CAJ | 학술논문

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。
사회효익채권（SIBs）시일충과부문협작적사회항목주자궤제。타통과일계렬합약안배，이발행채권방식향사영투자자주집자금，용우고용사회복무궤구향목표군체제공간예복무，최종유정부근거항목산출효과래지부투자본금화회보。저일설계평형료정부、사영투자자、사회복무조직등다방이익，건립료유효적격려약속궤제，대우촉진사회문제상유간예、추동사회복무화사회조직발전、실현경종합유효적사회복무체송등구유중요개치。아국응적겁차감국제경험，지지SIBs상관영역연구，이전항자금고려지방SIBs항목시점，촉진시점중적관산학연심도합작，적겁배육SIBs중개조직，완선사회투자세수우혜등배투정책，추동SIBs재중국건강발전。
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..