Grant-Maximizing but not Money-Making: A Simple Decision-Tree Analysis for Social Impact Bonds
Grant-Maximizing but not Money-Making: A Simple Decision-Tree Analysis for Social Impact Bonds
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DOI：
10.1080/19420676.2016.1271348
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发表时间：
2017-01-01
影响因子：
3
通讯作者：
Giacomantonio, Chris
中科院分区：
文献类型：
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作者：
Giacomantonio, Chris
社会影响债券（SIB）是一种影响力投资形式，挑战了传统投资者和政府在为社会服务融资或供资方面的理性。SIB通常被乐观地认为是公共专员和公共服务潜在非政府投资者的不言而喻的“双赢”。虽然最近对SIB的使用有所增加，但SIB的使用并没有像许多支持者预期的那样广泛，这引起了投资者和政府利益是否能够充分协调的问题。一个决策树的发展，解释了为什么SIB可能不吸引投资者和政府，因为最初希望他们的支持者，特别是解决SIB的价值相对于替代投资提供给政府和投资者。决策树表明，对于政府来说是理性选择的SIB资助的举措不太可能对投资者有吸引力（反之亦然）。这就解释了“SIB悖论”，以及为什么事实证明很难为SIB创造一个充满活力的投资市场。即使在为降低交易成本或投资者在SIB资助的举措中的风险作出努力的情况下，这个问题仍然存在。分析还表明，SIB可能为慈善和慈善资助者而不是私人投资者提供一种充分利用其有限赠款资本的方式。
Social impact bonds (SIBs) are a form of impact investing that challenge traditional investor and government rationalities in financing or funding social services. SIBs are often presented optimistically as a self-evident 'win-win' for public commissioners and potential non-governmental investors in public services. While the use of SIBs has grown recently, SIBs have not been used as extensively as many proponents expected, raising questions around whether investor and government interests can be adequately aligned. A decision tree is developed that explains why SIBs may not appeal to investors and governments as much as initially hoped by their proponents, specifically addressing the value of SIBs in relation to alternative investments available to governments and investors. The decision tree shows that SIB-financed initiatives that are rational choices for governments are unlikely to be attractive to investors (and vice versa). This explains the 'SIB paradox' and why it has proved difficult to create a vigorous investment market for SIBs. This issue remains even where efforts are made to reduce transactions costs or investor risk in SIB-funded initiatives. The analysis also suggests that SIBs may offer philanthropic and charity funders rather than private investors a way to make the most of their limited granting capital.