专题追踪 | 影响力投资研究前沿

编者按：

本期分享国际关于影响力投资的最新研究。

目录 CONTENTS

• 影响力投资：研究回顾与未来展望
  

• Impact investing: review and research agenda

• 影响力投资

• Impact investing

• 影响力投资者在筛选社会企业时更关心哪些标准？

• Which criteria matter when impact investors screen social enterprises?

• 逐步影响：社会影响力投资的需求端

• Inching to Impact: The Demand Side of Social Impact Investing

影响力投资：研究回顾与未来展望

Impact investing: review and research agenda

摘要：

影响力投资是一种新兴的另类资产类别。在过去的几年里，影响力投资增长了很多倍，但相关学术研究并没有跟上实践的发展。长远来看，缺乏对该领域的理解，以及缺乏对新知识的生产，可能是不利的。本文是对影响力投资的系统回顾，包括对85篇已发表的文章和报告。这些文献是使用harzing的学术搜索引擎收集的，并与JSTOR和Web of Science等数据库进行交叉检索。本文有四个主要贡献。首先，提出了一个独特的纵向视角，即该领域是如何演变的，并从范式前阶段过渡到适当的科学探究阶段。它揭示了该领域正在演变，因为我们发现尤其最近发表了更多的实证著作。其次，影响力投资具备六个特征：投资资本、被投资对象参与、选择过程、社会和商业产出、披露结果、政府功能。第三，影响力投资领域的学术研究大多是探索性的，最近才开始进行实证性研究。研究方法使用了现有的数据库、单个或多个案例研究。最后，必须深入研究选择过程、利益相关者管理、机会识别和绩效报告等概念，以推动影响力投资领域向前发展并产生应用知识。

Impact investing is an emerging alternative asset class. In the last few years, the investment in impact investing has grown many folds, however the research has not kept pace with the growing practitioner interest. The lack of knowledge about the field coupled with the lack of knowledge production of field might be dangerous in the long run. This is a systematic review of impact investing. This systematic review involves study of 85 published articles and reports. This literature was collected using the harzing’s publish or perish academic search engine and cross-checked against databases such as JSTOR and Web of Science. This review has four major contributions. First, the study reveals a unique longitudinal perspective on how the field is evolving and moving from pre-paradigm stage to the stage of proper scientific inquiry. It reveals that the field is evolving, as the reviewed literatures find that a higher number of empirical works were published recently. Second, the field impact investing is unique on six characteristics namely (1) capital invested, (2) degree of engagement with the investee, (3) process of selection, (4) social and commercial out comes, (5) reporting outcomes, and (6) government role. Third, it reveals that the scholarship in the field has been mostly exploratory. Only recently the field is engaging in confirmatory studies. The research methods have used existing databases or existing single or multiple case studies. Finally, the field has to delve deeper into concepts like selection process, stakeholder management, opportunity recognition, and performance reporting to move the field forward and generate applied knowledge.

关键词：

影响力投资；研究展望；社会金融；社会创业

文献来源：

Agrawal, A., & Hockerts, K. 2021. Impact investing: Review and research agenda. Journal of Small Business & Entrepreneurship, 33(2): 153–181.

影响力投资

Impact investing

摘要：

本研究表明，投资者通过投资双重目标风险投资基金获得非货币效用，从而牺牲了回报。影响力基金的税后内部收益率比传统风险投资基金低4.7个百分点。在随机效用/支付意愿（WTP）模型中，投资者接受影响力投资基金的税前IRR降低2.5-3.7个百分点。积极的WTP结果对于基金准入配给和投资者在基金预期回报方面的异质性是稳健的。发展组织、基金会、金融机构、公共养老金、欧洲人和联合国负责任投资原则签署国的WTP很高。具有使命目标和/或面临政治压力的投资者表现出较高的WTP；那些受到法律限制的人（如《雇员退休收入保障法》）表现出较低的WTP。

We show that investors derive nonpecuniary utility from investing in dual-objective Venture Capital (VC) funds, thus sacrifificing returns. Impact funds earn 4.7 percentage points (ppts) lower internal rates of return (IRRs) ex-post than traditional VC funds. In random utility/willingness-to-pay (WTP) models investors accept 2.5–3.7 ppts lower IRRs ex ante for impact funds. The positive WTP result is robust to fund access rationing and investor heterogeneity in fund expected returns. Development organizations, foundations, fifinancial institutions, public pensions, Europeans, and United Nations Principles of Responsible Investment signatories have high WTP. Investors with mission objectives and/or facing political pressure exhibit high WTP; those subject to legal restrictions (e.g., Employee Retirement Income Security Act) exhibit low WTP.

