慈善金融——欧美公益风险投资的含义：历史与现状

()慈善金融:欧美公益风险投资的含义历史与现状赵萌:公益风险投资整合了基于绩效的长期资本投资综合的专业服务和高度互动的伙伴关系,旨在帮助社会目标组织发展壮大文章认为,现代意义上的公益风险投资活动兴起于20世纪90年代中期的美国,2002年左右在英国和意大利正式起步并迅速在欧洲大陆蔓延越来越多的人已经认识到,公益风险投资能够为解决社会问题提供比较充足和量身定制的资金支持,能够有效提升社会目标组织的可持续发展能力和社会绩效它可能成为本世纪重大社会创新诞生的摇篮文章试图总结已有研究成果,并结合笔者取得的第一手信息,向读者介绍了欧美公益风险投资的含义历史与发展现状:,,,2006,(PE)(VC),(PE):(1)VC;(2);(3),VP,1:公益风险投资慈善金融欧美VenturePhilanthropy(VP)(grantmaking),,(PrivateEquity,PE)(VentureCapita,lVC)VPVenturePhilanthropy()VP,VP,,11720104150VP,VP(SocialPurposeOrganization),表1:欧洲公益风险投资基金和欧洲基金会的前十位工作领域对比abc:a)200941,b)200734,c)200837,,,VP,,VPVP,,,VP,VP,VP,Impetus25CANBreakthrough,50,2008(EuropeanVenturePhilanthropyAssociation,EVPA)22VP,50%,VPVP,,,,(StrategicPhilanthropy)(HighlyengagedPhilanthro118()py),(EffectivePhilanthropy)(Katz2005;Letts&Ryan,2003;Morino&Shore,2004)(GivingCircle)(Eikenberry,2006),VC,1984(ThePeninsulaCommunityFoundation)VP,1984VP:(CenterforVenturePhilanthropyinSiliconValley)(Gray&Speirn,2004):(1);(2);(3)(accountabilityforresults);(4);(5)(exitstrategy),,,,,,,,,,(goingtoscale)(capacitybuilding)2004EVPAEVPA:(1),(VenturePhilanthropyPartners,2002;John,2007)(2),(Mezzanine)2,(3)()1192007(CommunityFoundationofSiliconValley),(SiliconValleyCommunityFoundation),(QuasiEquityFinance),2010415035(4)EVPA2007,::,,(5),(6),3,,30:(1)(2)30%,120()(DueDiligence),,,,,,()表3:公益风险投资商业风险投资和传统基金会的活动模式比较a:,:,:5%:3,:29:13:25:120:a)(SocialReturnonInvestment,SROI)(Kramer,1999;Shakely,2003;Sievers,1997)2000,,/2000(VenturePhilanthropyPartners):1954501(C)(3)(VenturePhilanthropyPartners,2001),:(VenturePhilanthropyPartners,2002)VenturePhilanthropy1969VenturePhilanthropy,1984VenturePhilanthropy20802090,(HomelessEconomicDevelopmentFund)(RobinHoodFoundation)(Emerson&Twersky,1996)1997:?(Letts,Ryan&Grossman,1997)VenturePhilanthropy,VP,,2090(Arrillaga&Hoy,t2005;Cobb,2002),/,,eBay(JeffSkoll)(SkollFoundation),(PierreOmidyar)(OmidyarNetwork)2090,199910,,,200042,19991,1998(VenturePhilanthropyPartners,2001)122RobertsEnterpriseDevelopmentFundREDF(),,,EVPA200636(Grenier,2006)2007EVPA34,94%,68%(John,2007)34,19932008200812,41,15,400,41%50%44%EVPA1993,VP1993FondazionePaideia,1996(FondationdeFrance)(DemeterFoundation)1997,,,VenturePhilanthropy1997,19971997,200248200012,(MillenniumCommission)UnLtd2002Impetus,FondazioneOltreImpetus(StephenDawson)FondazionePaideia(LucianoBalbo)199720022003312004,EVPAEVPA,,,,2008,5120032008:JPA2008(Pepin&Vuddamalay,2008),123Factiva2008EVPA,201041509621%,17%PE,8%,7%,7%,PE17