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| Title: | 私募股權影響力投資之社會報酬
The Social Impact of Private Equity Impact Funds |
| Authors: | 林旻樺
Lin, Min-Hua |
| Contributors: | 陳嬿如
Chen, Yenn-Ru
林旻樺
Lin, Min-Hua |
| Keywords: | 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) |
| Date: | 2023 |
| Issue Date: | 2023-08-02 12:58:04 (UTC+8) |
| Abstract: | 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. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357013 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357013 |
| Data Type: | thesis |
| Appears in Collections: | [Department of Finance] Theses
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