社会效益债券:一种创新的社会项目筹资模式

Social Impact Bonds: An Innovative Mechanism of Social Programme Financing

社会效益债券(SIBs)是一种跨部门协作的社会项目筹资机制。它通过一系列合约安排,以发行债券方式向私营投资者筹集资金,用于雇佣社会服务机构向目标群体提供干预服务,最终由政府根据项目产出效果来支付投资本金和回报。这一设计平衡了政府、私营投资者、社会服务组织等多方利益,建立了有效的激励约束机制,对于促进社会问题上游干预、推动社会服务和社会组织发展、实现更综合有效的社会服务递送等具有重要价值。我国应积极借鉴国际经验,支持SIBs相关领域研究,以专项资金鼓励地方SIBs项目试点,促进试点中的官产学研深度合作,积极培育SIBs中介组织,完善社会投资税收优惠等配套政策,推动SIBs在中国健康发展。

Social Impact Bonds （SIBs） are an innovative form of cross - sector - collaboration in social programs financing through which private investments are utilized to fund social service providers to deliver the desired outcomes. The public commissioner delivers financial returns to the investors only if the defined social outcomes occur. SIBs are expected to balance the interests of government, private investors, service providers and other sectors so they can encourage the public sector to finance preventative and early intervention services, acceler- ate social service innovations, and facilitate nonprofit organization development. ,SIBs could be a potential strategic instrument to narrow the gaps between limited social service supplies and the flourishing social demands in China. Government can take several actions to promote SIBs in China such as ： （ 1 ） funding SIBs related research, adopting international experiences and building up an applicable SIBs knowledge box to develop SIBs pilot programs; （2） supporting SIBs pilot programs commissioned by local and encouraging cross - sectorial col- laboration; （3） cultivating SIBs intermediary organizations to enhance the competitive SIBs market; （4） im proving the environment for SIBs by cutting red tape, introducing social investment tax relief, exploring second ary markets, etc..