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Social Finance

In: Business and Management

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MGT561 corporate financial policy

Social Finance

TMBA 오창화, TMBA 안가원, ME 백승휘

1. How do the Proposed Social Impact Bonds (SIBs) work?
SIB는 지역사회의 다양한 사회적 문제를 해결하기 위한 한 방안으로 시작되었다. 사회성과연계채권(SIB)은 정책과제를 위탁 받은 민간업체가 목표를 달성했을 때만 정부가 사업비와 이자를 주되 실패하면 한푼도 주지 않는 성과급 형태의 계약을 말한다.
사회성과연계채권은 영국의 피터버러 교도소에서 처음 나왔다. “단순 범죄자의 경우 출소 후 사회의 보살핌을 받으면 재범 가능성이 크게 줄어든다”는 것에서 접근하여 SIB가 만들어져 500만 유로의 자금을 조달했다. 피터버러 교도소에 수감된 단기 수형자의 재판 빈도가 다른 교도소에서 출소한 단기 수형자들의 재범 빈도보다 7.5% 낮아질 경우 투자원금과 이자를 받을 수 있지만 만약 하락폭이 7.5%에 미치지 못할 경우에는 Social Finance는 한푼도 받지 못하게 된다. 이러한 SIB는 따로 예산이 필요하지 않고 목표조건을 충족시켰을 때에만 세금을 지출하기 때문에 사회문제를 효율적으로 해결할 수 있다.
정부측면에서는 결과가 나왔을 때만 지출하기 때문에 Risk가 없고, 지역사회는 좀 더 나은 서비스를 받게 되고, 투자자는 사회적 영향과 잠재적인 투자 수익 효과를 얻게 된다.

Social Finance의 자세한 운영 방안은 위와 같다. 먼저 투자자로부터 투자를 받은 다음 사회적 서비스 제공자들에게 여러 다양한 Risk를 관리하고 조직화 시켜 준다. 서비스 제공자는 사회취약계층에게 서비스를 제공한 다음 그 결과로부터 Outcome을 달성한다. 그 다음 정부는 독립적인 평가자에게 그 Outcome를 측정하고 목표조건을 성공했을 시 Social Finance에게 금액을 지불한다. 마지막으로 받은 금액으로 Social Finance는 투자자에게 투자수익을 지불한다.

2. How should Social Finance structure the financial instrument: as a bond? As equity? As some hybrid?
Social Finance는 사회성과연계채권을 채무증권과 지분증권의 성격을 모두 가지는 복합 금융상품(Hybrid instrument)으로 정의한다. 일단 전통적 채무증권(bond)과는 다른 성격을 가지고 있는 조건부 채권이다. 투자자가 영리목적 이외에 특정 사회공헌을 위한 목적으로 공공사업에 투자한다는 점에서 사회성과연계채권은 기부적 성격을 가지고 있다. 또한 일정 기한의 도래 후 지급청구권이 발생하는 기한부 채권과는 달리 사회적 성과 목표 달성을 조건으로 지급청구권이 발생하는 조건부 채권이라는 점에서 투자위험이 일반 채권보다 크다. 그리고 투자원금에 대한 상환청구권이 보장되지 않고 성과에 의해 보상이 연동된다는 점에서 지분(equity)의 성격도 가지고 있다.

3. Consider Social Finance’s proposed structure from the standpoint of the government, the social sector, and private capital. What are the strengths? What are the weaknesses?
Social Finance의 사업 구조를 보면 정부 및 민간 투자자로부터 투자를 받아서 사회적 서비스를 제공하고 있다. 그렇다면 정부, 사회영역, 민간 투자자가 얻는 장점과 단점은 무엇일까?

정부의 관점에서 보게 되면 민간 전문업자가 약정된 사회성과 목표 달성을 위한 서비스를 제공하고, 이에 대한 반대급부로서 정부는 기준을 충족한 경우 서비스 제공의 대가를 지불하는 것을 주요 골자로 하고 있다.…...

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