社会投资回报 / SROI

「释义」

社会投资回报(SROI)是一种基于原则的方法，用于衡量财务外的价值，如目前传统财务科目未反映或未涉及的环境或社会价值。任何实体都可以用它来评估对利益相关方的影响，确定改进业绩的方法，并提高投资的业绩。

「应用场景」

睿思基金是由TPG Growth管理，价值20亿美元的影响力投资基金。布利吉斯潘集团是全球社会影响力咨询公司。在过去两年中，我们与它们展开合作，试图将严格的财务业绩衡量标准纳入社会和环境影响力评估。通过反复试错，以及与在该领域工作数年之久的专家共事，睿思基金和布利吉斯潘的合作有了成果——在投入资金前，估算出每一美元投资可能带来社会和环境财务价值的方法。因此，无论是公司还是机构，社会影响力投资者都可以评估某一机会的预期回报。我们将这一新指标称为货币影响力倍数（IMM）。

Building on this work, the organizations we work for—the Rise Fund, a $2 billion impact-investing fund for growth-stage companies managed by TPG Growth, and the Bridgespan Group, a global social impact advisory firm—have attempted over the past two years to bring the rigor of financial performance measurement to the assessment of social and environmental impact. Through trial and error, and in collaboration with experts who have been working for years in the field, the partnership between Rise and Bridgespan has produced a forward-looking methodology to estimate—before any money is committed—the financial value of the social and environmental good that is likely to result from each dollar invested. Thus social-impact investors, whether corporations or institutions, can evaluate the projected return on an opportunity. We call our new metric the impact multiple of money (IMM).

计算IMM并非易事，因此任何希望使用这一标准的企业首先须确定哪些产品、服务或项目适合进行评估。作为权益投资者，睿思对潜在投资项目进行了定性评估，过滤掉了不太可能通过IMM标准的交易，就像滤掉没有财务前景的交易一样。只有具有社会责任和潜在可衡量影响力的公司才能通过筛选，接受IMM评估。只有当IMM计算出每投资1美元的社会投资回报不小于2.5美元时，睿思才会投资该公司。采用IMM标准的企业可以设置自己的最低回报率门槛。

Calculating an IMM is not a trivial undertaking, so any business that wishes to use it must first determine which products, services, or projects warrant the effort. As an equity investor, Rise does a qualitative assessment of potential investments to filter out deals that are unlikely to pass the IMM hurdle, just as it filters out deals that are not financially promising. Companies with a social purpose and a potentially measurable impact get a green light for IMM evaluation. Rise will invest in a company only if the IMM calculation suggests a minimum social return on investment of $2.50 for every $1 invested. Businesses that adopt this metric can set their own minimum thresholds.

以上文字选自《哈佛商业评论》中文版2019年1月刊《影响力投资的价值》

克里斯·艾迪（Chris Addy） 玛雅·科灵格（Maya Chorengel） 玛丽亚·科林斯（Mariah Collins） 迈克尔·埃泽尔（Michael Etzel）丨文

马冰仑 丨编辑