%PE,30%,8%EVPAEVPA(EVCA)3i(BarclaysPrivateEquity)(PantheonVentures)(NatixisPrivateEquity)KPMGEVPA(EuropeanFoundationCentre),EVPAPE,(SergeRaicher)15PE(PantheonVentures),EVCA,PE32(LucianoBalbo)PEB&SPrivateEquity,18,FondazioneOltre(StephenDawson)PE25,PE,ImpetusTrust(CarloBonomi)(InvestforChildren)(LucTayartdeBorms)(GlobalFoundationLeadersAdvisoryGroup),(NetworkofEuropeanFoundationsforInnovativeCooperation)(DeirdreMortell)(TheOneFoundation)(PieterOostlander),(NoaberGroup)PEVC/EVPAPEEVPA200911524%PE(),11%,37%115,69%PE(),34%,77%PE,20%40%35%,,PE27%,,,124,,()38%,,,,,,,,EVPA2007(John,2007),50%5,18%10500PE?(EFC)(EFC,2005),20054,15200062EFC27(8),20051740,600,26(9),2005510,200PE,(EVCA)2005,90%PEVC1600(EVCA,2005)2006,PE750,PE1100(EVCA,2009)2009115(EVCA2009),,2009EVPA411822,1210800,38,PE,2005600,12,,,EVPA2004865200830330EVPA20115,,23EVPA,,PE2008,19974200832519973200778,(ChronicleofPhilanthropy)(Wired)JPA2008:(1),,;(2);(3),12520104150(CaptiveFund),;(4),,,,,,,,,,,/,,?,,?,??EVPA2008,,???:Arrillaga,L.,andHoyt,D.,2005.2004VenturePhilanthropySummitOverview(CaseSI-73).PaloAlto,CA:StanfordGraduateSchoolofBusiness.Bishop,M.andGreen,M.,2008.Philanthrocapitalism:HowtheRichCanSavetheWorld.BloomsburyPress.126()Cobb,N.K.,2002.TheNewPhilanthropy:ItsImpactonFundingArtsandCulture.TheJournalofArtsManagement,Law,andSociety.32(2):125-43.Eikenberry,A.M.,2006.GivingCircles:GrowingGrassrootsPhilanthropy.NonprofitandVoluntarySectorQuarterly.35(3):517-32.Emerson,J.,andTwersky,F.,1996.NewSocialEntrepreneurs:TheSuccess,ChallengeandLessonsofNonprofitEnterpriseCreation.SanFrancisco:TheRobertsFoundation.EuropeanFoundationCenter,2005.FoundationFacts&FiguresacrosstheEUassociatingPrivateWealthforPublicBenefit.EuropeanVentureCapitalAssociation,2005.PanEuropeanSurveyofPerformance.EVCAWebsite,2009.:FiveKeyElementsofVenturePhilanthropyandFiveYearsofDocumentedResults.MenloPark,CA:CenterforVenturePhilanthropy&PeninsulaCommunityFoundation.Grenier,P.,2006.VPinEurope:ObstaclesandOpportunitiesSummary.EuropeanVenturePhilanthropyAssociation.John,R.,2007.BeyondtheChecque:HowCenturePhilanthropistsAddValue.SkollCentreforSocialEntrepreneurshipWorkingPaperSeries.Katz,S.N.,2005.WhatdoesItMeantoSaythatPhilanthropyisEffective?:ThePhilanthropistsNewClothes.ProceedingsoftheAmericanPhilosophicalSociety.149(2):123.Kramer,M.,1999.VentureCapitalandPhilanthropy:ABadFit.TheChronicleofPhilanthropy.22(1):72.Letts,C.W.,andRyan,W.P.,2003.FillingthePerformanceGap:Highengagem