管窥慈善事业的资本化——以社会效益债券为视角

滥觞于英国的社会效益债券整合了受益者、政府、投资者、非营利服务提供者、中介投资机构、评估建议人、独立评估人等参与方,用社会效益的评估体系让不同道德标准的人都能方便地通过资本市场风险自担、责任自负的规则,参与到社会服务领域的投资。债券结构的设计,在保留核心的财务激励机制基础上,采用股权投资结构重新架构,更易于明确投资风险,为资本市场所接受。

Glimpsing Capitalization of Philanthropy -- In the Perspective of Social Impact Boncls

The social bonds originated in the UK, has integrated beneficiaries of debt, governments, investors, non- profit service providers, intermediaries investment institutions, evaluation recommendations person, independent evaluators and other participants, with the social benefits of the evaluation system, different moral standards people can easily participate in the field of investment in social services through the capital market at your own risk and risk rules. Debt structure is designed on the basis of financial incentives to retain the core, it use equity investment structure, which is easier to make clear investment risk, and get acceptance at capital market.