「釋義」

影響力投資是指對(duì)產(chǎn)生積極的社會(huì)與環(huán)境影響，并伴隨一定財(cái)務(wù)回報(bào)的投資方法。影響力投資可以投資于企業(yè)、社會(huì)機(jī)構(gòu)或基金，并同時(shí)發(fā)生在發(fā)展中市場(chǎng)與發(fā)達(dá)市場(chǎng)，可以說(shuō)是一種義利并舉、公益與商業(yè)相融合的投資。

「應(yīng)用場(chǎng)景」

隨著對(duì)稀缺性和不平等擔(dān)憂的逐漸加劇，許多投資者渴望在商業(yè)和社會(huì)兩方面均產(chǎn)生回報(bào)——“行善事，得善果”。其中途徑之一是影響力投資：將資本引導(dǎo)到能產(chǎn)生社會(huì)和環(huán)境效益以及利潤(rùn)的初創(chuàng)企業(yè)。但這里存在一個(gè)問(wèn)題：盡管商業(yè)世界有幾種放之四海皆準(zhǔn)的工具，例如估算潛在投資財(cái)務(wù)收益的內(nèi)部收益率，但沒(méi)有類似的方法，以美元為單位計(jì)算對(duì)社會(huì)和環(huán)境的回報(bào)期望值。預(yù)測(cè)此類收益通常只能通過(guò)猜測(cè)。

As concerns about scarcity and?inequality become?increasingly urgent, many investors are eager to generate both business and social returns—to “do well by doing good.” One avenue is impact investing: directing capital to ventures that are expected to yield social and environmental benefits as well as profits. But there’s a problem: Although the business world has several universally accepted tools, such as the internal rate of return, for estimating a potential investment’s financial yields, no analogue exists for evaluating hoped-for social and environmental rewards in dollar terms. Forecasting gains is too often a matter of guesswork.

以上文字選自《哈佛商業(yè)評(píng)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

馬冰侖?丨編輯?