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題名 私募股權影響力投資之社會報酬
The Social Impact of Private Equity Impact Funds
作者 林旻樺
Lin, Min-Hua
貢獻者 陳嬿如
Chen, Yenn-Ru
林旻樺
Lin, Min-Hua
關鍵詞 私募股權基金
影響力基金
社會報酬衡量
永續情緒分數
Private equity funds
Impact investment
Social return
Sustainability Sentiment Score (SSS)
日期 2023
上傳時間 2-Aug-2023 12:58:04 (UTC+8)
摘要 本研究透過分析2000至2021年私募股權的影響力基金及傳統基金，探討私募股權影響力基金之社會報酬。然而，在分析影響力方面，缺乏一種普遍認可的方法來量化和評估影響力的效果。本研究透過新聞作為傳達基金在社會報酬資訊上之媒介，並以RavenPack所發展的永續情緒分數 (SSS) 作為量化社會報酬之變數，但此指標仍存在缺陷。研究結果指出，影響力基金具有創造社會報酬的能力，但在聯合國宣布永續發展目標 (SDGs) 後，影響力基金創造社會報酬的邊際能力下降。而投資於新興國家的影響力基金相對於傳統基金而言，更有潛力創造社會報酬。此外，影響力基金所投資的產業對其產生社會報酬的能力也有影響，若其投資於受影響力機構關注的產業，則能有更高之正向的效果。最後，雖然影響力基金的財務表現無法超越傳統基金，但研究結果顯示影響力基金對淨內部報酬率呈現正向影響。這意味著影響力基金在追求社會目標的同時，仍能夠保持良好的財務回報，並證明了金融和社會使命的平衡是可能的。
This study examines the social impact of private equity impact investment funds. Covering the sample of funds from 2000 to 2021, the study analyzes 173 impact funds and 173 matched traditional funds on their economic performance and social impact. This study adopt the Sustainability Sentiment Score (SSS) from the RevanPack database to measure the social return, because the Sustainability Sentiment Score (SSS) represents the sentiment of a specific entity and how it aligns with the Sustainable Development Goals (SDGs) . This score encompasses the concept of sustainability regarding environmental, social, and governance (ESG) issues.
The findings show that impact funds demonstrate a certain level of social impact. Such an impact is mainly identified in funds investing in emerging markets that generate higher social return. Industries such as technology, healthcare, and communications are also identified as having greater potential for social returns due to their alignment with sustainable development goals. Although impact funds may not surpass traditional funds in financial performance, they exhibit a positive influence on net internal rates of return. This finding suggests that impact funds can maintain favorable financial returns while pursuing social objectives, potentially balancing financial and social missions.
參考文獻 Agrawal, A., & Hockerts, K. (2021) . Impact investing: Review and research agenda. Journal of Small Business & Entrepreneurship, 33 (2) , 153-181.
Aragòn-Correa, J. A., Marcus, A. A., & Vogel, D. (2020) . The effects of mandatory and voluntary regulatory pressures on firms’ environmental strategies: A review and recommendations for future research. Academy of Management Annals, 14 (1) , 339-365.
Barber, B. M., Morse, A., & Yasuda, A. (2021) . Impact investing. Journal of Financial Economics, 139 (1) , 162-185.
Barton, A., & Uhlhorn, E. (2010) . The green potential for private equity (Doctoral dissertation) .
Bernstein, S., Korteweg, A., & Laws, K. (2017) . Attracting early‐stage investors: Evidence from a randomized field experiment. The Journal of Finance, 72 (2) , 509-538.
Bolis, M., Sahan, E., West, C., Irani, I., & Nash, R. (2017) . Impact Investing: Who are we serving? A case of mismatch between supply and demand.
Bonini, S., & Emerson, J. (2005) . Maximizing blended value–Building beyond the blended value map to sustainable investing, philanthropy and organizations. Retrieved form http://community-wealth. org.
Brandstetter, L., & Lehner, O. M. (2015) . Opening the market for impact investments: The need for adapted portfolio tools. Entrepreneurship Research Journal, 5 (2) , 87-107.
Brest, P., & Born, K. (2013) . When can impact investing create real impact. Stanford Social Innovation Review, 11 (4) , 22-31.
Brest, P., Gilson, R. J., & Wolfson, M. A. (2018) . Essay: How investors can (and can`t) create social value. J. Corp. L., 44, 205.
Chen, S., & Harrison, R. (2020) . Beyond profit vs. purpose: Transactional-relational practices in impact investing. Journal of Business Venturing Insights, 14, e00182.
