淺談社會影響力債券法制發展

Discussions on the Development of the Legal System of Social Impact Bond

社會影響力債券（Social Impact Bond，亦有譯為社會效益債券，簡稱SIB），其係為一種為成功付費模式，因SIB透過公私部門合作，將政府部門、服務提供者和各種投資者、資助者連結起來，經過研究社會問題並提出解決方案，又投資者提供初期的資金，而政府在成果達成時，逐步支付本金與利息給債券持有者，其自2010年在英國率先實踐以來，迅速擴展到美國等多個國家，成為社會創新和影響力投資的新焦點。不過SIB等模式的PFS專案創新模式因涉及政府採購法、預算法、促進民間參與公共建設法（BOT）、證券交易法等法規限制，克服法規面的障礙，是其能否實現的關鍵，因此，在英、美是制定了中央或地方SIB專法排除限制，日本則是將其納入國家戰略，以強力的政策支持建立共同指引，減少推動時的路障。

Social Impact Bond abbreviated as SIB, which is a type of pay for success model, because SIB connects government departments, service providers and various investors and funders through public-private sector cooperation. After studying social problems and proposing solutions, and investors provide initial funding, and the government gradually pays principal and interest to bondholders when the results are achieved, which has been practiced in the UK since 2010. Rapidly expanding into several countries such as the United States, it has become a new focus for social innovation and impact investment. However, the key to develop the innovative model of PFS projects such as SIB is to overcoming regulatory obstacles because it involves the government procurement law, budget law, public construction law (BOT), securities and exchange law and other regulatory restrictions. Hence, In the United Kingdom and the United States, the legislature enacted central or local SIB law to eliminate obstacles. In Japan, the government incorporated it into the national strategy, with a strong policy support to establish common guidelines and reduce roadblocks to promote SIB.