Use of Social Impact Bonds to Address Social Problems: Understanding Contractual Risks and Transaction Costs
Use of Social Impact Bonds to Address Social Problems: Understanding Contractual Risks and Transaction Costs
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使用社会影响力债券解决社会问题：了解合同风险和交易成本
DOI：
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
W. Winfrey
中科院分区：
文献类型：
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作者：
Sheela Pandey;J. Cordes;S. Pandey;W. Winfrey
社会影响债券是社会金融领域的一项最新创新，旨在利用私人非营利、营利性和公共实体的资本和知识来解决紧迫的社会问题。尽管了解社会影响债券如何用于解决社会问题具有很大的政策兴趣，但社会影响债券的突发性使得很难找到相关数据和证据。为了克服这一挑战，我们使用单显著案例抽样作为我们的研究设计策略。我们对马萨诸塞州的社会创新融资青少年再犯项目（SIF）进行了深入的案例研究。我们的案例研究由多方合同的定性分析和多年的定量收益-成本分析组成，以了解交易成本。我们借鉴契约理论，为案例分析制定分析框架，突出合同各方的风险和保障措施，并进行正式的收益-成本分析，绘制交易成本。最后，我们讨论了研究的意义和未来的研究。
Social impact bonds, a recent innovation in social finance, are designed to harness capital and knowledge from private nonprofit, for-profit, and public entities to address pressing social problems. Although there is great policy interest in understanding how social impact bonds can be used to tackle social problems, the emergent nature of social impact bonds makes it hard to find relevant data and evidence. To overcome this challenge, we use single-significant-case sampling as our research design strategy. We conduct an in-depth case study of the Social Innovation Financing Youth Recidivism project (SIF) in Massachusetts. Our case study is comprised of a qualitative analysis of the multi-party contract and multi-year quantitative benefit-cost analysis to understand transaction costs. We draw upon contract theory to develop an analytical framework for the case analysis and highlight the risks and safeguards for the various parties to the contract, and conduct a formal benefit-cost analysis to map out transaction costs. We conclude with a discussion of study implications and future research.