Clarkin, J. E., & Cangioni, C. L. (2016) . Impact investing: A primer and review of the literature. Entrepreneurship Research Journal, 6 (2) , 135-173.
Colantonio, A., Dixon, T., Ganser, R., Carpenter, J., & Ngombe, A. (2009) . Measuring Socially Sustainable Urban Regeneration in Europe.
Cole, Shawn, Martin Melecky, Florian Mölders, and Tristan Reed, 2020, Long-run returns to impact investing in emerging market and developing economies, Policy Research Working Paper;No. 9366. World Bank, Washington, DC.
Combs, K. (2014) . More than just a trend: The importance of impact investing. Corporate Finance Review, 18 (6) , 12.
Dufour, B. (2019). Social impact measurement: What can impact investment practices and the policy evaluation paradigm learn from each other?. Research in International Business and Finance, 47, 18-30.
Dowell, G. W., & Muthulingam, S. (2017) . Will firms go green if it pays? The impact of disruption, cost, and external factors on the adoption of environmental initiatives. Strategic Management Journal, 38 (6) , 1287-1304.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019) . Do institutional investors drive corporate social responsibility? International evidence. Journal of financial economics, 131 (3) , 693-714.
Emerson, J. (2003) . The Blended Value Proposition: Integrating Social and Financial Returns. California Management Review, 45 (4) , 35–51.
Fisch, J. E., & Robertson, A. (2023) . What’s in a Name? ESG Mutual Funds and the SEC’s Names Rule. U of Penn, Inst for Law & Econ Research Paper, (23-12) .
Florida, R. L., & Kenney, M. (1988) . Venture capital, high technology and regional development. Regional Studies, 22 (1) , 33-48.
Frank, D. J., Hironaka, A., & Schofer, E. (2000) . The nation-state and the natural environment over the twentieth century. American sociological review, 96-116.
Freireich, J., & Fulton, K. (2009) . Investing for social and environmental impact. San Francisco, CA: Monitor Institute.
GIIN and Open Capital Advisors (2015) , “The landscape for impact investing in east africa”, avaliable at: https://thegiin.org/knowledge/publication/the-landscape-for-impact-investing-in-east-africa
Gompers, P. A., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. (2020) . How do venture capitalists make decisions?. Journal of Financial Economics, 135 (1) , 169-190.
Gompers, P., Kaplan, S. N., & Mukharlyamov, V. (2016) . What do private equity firms say they do?. Journal of Financial Economics, 121 (3) , 449-476.
Gorman, M., & Sahlman, W. A. (1989) . What do venture capitalists do?. Journal of business venturing, 4 (4) , 231-248.
Gornall, W., & Strebulaev, I. A. (2021) . The economic impact of venture capital: Evidence from public companies. Available at SSRN 2681841.
Gray, J., Ashburn, N., Douglas, H., Jeffers, J., Musto, D. K., & Geczy, C. (2015) . Great expectations: Mission preservation and financial performance in impact investing. Available at SSRN 2694620
Hellmann, T., & Puri, M. (2000) . The interaction between product market and financing strategy: The role of venture capital. The review of financial studies, 13 (4) , 959-984.
Inderst, G., Kaminker, C., & Stewart, F. (2012) . Defining and measuring green investments.
International Association for Impact Assessment (IAIA) , (2009) , What Is Impact Assessment?, Fargo, USA
Islam, S. M. (2022) . Impact investing in social sector organisations: A systematic review and research agenda. Accounting & Finance, 62 (1) , 709-737.
Islam, S. M., & Rahman, A. (2023) . Impact investment deal flow and Sustainable Development Goals:“Mind the gap?”. Accounting & Finance.
Jeffers, J., Lyu, T., & Posenau, K. (2022) . The risk and return of impact investing funds. Available at SSRN 3949530.
Jonsson, S., & Regnér, P. (2009) . Normative barriers to imitation: Social complexity of core competences in a mutual fund industry. Strategic Management Journal, 30 (5) , 517-536.
Kassinis, G., & Vafeas, N. (2006) . Stakeholder pressures and environmental performance. Academy of management journal, 49 (1) , 145-159.
King, L., & Gish, E. (2015) . Marketizing social change: Social shareholder activism and responsible investing. Sociological Perspectives, 58 (4) , 711-730.
Korteweg, A. (2019) . Risk adjustment in private equity returns. Annual Review of Financial Economics, 11, 131-152.
MARTINO, A. (2019). Classification of social impact definitions.
Mogapi, E. M., Sutherland, M. M., & Wilson-Prangley, A. (2019) . Impact investing in South Africa: managing tensions between financial returns and social impact. European Business Review.
