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標題: | 初探社會證券交易所之法制建構─從影響力投資大眾化之觀點出發 A Preliminary Study on the Legal Construction of Social Stock Exchange:From the Perspective of Democratizing Impact Investing |
作者: | Guan-Jhen Du 杜冠臻 |
指導教授: | 蔡英欣 |
關鍵字: | 影響力投資,社會金融,社會企業,社會證券交易所,社會影響力衡量,使命飄移, impact investment,social finance,social enterprise,social stock exchange,social impact measurement,mission drift, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 對於追求雙重或三重基線回報(財務、社會及環境)的投資,文獻上泛稱為「影響力投資」,其旨在突破傳統投資與慈善間之界線,駕馭企業家精神、私人資本與市場力量以解決當前社會與環境之問題,並提升社會福祉。此一投資概念自2007 年被提出以來,即不斷受到重視與討論,如何推廣此種「既賺錢,又做好事」的投資風氣,誠有加以探討之必要。
本文參考國外發展影響力投資之經驗,認為「社會證券交易所」之建置乃是普及化、大眾化影響力投資之必要步驟。不同於傳統之證券交易所,社會證券交易所係僅開放具有社會或環境目的公司上市之交易平台,能有效地連結社會企業與影響力投資者,並促進影響力投資市場之流通性。然而,由於影響力投資具有混合營利與社會價值之特徵,此不但使其投資回報具有難以衡量之特性,更可能使企業在此一混合價值之衝突下,因過度商業化而產生使命飄移之風險,進而損害受益人之利益。因此,如何在促進市場流通性與使命保護間取得平衡,以確保以商業模式解決社會問題是安全且具有永續性的,即有值得加以探討之必要。本文參考英國、加拿大及新加坡社會證券交易所之相關規則,嘗試從上市資格、公司治理、資訊揭露、執法機制、規範投資者等面向,建構出一套合適之監管法制,以供未來我國發展社會證券交易所之參考。 The pursuit of double or triple bottom line returns on investment—financial, social,and environmental—is generally referred to as impact investing. It aims to break through the boundaries of conventional investing and philanthropy, harnessing the forces of entrepreneurship, private capital, and the power of markets to solve today’s social and environmental problems and improve social welfare. Since its start in 2007, it has been continuously valued and discussed. How to promote impact investing to forward the goal of “doing well while doing good” is worth discussing. This article refers to other countries’ experiences of developing impact investing, regarding the creation of “social stock exchanges (SSEs)” as a necessary step towards popularizing and democratizing impact investing. Unlike conventional stock exchanges, SSEs are trading platforms that exclusively list companies with a social or environmental purpose, which can effectively connect social enterprises and impact investors, and improve the liquidity of impact investment market. However, due to the financial-social characteristic of impact investments, not only does it make the investment return unmeasurable, but also create openings for explosive conflicts of interest that can lead to mission drift and harm the very people whose lives are supposed to be improved. Therefore, how to strike a balance between improving market liquidity and mission protection, to ensure the commercialization of social solutions will be safe and sustainable is worth investigating. This article refers to the rules of UK, Canada and Singapore’s SSEs, trying to construct proper regulatory framework of SSEs, including listing requirements、governance mechanism disclosure requirements and the regulation of investors, in order to offer some suggestions for future studies. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20025 |
DOI: | 10.6342/NTU201801359 |
全文授權: | 未授權 |
顯示於系所單位: | 法律學系 |
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