CAJ | 학술논문

本文聚焦社会企业融资瓶颈及其拓宽机制问题分析,首先从资本供给角度,阐述资本通过投资组合实现资本优化配置的原理,探析欧美国家的资本如何通过对社会企业投资、实现资本配置的优化原则;其次从资本需求角度,解析社会企业上市债券融资的内在条件及其准备;然后分析了社会企业债券融资对资本供给方的投资选择、对需求方的能力发展、对政府和社会机构参与的多重意义;最后研探了社会企业债券融资的制度环境营造及其政策。本文研究表明,社会企业债券融资是关于以社会企业为载体进行项目投融资的系列性制度安排,建立社会企业上市债券融资机制需要系列的制度创新,以营造成长环境。
본문취초사회기업융자병경급기탁관궤제문제분석,수선종자본공급각도,천술자본통과투자조합실현자본우화배치적원리,탐석구미국가적자본여하통과대사회기업투자、실현자본배치적우화원칙;기차종자본수구각도,해석사회기업상시채권융자적내재조건급기준비;연후분석료사회기업채권융자대자본공급방적투자선택、대수구방적능력발전、대정부화사회궤구삼여적다중의의;최후연탐료사회기업채권융자적제도배경영조급기정책。본문연구표명,사회기업채권융자시관우이사회기업위재체진행항목투융자적계렬성제도안배,건립사회기업상시채권융자궤제수요계렬적제도창신,이영조성장배경。
Focused on the bottleneck of social enterprise financing difficulties and the problem analysis of its widening-up mechanism, the paper firstly from capital supply perspective states the principles of investment portfolio to realize optimal allocation of capital. It explores how Europe countries have made it by investing in social enterprises; then from capital demand perspective, the paper explains the conditions and the preparations needed for social enterprises being listed for bond financing; thirdly, the paper analyzes the multi-significance of bond financing to capital suppliers in investment choice, to capital demand side in their competency development and to social institutions and govemment in their participation; lastly, the paper discusses the creation of institutional environment and its policies for social enterprise bond financing. After all, social enterprise bond financing, taking social enterprise as a media, is a serial institutional arrangement for project financing, that＇ s why to build up social enterprise bond financing mechanism , we need serial system innovations so as to create fostering environment.