Morriesen, K. A. (2018) . Impact investing market map. from https://www.unpri.org/download?ac=5426
O`Flynn, P., & Barnett, C. (2017) . Evaluation and impact investing: A review of methodologies to assess social impact.
Paetzold, F., Busch, T., Utz, S., & Kellers, A. (2022) . Between impact and returns: Private investors and the sustainable development goals. Business Strategy and the Environment, 31 (7) , 3182-3197.
Quinn, Q. C., & Munir, K. A. (2017) . Hybrid categories as political devices: The case of impact investing in frontier markets. In From categories to categorization: Studies in sociology, organizations and strategy at the crossroads. Emerald Publishing Limited.
Rawhouser, H., Cummings, M., & Newbert, S. L. (2019). Social impact measurement: Current approaches and future directions for social entrepreneurship research. Entrepreneurship theory and practice, 43 (1), 82-115.
Reeder, N., & Colantonio, A. (2013) . Measuring impact and non-financial returns in impact investing: A critical overview of concepts and practice. The London School of Economics and the European Investment Bank Institute.
Reeder, N., Colantonio, A., Loder, J., & Rocyn Jones, G. (2015) . Measuring impact in impact investing: An analysis of the predominant strength that is also its greatest weakness. Journal of Sustainable Finance & Investment, 5 (3) , 136-154.
Riedl, A., & Smeets, P. (2017) . Why do investors hold socially responsible mutual funds?. The Journal of Finance, 72 (6) , 2505-2550.
Rizzello, A., Migliazza, M. C., Care, R., & Trotta, A. (2016) . Social impact investing: A model and research agenda. Routledge handbook of social and sustainable finance, 102-124.
Roberts, C., Rapson, D., & Shiers, D. (2007) . Social responsibility: key terms and their uses in property investment. Journal of Property Investment & Finance.
Roundy, P. T. (2020) . Regional differences in impact investment: A theory of impact investing ecosystems. Social Responsibility Journal, 16 (4) , 467-485.
Tekula, R., & Shah, A. (2016) . Impact investing: Funding social innovation. In Routledge handbook of social and sustainable finance (pp. 125-136) . Routledge.
Vanclay, F. (2003) . International principles for social impact assessment. Impact assessment and project appraisal, 21 (1) , 5-12.
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Yaşar, B. (2021) . Impact investing: A review of the current state and opportunities for development. Istanbul Business Research, 50 (1) , 177-196.
Yan, S., Ferraro, F., & Almandoz, J. (2019) . The rise of socially responsible investment funds: The paradoxical role of the financial logic. Administrative Science Quarterly, 64 (2) , 466-501.
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UNCTAD. 2020a. World Investment Report 2020: International production beyond the pandemic. New York and Geneva: United Nations.
描述 碩士
國立政治大學
財務管理學系
110357013
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357013
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn-Ruen_US
dc.contributor.author (Authors) 林旻樺zh_TW
dc.contributor.author (Authors) Lin, Min-Huaen_US
dc.creator (作者) 林旻樺zh_TW
dc.creator (作者) Lin, Min-Huaen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 12:58:04 (UTC+8)-
dc.date.available 2-Aug-2023 12:58:04 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 12:58:04 (UTC+8)-
dc.identifier (Other Identifiers) G0110357013en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146280-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 110357013zh_TW
dc.description.abstract (摘要) 本研究透過分析2000至2021年私募股權的影響力基金及傳統基金，探討私募股權影響力基金之社會報酬。然而，在分析影響力方面，缺乏一種普遍認可的方法來量化和評估影響力的效果。本研究透過新聞作為傳達基金在社會報酬資訊上之媒介，並以RavenPack所發展的永續情緒分數 (SSS) 作為量化社會報酬之變數，但此指標仍存在缺陷。研究結果指出，影響力基金具有創造社會報酬的能力，但在聯合國宣布永續發展目標 (SDGs) 後，影響力基金創造社會報酬的邊際能力下降。而投資於新興國家的影響力基金相對於傳統基金而言，更有潛力創造社會報酬。此外，影響力基金所投資的產業對其產生社會報酬的能力也有影響，若其投資於受影響力機構關注的產業，則能有更高之正向的效果。最後，雖然影響力基金的財務表現無法超越傳統基金，但研究結果顯示影響力基金對淨內部報酬率呈現正向影響。這意味著影響力基金在追求社會目標的同時，仍能夠保持良好的財務回報，並證明了金融和社會使命的平衡是可能的。zh_TW
dc.description.abstract (摘要) This study examines the social impact of private equity impact investment funds. Covering the sample of funds from 2000 to 2021, the study analyzes 173 impact funds and 173 matched traditional funds on their economic performance and social impact. This study adopt the Sustainability Sentiment Score (SSS) from the RevanPack database to measure the social return, because the Sustainability Sentiment Score (SSS) represents the sentiment of a specific entity and how it aligns with the Sustainable Development Goals (SDGs) . This score encompasses the concept of sustainability regarding environmental, social, and governance (ESG) issues.
