社會影響力債券的金融創新、社會投資報酬率與永續發展目標——以新加坡女性生計債券為例

Social Impact Bond's innovation, social return on investment and sustainable development goals–The example of IIX's Women Livelihood Bonds

社會影響力債券是影響力投資的一種融資型態，因各地不同的供給與需求，衍生出不同的金融創新商品，從最早英國無擔保的社會影響力債券，到了新加坡演進成為全球第一個在證券交易所掛牌交易的社會影響力債券，而且有擔保、有借款人篩選標準及影響力評估，結合跨國政府、小額信貸機構、社會企業、律師事務所、銀行、高淨值投資人的力量，一起解決東南亞女性生計問題。本個案研究以新加坡女性生計債券為例，比較傳統社會影響力債券之差異，分析金融創新之處，由事前預測型及半年評估型的社會投資報酬率剖析創造社會價值的主要來源，將結果連結到聯合國永續發展目標，提供企業社會責任或大學社會責任典範轉移成企業社會影響力或大學社會影響力，以金融創新幫助社會邁向永續發展。

Social impact bonds are a type of financing for impact investments. Due to different supply and demand in different places, different innovative financing products have been derived. Evolving from the earliest unsecured social impact bond in the UK, Singapore's social impact bond has paradigm shifted to be the first social impact bond listed in the stock exchange in the world. Meanwhile, the social impact bond has guaranteed and borrower selection criteria and social impact measurement to solve women's livelihood problems in Southeast Asia through the help from transnational governments, micro credit institutions, social enterprises, law firms, banks and high net worth investors. This case study uses Singapore's IIX Women's Livelihood Bonds as an example to compare the differences to traditional social impact bonds, and analyze the bond's financial innovation. In addition, this research discusses the social value creation main sources by forecasting or evaluating the bond's “Social Return on Investment” . The research result has linked to the United Nations Sustainable Development Goals in order to provide a model of corporate social responsibility or university social responsibility to be transformed into corporate social impact or university social impact, and help the society move towards sustainable development goals with financial innovation.