「釋義」

社會投資回報(bào)(SROI)是一種基于原則的方法，用于衡量財(cái)務(wù)外的價(jià)值，如目前傳統(tǒng)財(cái)務(wù)科目未反映或未涉及的環(huán)境或社會價(jià)值。任何實(shí)體都可以用它來評估對利益相關(guān)方的影響，確定改進(jìn)業(yè)績的方法，并提高投資的業(yè)績。

「應(yīng)用場景」

睿思基金是由TPG Growth管理，價(jià)值20億美元的影響力投資基金。布利吉斯潘集團(tuán)是全球社會影響力咨詢公司。在過去兩年中，我們與它們展開合作，試圖將嚴(yán)格的財(cái)務(wù)業(yè)績衡量標(biāo)準(zhǔn)納入社會和環(huán)境影響力評估。通過反復(fù)試錯，以及與在該領(lǐng)域工作數(shù)年之久的專家共事，睿思基金和布利吉斯潘的合作有了成果——在投入資金前，估算出每一美元投資可能帶來社會和環(huán)境財(cái)務(wù)價(jià)值的方法。因此，無論是公司還是機(jī)構(gòu)，社會影響力投資者都可以評估某一機(jī)會的預(yù)期回報(bào)。我們將這一新指標(biāo)稱為貨幣影響力倍數(shù)（IMM）。

Building on this work, the organizations we work for—the Rise Fund, a $2 billion impact-investing fund for growth-stage companies managed by TPG Growth, and the Bridgespan Group, a global social impact advisory firm—have attempted over the past two years to bring the rigor of financial performance measurement to the assessment of social and environmental impact. Through trial and error, and in collaboration with experts who have been working for years in the field, the partnership between Rise and Bridgespan has produced a forward-looking methodology to estimate—before any money is committed—the financial value of the social and environmental good that is likely to result from each dollar invested. Thus social-impact investors, whether corporations or institutions, can evaluate the projected return on an opportunity. We call our new metric the impact multiple of money (IMM).

計(jì)算IMM并非易事，因此任何希望使用這一標(biāo)準(zhǔn)的企業(yè)首先須確定哪些產(chǎn)品、服務(wù)或項(xiàng)目適合進(jìn)行評估。作為權(quán)益投資者，睿思對潛在投資項(xiàng)目進(jìn)行了定性評估，過濾掉了不太可能通過IMM標(biāo)準(zhǔn)的交易，就像濾掉沒有財(cái)務(wù)前景的交易一樣。只有具有社會責(zé)任和潛在可衡量影響力的公司才能通過篩選，接受IMM評估。只有當(dāng)IMM計(jì)算出每投資1美元的社會投資回報(bào)不小于2.5美元時(shí)，睿思才會投資該公司。采用IMM標(biāo)準(zhǔn)的企業(yè)可以設(shè)置自己的最低回報(bào)率門檻。

Calculating an IMM is not a trivial undertaking, so any business that wishes to use it must first determine which products, services, or projects warrant the effort. As an equity investor, Rise does a qualitative assessment of potential investments to filter out deals that are unlikely to pass the IMM hurdle, just as it filters out deals that are not financially promising. Companies with a social purpose and a potentially measurable impact get a green light for IMM evaluation. Rise will invest in a company only if the IMM calculation suggests a minimum social return on investment of $2.50 for every $1 invested. Businesses that adopt this metric can set their own minimum thresholds.

以上文字選自《哈佛商業(yè)評論》中文版2019年1月刊《影響力投資的價(jià)值》

克里斯·艾迪（Chris Addy） 瑪雅·科靈格（Maya Chorengel） 瑪麗亞·科林斯（Mariah Collins） 邁克爾·埃澤爾（Michael Etzel）丨文

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