The findings show that impact funds demonstrate a certain level of social impact. Such an impact is mainly identified in funds investing in emerging markets that generate higher social return. Industries such as technology, healthcare, and communications are also identified as having greater potential for social returns due to their alignment with sustainable development goals. Although impact funds may not surpass traditional funds in financial performance, they exhibit a positive influence on net internal rates of return. This finding suggests that impact funds can maintain favorable financial returns while pursuing social objectives, potentially balancing financial and social missions.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機 1
第二節 研究架構 4
第二章 文獻回顧 5
第一節 影響力投資 (IMPACT INVESTING) 5
一、影響力投資定義及社會責任投資 (Social Responsibility Investing) 5
二、影響力投資之投資特點 7
三、社會報酬 (Social Impact)定義 10
四、影響力投資的社會報酬衡量 11
第二節 私募股權 (PRIVATE EQUITY FUND) 13
一、私募股權投資方式 13
二、私募股權基金的影響力投資趨勢 14
三、私募股權影響力投資的財務報酬 15
第三節 研究假說 17
第三章 研究方法 22
第一節 樣本選取與資料來源 22
一、 影響力基金及傳統基金 22
第二節 變數定義及說明 27
一、 被解釋變數 27
二、 解釋變數 29
三、 控制變數 32
第三節 實證模型 33
一、 多變量模型 33
第四章 實證結果與分析 38
第一節 敘述性統計 38
一、 私募股權基金敘述性統計 38
二、變數相關係數 39
第二節 實證結果分析 40
一、 單因子雙重差分法 40
二、 多變量分析 41
第五章 結論 47
第一節 研究結論 47
第二節 研究限制與建議 48
參考文獻 49
附錄 55
表次
表 1 敘述性統計 56
表 2 基金投資地區及產業分佈 58
表3 影響力基金變數相關係數 61
表4 單因子雙重差分法 62
表5 多變量分析-影響力基金之社會報酬 63
表6 多變量分析-聯合國公開永續發展目標 (SDGS) 時點 65
表7 多變量分析-基金投資地區 68
表8 多變量分析-基金投資產業 70
表9 多變量分析-影響力基金之財務報酬 72
圖次
圖1 財務優先投資者 (FINANCIAL-FIRST IMPACT INVESTMENTS) 和影響力優先投資者 (IMPACT-FIRST IMPACT INVESTMENTS) 75
圖2 社會報酬創造過程 76
圖3 永續情緒分數 (SSS)分佈圖 77		zh_TW
dc.format.extent 1969928 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357013en_US
dc.subject (關鍵詞) 私募股權基金zh_TW
dc.subject (關鍵詞) 影響力基金zh_TW
dc.subject (關鍵詞) 社會報酬衡量zh_TW
dc.subject (關鍵詞) 永續情緒分數zh_TW
dc.subject (關鍵詞) Private equity fundsen_US
dc.subject (關鍵詞) Impact investmenten_US
dc.subject (關鍵詞) Social returnen_US
dc.subject (關鍵詞) Sustainability Sentiment Score (SSS)en_US
dc.title (題名) 私募股權影響力投資之社會報酬zh_TW
dc.title (題名) The Social Impact of Private Equity Impact Fundsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Agrawal, A., & Hockerts, K. (2021) . Impact investing: Review and research agenda. Journal of Small Business & Entrepreneurship, 33 (2) , 153-181.
Aragòn-Correa, J. A., Marcus, A. A., & Vogel, D. (2020) . The effects of mandatory and voluntary regulatory pressures on firms’ environmental strategies: A review and recommendations for future research. Academy of Management Annals, 14 (1) , 339-365.
Barber, B. M., Morse, A., & Yasuda, A. (2021) . Impact investing. Journal of Financial Economics, 139 (1) , 162-185.
Barton, A., & Uhlhorn, E. (2010) . The green potential for private equity (Doctoral dissertation) .
Bernstein, S., Korteweg, A., & Laws, K. (2017) . Attracting early‐stage investors: Evidence from a randomized field experiment. The Journal of Finance, 72 (2) , 509-538.
Bolis, M., Sahan, E., West, C., Irani, I., & Nash, R. (2017) . Impact Investing: Who are we serving? A case of mismatch between supply and demand.
