.

他们应该感到骄傲。

But if you still aren't sure about this,

如果你对此还是心存疑虑，

let's talk about a few more examples.

我们可以再看几个例子。

What if you're a technology company

假设你是一家科技公司，

and you're trying to grow your platform

正努力扩大你的平台，

and you're trying to grow your customers?

实现用户增长。

Like, Airbnb.

爱彼迎就是一个例子。

Airbnb has a portfolio of total societal impact activities.

爱彼迎有一系列整体社会影响活动。

They're all spot-on their core business.

这些都是他们的核心业务。

In one initiative,

在一项倡议中，

they're helping enable their community

他们让爱彼迎社区

to provide housing for free to those in disaster:

为受灾难影响的人提供免费住宿，

crisis survivors and relief workers.

包括幸存者和救援者。

In another effort on their part,

另一个例子是，

they're actually helping and working with NGOs

他们与非政府组织合作，

to ensure that people can provide housing for free for refugees.

确保为难民提供免费住宿。

Now, what I love about this program

我之所以喜欢这个项目

is that I don't think most people would've figured out

是因为大部分人可能不知道

how to express their generosity

怎样表达他们的慷慨，

and open their homes for those in such dire need --

怎样敞开家门帮助 那些急需帮助的人——

certainly not so quickly or so easily or efficiently --

至少做不到 这么迅速，方便，或高效——

without this innovation by Airbnb.

而爱彼迎有创意地做到了。

But at the same time,

但与此同时，

this is core to their corporate strategy

这也是他们集团战略和

and core to their growth

增长利润的核心，

because they grow by increasing the number of hosts and guests

因为他们是靠着更多 使用爱彼迎的房主和房客数量

using their platform.

来获利的。

But if they'd only been thinking exclusively

但如果他们只是狭隘的着眼于

about the return side of things,

收入和回报，

I'm not sure they would have ever figured out this route to growth,

可能就不会走上这条独特的创收之路，

because they're not charging transaction fees.

毕竟他们不收取手续费。

So it's a pretty exciting way,

所以这是一个激动人心的方法，

when they were thinking about how to bring their capabilities

一方面他们想着以自己的方式

to a need in society

帮助社会上有需要的人，

and at the same time drive their own growth.

同时更好地创收。

But what if you're trying to find new customer segments?

那么如果是想找到新的客户群体呢？

Let's move to South Africa,

让我们把目光转向南非的

and let's talk about Standard Bank.

标准银行。

In South Africa,

在南非

the government has a regulation

政府有一项规定，

that requires all banks to donate 0.2 percent of their profits

所有银行必须将其利润的 0.2%

to small and medium black-owned enterprises.

捐给由黑人创办的中小型企业。

And many banks just donate this to the entrepreneurs,

许多银行就直接捐给企业家，

but Standard Bank thought creatively.

标准银行却另辟蹊径。

And what they did is they took those funds

他们拿这些资金

and they invested them in an independent trust,

投资给一家独立的信托，

and they used that trust to fund loans to these black entrepreneurs.

然后用这个信托基金 为这些黑人企业家提供贷款。

This is a highly leveraged model.

这是一个高杠杆的模型。

They can support a lot more entrepreneurs with capital,

他们可以用资本支持更多的企业家。

and because their success is completely intertwined

也正因为他们的成败 与企业家的成败

with the success of the entrepreneurs,

紧密联系在一起，

they're actually also using the fund to provide technical assistance.

所以他们也在用这笔资金 为企业家提供技术支持。

More entrepreneurs supported,

更多的企业家获得了支持，

more people and communities being lifted out of poverty.

就能够帮助更多的人和群体脱贫。

And it's successful for Standard Bank.

标准银行也获得了成功。

So successful that they're actually working on expanding this program

效果甚好，以至于 他们正着手扩大该项目

to other areas in their portfolio.

到其资产投资的其他领域。

It's not like we haven't been trying to solve the problems in our world

长久以来，并不是 我们没有努力解决世界上

for a long time.

的种种问题。

We have, and they're still here.

我们努力了，但问题还在。

We're making progress,

我们取得了进步，

but it's not far enough,

但进步不够大，

or fast enough,

或速度不够快，

or universal enough.

范围不够广。

We need to flip our thinking.

我们需要转换思维模式。

We need to have business --

我们需要商业——

both companies and investors --

不管是企业还是投资者——

bring creative, innovative corporate strategy and capital

有创意地制定企业战略， 利用企业资源

to solving the biggest problems in our world.

解决当今世界的顽疾。

And when they do that innovatively,

如果方法有创意，

and when they do that

并且

with all of their thinking and all of their strategy

仔细思考， 好好运用他们的战略

and all of their capital,

和资产，

and they're creating both total shareholder returns

他们就能在创造股东总回报的同时，

and total societal impact,

制造整体社会影响。

we know that we will solve those problems,

我们也能够在盈利的同时慷慨地

both profitably and generously.

解决这些问题。

Thank you.

谢谢

(Applause)

（掌声）