사회적 자본시장과 성장자본: 보조금 연계형 사회영향투자
Social Capital Market and Growth Fund: Grant-matched Impact Investing
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Impact investing refers to an investment approach intended to create social and environmental impact beyond financial return. Much excitement has filled the future of impact investing over the last decade. However, recently many are concerned about that because impact investing market is currently growing not exponentially but linearly. This is due to the market failure factors embedded in social enterprises (SEs). It means that the social value SEs create is external to the price mechanism of market system. So SEs are placed in a very difficult position to generate enough financial return to meet investors’ expectation comparing to commercial enterprises and then fail to mobilize their growth capital. In this study, we suggest new investment approach to overcome this challenge. This new approach implies that the subsidies of government and philanthropy should be matched with commercial capital within a specific deal structure to mitigate investor’s risk, enhance returns, and then correct market failures in impact investing. This makes it possible to induce mainstream investors into the social sector and transform our investing paradigms for the better.
Abstract
Impact investing refers to an investment approach intended to create social and environmental impact beyond financial return. Much excitement has filled the future of impact investing over the last decade. However, recently many are concerned about that because impact investing market is currently growing not exponentially but linearly. This is due to the market failure factors embedded in social enterprises (SEs). It means that the social value SEs create is external to the price mechanism of market system. So SEs are placed in a very difficult position to generate enough financial return to meet investors’ expectation comparing to commercial enterprises and then fail to mobilize their growth capital. In this study, we suggest new investment approach to overcome this challenge. This new approach implies that the subsidies of government and philanthropy should be matched with commercial capital within a specific deal structure to mitigate investor’s risk, enhance returns, and then correct market failures in impact investing. This makes it possible to induce mainstream investors into the social sector and transform our investing paradigms for the better.
참고문헌 (37)
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