Bonini, S., & Emerson, J. (2005) . Maximizing blended value–Building beyond the blended value map to sustainable investing, philanthropy and organizations. Retrieved form http://community-wealth. org.
Brandstetter, L., & Lehner, O. M. (2015) . Opening the market for impact investments: The need for adapted portfolio tools. Entrepreneurship Research Journal, 5 (2) , 87-107.
Brest, P., & Born, K. (2013) . When can impact investing create real impact. Stanford Social Innovation Review, 11 (4) , 22-31.
Brest, P., Gilson, R. J., & Wolfson, M. A. (2018) . Essay: How investors can (and can`t) create social value. J. Corp. L., 44, 205.
Chen, S., & Harrison, R. (2020) . Beyond profit vs. purpose: Transactional-relational practices in impact investing. Journal of Business Venturing Insights, 14, e00182.
Clarkin, J. E., & Cangioni, C. L. (2016) . Impact investing: A primer and review of the literature. Entrepreneurship Research Journal, 6 (2) , 135-173.
Colantonio, A., Dixon, T., Ganser, R., Carpenter, J., & Ngombe, A. (2009) . Measuring Socially Sustainable Urban Regeneration in Europe.
Cole, Shawn, Martin Melecky, Florian Mölders, and Tristan Reed, 2020, Long-run returns to impact investing in emerging market and developing economies, Policy Research Working Paper;No. 9366. World Bank, Washington, DC.
Combs, K. (2014) . More than just a trend: The importance of impact investing. Corporate Finance Review, 18 (6) , 12.
Dufour, B. (2019). Social impact measurement: What can impact investment practices and the policy evaluation paradigm learn from each other?. Research in International Business and Finance, 47, 18-30.
Dowell, G. W., & Muthulingam, S. (2017) . Will firms go green if it pays? The impact of disruption, cost, and external factors on the adoption of environmental initiatives. Strategic Management Journal, 38 (6) , 1287-1304.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019) . Do institutional investors drive corporate social responsibility? International evidence. Journal of financial economics, 131 (3) , 693-714.
Emerson, J. (2003) . The Blended Value Proposition: Integrating Social and Financial Returns. California Management Review, 45 (4) , 35–51.
Fisch, J. E., & Robertson, A. (2023) . What’s in a Name? ESG Mutual Funds and the SEC’s Names Rule. U of Penn, Inst for Law & Econ Research Paper, (23-12) .
Florida, R. L., & Kenney, M. (1988) . Venture capital, high technology and regional development. Regional Studies, 22 (1) , 33-48.
Frank, D. J., Hironaka, A., & Schofer, E. (2000) . The nation-state and the natural environment over the twentieth century. American sociological review, 96-116.
Freireich, J., & Fulton, K. (2009) . Investing for social and environmental impact. San Francisco, CA: Monitor Institute.
GIIN and Open Capital Advisors (2015) , “The landscape for impact investing in east africa”, avaliable at: https://thegiin.org/knowledge/publication/the-landscape-for-impact-investing-in-east-africa
Gompers, P. A., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. (2020) . How do venture capitalists make decisions?. Journal of Financial Economics, 135 (1) , 169-190.
Gompers, P., Kaplan, S. N., & Mukharlyamov, V. (2016) . What do private equity firms say they do?. Journal of Financial Economics, 121 (3) , 449-476.
Gorman, M., & Sahlman, W. A. (1989) . What do venture capitalists do?. Journal of business venturing, 4 (4) , 231-248.
Gornall, W., & Strebulaev, I. A. (2021) . The economic impact of venture capital: Evidence from public companies. Available at SSRN 2681841.
Gray, J., Ashburn, N., Douglas, H., Jeffers, J., Musto, D. K., & Geczy, C. (2015) . Great expectations: Mission preservation and financial performance in impact investing. Available at SSRN 2694620
Hellmann, T., & Puri, M. (2000) . The interaction between product market and financing strategy: The role of venture capital. The review of financial studies, 13 (4) , 959-984.
Inderst, G., Kaminker, C., & Stewart, F. (2012) . Defining and measuring green investments.
International Association for Impact Assessment (IAIA) , (2009) , What Is Impact Assessment?, Fargo, USA
Islam, S. M. (2022) . Impact investing in social sector organisations: A systematic review and research agenda. Accounting & Finance, 62 (1) , 709-737.
Islam, S. M., & Rahman, A. (2023) . Impact investment deal flow and Sustainable Development Goals:“Mind the gap?”. Accounting & Finance.
Jeffers, J., Lyu, T., & Posenau, K. (2022) . The risk and return of impact investing funds. Available at SSRN 3949530.
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