CAJ | 학술논문

公益创业投资是指借鉴商业创业投资的运行机制，对社会目标组织给予持续的金融支持并参与其管理的社会资本形态。相较于慈善投资和商业创投，它既追求社会价值最大化，也考虑一定的财务回报。公益创投对于解决社会目标组织发展过程中的社会难题具有显著作用，已经成为市场化解决社会问题的新兴融资工具。欧洲公益创投发展迅速，已经形成了包含筹资、投资和退出在内的一套完善的运行机制。当前，我国公益创投仍处于起步期，政府应降低法律注册门槛，支持公益创投设立；完善从业人员酬劳规定，提升公益创投专业化水平；出台利率、税收、股权等产业政策，鼓励已有慈善基金向公益创投转型；支持建立公益创投“母基金”，引导社会资金进入公益创投机构；探索社会企业交易所建立的可行性，为公益创投退出提供有效通道。我国公益创投基金自身也要借鉴欧洲成功经验，建立有效运行机制。在筹资上，要强化资金来源的社会化与人力资源专业化；在投资上，要完善市场细分，重视与慈善基金、商业创投的联合投资，重视多元化投资工具选择，着力帮助社会目标组织完善自身治理结构；在退出上，要完善退出方式选择和社会影响力评估体系。
공익창업투자시지차감상업창업투자적운행궤제，대사회목표조직급여지속적금융지지병삼여기관리적사회자본형태。상교우자선투자화상업창투，타기추구사회개치최대화，야고필일정적재무회보。공익창투대우해결사회목표조직발전과정중적사회난제구유현저작용，이경성위시장화해결사회문제적신흥융자공구。구주공익창투발전신속，이경형성료포함주자、투자화퇴출재내적일투완선적운행궤제。당전，아국공익창투잉처우기보기，정부응강저법률주책문함，지지공익창투설립；완선종업인원수로규정，제승공익창투전업화수평；출태리솔、세수、고권등산업정책，고려이유자선기금향공익창투전형；지지건립공익창투“모기금”，인도사회자금진입공익창투궤구；탐색사회기업교역소건립적가행성，위공익창투퇴출제공유효통도。아국공익창투기금자신야요차감구주성공경험，건립유효운행궤제。재주자상，요강화자금래원적사회화여인력자원전업화；재투자상，요완선시장세분，중시여자선기금、상업창투적연합투자，중시다원화투자공구선택，착력방조사회목표조직완선자신치리결구；재퇴출상，요완선퇴출방식선택화사회영향력평고체계。
Venture philanthropy draws on the operation mechanisms of venture capital and marketization to pro- vide continuous financial and non - financial services to social purpose organizations （ SPOs）, pursuing the maximization of both social value and financial returns. It plays a significant role in solving the development problem of SPOs and is an innovative and efficient financing instrument. European venture philanthropy has de- veloped rapidly. Compared with charitable investment and venture capital, it is an excellent operating mecha- nism including financing, investment and exit. At present, China is still at an early stage in venture philanthro- py, and this study makes several suggestions. The government should first, lower the legal threshold for regis- tration and improve the regulations on remuneration of employees＇ to promote the professional level of venture philanthropy ; second, promulgate policies on interest rates, taxes and options to encourage the transition of ex- isting charity funds; third, support the establishment of a ＂Master Fund＂ to guide the inflow of social invest- ment; and fourth, explore the feasibility of setting up a social enterprise exchange to provide an effective exit channel. For the VPO, this study suggests learning from the successful experience of Europe, and striving to accelerate the fast - growth of venture philanthropy in China by strengthening the socialization of funding and the professionalization of human resources, improving market segmentation, attaching importance to the joint invest- ment on investment, focusing on helping to improve the governance structure of SPOs, and perfecting the exit method and social impact assessment system.