关键词：

影响力投资；风险资本；私募股权；社会责任投资；联合国负责任投资原则；可持续投资；公共养老基金；支付意愿；随机效用离散选择模型

文献来源：

Barber, B. M., Morse, A., & Yasuda, A. 2021. Impact investing. Journal of Financial Economics, 139(1): 162–185.

影响力投资者在筛选社会企业时更关心哪些标准？

Which criteria matter when impact investors screen social enterprises?

摘要：

影响力投资者同时追求财务和社会目标，已成为社会企业的重要资金来源。本研究评估了影响力投资者筛选社会企业时的标准。通过对179名影响力投资者样本进行实验性联合分析，发现三个最重要的标准是创始团队的真实性、企业所解决社会问题的重要性以及企业的财务可持续性。然后，本文比较了这些筛选标准在不同类型的影响力投资者（即捐赠者、股权投资者和债务投资者）中的重要性。发现，与股权和债务投资者相比，捐助者更关注社会问题的重要性，而对财务可持续性的关注较少。此外，股权投资者对社会项目的大规模实施的重视程度高于债务投资者。本文通过记录影响力投资者如何做出投资决策，并对活跃在这个新兴市场的不同投资者类型提供独特看法，为影响力投资的新兴文献做出了贡献，对影响力投资者和社会企业都存在实践启示。

Impact investors pursue both financial and social goals and have become an important source of funding for social enterprises. Our study assesses impact investor criteria when screening social enterprises. Applying an experimental conjoint analysis to a sample of 179 impact investors, we find that the three most important criteria are the authenticity of the founding team, the importance of the societal problem targeted by the venture, and the venture’s financial sustainability. We then compare the importance of these screening criteria across different types of impact investors (i.e., donors, equity investors, and debt investors). We find that donors pay more attention to the importance of the societal problem and less attention to financial sustainability than do equity and debt investors. Additionally, equity investors place a higher value on the largescale implementation of the social project than do debt investors. We contribute to the nascent literature on impact investing by documenting how impact investors make investment decisions and by providing a nuanced view of different investor types active in this novel market. Practical implications exist for both impact investors and social enterprises.

关键词：

影响力投资；创业融资；社会企业；联合分析；筛选标准

文献来源：

Block, J. H., Hirschmann, M., & Fisch, C. 2021. Which criteria matter when impact investors screen social enterprises? Journal of Corporate Finance, 66: 101813.

逐步影响：社会影响力投资的需求

Inching to Impact: The Demand Side of Social Impact Investing

摘要：

社会影响力投资（SII）正在改变非营利组织和社会企业的私人资本可用性，但需求尚未满足供应。本文分析了非营利组织在获取SII时所面临的障碍，认为有必要使用政策框架来评估差异。影响SII的获取包括四个方面：所需投资规模、嵌入性、突破式创新的必要性以及中介机构（如贷款基金和市场经纪人）的配置。基于对加拿大住房和社区经济发展领域非营利组织和中介机构领导人的25次采访，发现主要障碍是缺乏市场知识、金融知识以及评估社会影响力。此外，非营利组织报告称，尽管这种投资形式的社会影响具有内在的重要性，但他们目前对评估和影响指标的使用有限，并认为中介机构和投资者，特别是在可交易住房方面，仍然更加重视财务而非社会回报。

Social impact investing (SII) is transforming the availability of private capital for nonprofts and social enterprises, but demand is not yet meeting supply. This paper analyzes the perceived barriers faced by nonprofts in engaging with SII, arguing the need to assess diferences using a policy feld framework. Four parameters of a subsector are conceptualized as shaping participation in SII: the scale of investment required, embeddedness in place, the need for radical innovation, and the confguration of intermediaries (such as loan funds and market brokers). Based on 25 interviews with leaders of nonprofts and intermediaries in afordable housing and community economic development in Canada, the study fnds that signifcant barriers are a lack of knowledge of the market, inadequate fnancial literacy, and the challenges of measuring and valuing social impacts. In addition, nonprofts report that, in spite of the inherent importance of social impact in this form of investing, they currently make limited use of evaluation and impact metrics, and perceive that intermediaries and investors, particularly in afordable housing, still put a greater emphasis on fnancial over social returns.

关键词：

社会影响力投资；非营利；社会企业；影响力投资的障碍

文献来源：

Phillips, S. D., & Johnson, B. 2021. Inching to Impact: The Demand Side of Social Impact Investing. Journal of Business Ethics, 168(3): 615–629.

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