Social Impact Bond Finance Model and Payment Mechanism-The Application of SROI Analysis

• Main Authors: Shih-ying Yen, 顏詩穎
• Other Authors: Jeng Yih
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/398a33

碩士 === 國立中山大學 === 財務管理學系研究所 === 103 === Failures of government, market and voluntary sector appeared in 1970s and negatively affected the capability of solving social problems. Since then, the way of ‘impact investing’ or ‘social investment’ has been introduced. Along with this trend, Social impact bond(SIB) was discussed after 2008 global financial crisis. It advocates two key concepts: ‘impact-initiated’ and ‘public-private partnership(PPP).’ It is organized by multi-stakeholder partnership and evident-based preventative intervention. Under SIB mechanism, short-term capital can be poured in and investors wish to get reimbursement in the future. Government only has to pay when final outcomes meet predetermined targets. To strengthen this mechanism and make it work, there’s much effort to do. Base on this cognition, this research contains two parts: (1)designing of SIB financial model and (2)applying SIB to ‘forecasting’ SROI analysis. SIB finance model will discuss: multi-stakeholder partnership, outcome metrics and payment schedule. The next step is applying SROI analysis: it is an economic evaluating method, which values the material costs and benefits to all key stakeholders on a single monetary scale. The outcome of SROI analysis provides the commissioners and social investors a reference to make decision. The findings of this research are: (1) the suggested financial model with the issue of short supply of labor force in long-term care; (2) the presentation of SROI analysis process and pro forma SROI: 2.782.