Professional Documents
Culture Documents
Social capital
• Money Market(화폐시장)
– Short-term debt securities
Direct Financing
Fund Fund
Financial Markets
Fund Fund
Government Financial Investors
Corporation Intermediary (개읶, 기관)
Return Return
Indirect Financing
Social Capital Market
Professional
Service Provider
Fund Fund
Demand for Fund Social Supply of Fund
Capital Market
Vehicle Vehicle
Social Direct Financing Investors
Enterprise (개읶, 기관)
Financial
Intermediary
Indirect Financing
Social Capital Environment
Social Capital Market
Professional
Service Provider
Fund Fund
Demand for Fund Social Supply of Fund
Capital Market
Vehicle Vehicle
Social Direct Financing Investors
Enterprise (개읶, 기관)
Financial
Intermediary
Indirect Financing
Social Capital Environment
Social Capital Market
Professional
Service Provider
Fund Fund
Demand for Fund Social Supply of Fund
Capital Market
Vehicle Vehicle
Social Direct Financing Investors
Enterprise (개읶, 기관)
Financial
Intermediary
Indirect Financing
Social Capital Environment
Segments of Impact Investors
High
Impact Floor
Solely Financial First Investor
Profit-Maximizing
Investing Optimize financial returns
with an impact floor
Impact First
Investors
Financial Optimize social
Return or environment
returns with a
“Yin-Yang” Deals financial floor
Financial Floor
None Philanthropy
Professional
Service Provider
Fund Fund
Demand for Fund Social Supply of Fund
Capital Market
Vehicle Vehicle
Social Direct Financing Investors
Enterprise (개읶, 기관)
Financial
Intermediary
Indirect Financing
Social Capital Environment
Exchange Intermediaries
1 3
2 1
Exchange
3 2
Intermediaries
Brokers
Market-makers
1 Exchange owners and
3
others
3 1
2 2
Investors Investees
Exchange Intermediaries
Lowering searching cost of investors
Back-office functions
Handling Investment reporting and settlement
(ex) social stock market
- 사회적 증권거래소(Social Stock Exchange)란 기업의 사회적 책임
(CSR; Corporate Social Responsibility)을 다하는 기업들, 재무적 수익
과 사회적 미션을 동시에 수행하는 사회적기업(social enterprise)의
주식을 거래소에 상장시킨 후, 윤리적 투자자들로부터 자금을 공급받
는 주식시장
- 사회적 증권거래소의 시초는 2003년 브라질 증권거래소(Bovespa)
가 온라읶상으로 처음 개설한 사회ㆍ환경 증권거래소(BVS&A)
Financial Intermediaries
1 3‘
2 1‘
3 2‘
A11
A22
A33
A
Investors Investees F. I.
Financial Intermediaries
Syndication
- Financial Intermediaries들이 읷시적 조직을 형성하여 거액의 유가증권 읶수
- transforming financial assets that are less desirable for a large part of the
public into other financial assets – their own liabilities – which are more widely
preferred by the public. (by risk management, diversification)
Investment placement & Diversification
- Private Banking (some private banking professionals‘ clients are demanding
social capital investments)
(ex) 영국의 브릿지커뮤니티벤처(Bridges Community Ventures)
- privately-owned venture capital company with a social mission. All the funds
we raise aim to achieve a social purpose as well as financial returns to investors
- 금젂적 배당(financial returns) 뿐만 아니라 사회적 배당(social returns)을 하는 셈
- 버려짂 기름을 재생하는 지역기업(Whelan Refining Limited), 버려짂 타이어를 수
집하여 가공하는 기업(CE Holdings), 저소득층을 위한 저렴한 건강헬스클럽(The
Gym), 창업단계의 소기업에게 사무공간 제공하는 사업(The Office) 등에 투자
Information and Professional service providers
Roles
• Lower the costs of due diligence and, in turn, transactions
• Help donors navigate the charitable universe in response to concerns
about nonprofit accountability and the scarcity of information
• Rating agensies for social capital investees; professional service firms;
‗watchdog‘ organization
Difficulties
• Less profit comparing to mainstream capital markets → labor shortages
and difficulty in recruiting the best talent
(ex) 서스틴베스트
―서스틴베스트는 기업의 ESG(환경,사회,지배구조) 정보 / 분석 / 젂략에 대한 젂
문성을 바탕으로 기업의 비재무적 위험(Risk)을 발견하고, 새로운 성장의 기회
(Opportunity)를 발굴하기 위한 젂략적 의사결정을 돕는 씽크탱크입니다.‖
=> 사회책임투자에 필요한 정보 제공
Social Capital Market
Professional
Service Provider
Fund Fund
Demand for Fund Social Supply of Fund
Capital Market
Vehicle Vehicle
Social Direct Financing Investors
Enterprise (개읶, 기관)
Financial
Intermediary
Indirect Financing
Social Capital Environment
Investment Vehicle
Venture Venture
philanthropy capital
CHARITABLE COMMERCIAL
Traditional Bank
grant making lending
LOW ENGAGEMENT
Structuring investment in MF & CED
• Microfinance
• Community Economic Development
(지역사회경제개발) ―... problems facing communities—
unemployment, poverty, job loss, environmental degradation and
loss of community control—need to be addressed in a holistic
and participatory way.‖
• Investors
– Social capital investors must also identify their own goals and
expectations. They need to approach investment and capital
structuring with creativity and a sense of what returns on investment
are realistic.
– Investors can advance financial and extra financial goals by building
portfolio of different types of social capital markets investments and
by pursuing different investment strategies.
Gaps in available investment vehicle
Venture philanthropists
Fun Fun
Demand for Fund d Social d Supply of Fund
Capital Market
Vehicle Vehicle
Social Direct Investors
Enterprise Financing (개인, 기관)
Financial
Intermediary
Importance