影響力投資近幾年開始發展 ，提供投資人一個能夠帶來財務上的回報同時伴 隨著對社會的正面效益 的投資工具，也幫助 解決社會企業 資金不足的問題，更間 接地幫助政府部門解決社會問題 ，如此各個 群體環相扣也是輔成的一生態。影響力投資市場發展迅速，五年之內規模 成長 127%，也將會是未來 的一個趨勢。過去大多是政府部門來處理社會問題，但層出不窮若只仰賴公部門，將無法完全解決因此現在大多利用夥伴合作關係 (multi-stakeholder partnership)的方式來進行，如最俱 代表性的社會效益債券 (SIB)。本論 文也圍繞在社會影響力基金台灣的發展上，藉由此研究問 題來做接下的研 究。 由於台灣尚未有發行社會影響力基金， 因此參考國外的案例做個研究希望能夠藉由國外既有的案例，來探討發行社會影響力基金可性並且研究在台灣發展影響力投資市場，期望未來能夠確實現際出投資工具。 本研究發現在建 立社會影響力基金或是投資之前，必須要先構出完善的影響力投資市場，其中最關鍵三個因素為：明確定義、統一衡量標準及法規制度的修改，若是做好 這幾點，必定能夠加速其的形成與發展。

Impact investment has started to develop in recent years, providing investors an investment tool that can bring financial returns along with positive benefits to society. It also helps solve the problem of insufficient capital for social enterprises, and indirectly helps the government to solve social problems. The impact investment market has growth rapidly. Within five years, the investment scale has grown by 127%. It will also be a trend in the future. In the past, most government departments dealt with social issues, but social problems emerged in an endless stream. If you only rely on the public sector, you will not be able to completely solve them. Therefore, the concept of multi-stakeholder partnerships comes out, such as the most representative Social benefits bonds (SIBs). This paper also focuses on the development of the social impact fund in Taiwan, and does the following research with this core question. Since Taiwan has not yet issued a Social Impact Fund, we will refer to foreign cases and conduct case studies. We hope to explore the feasibility of issuing social impact funds through existing foreign cases and study the development of influence in Taiwan. The investment market expects to be realized in Taiwan in the future and actually develops impact investment tools. This study finds that before establishing a social impact fund or an impact investment tool, it is necessary to first construct a sound investment market. The three most important factors are: a clear definition, a unified measurement standard, and amendments to the regulatory system. Doing these points well will certainly accelerate its formation and development.

目錄
摘要........................................................................................................................................................iii
Abstract...................................................................................................................................................iv
目錄.........................................................................................................................................................v
圖次.......................................................................................................................................................vii
表次......................................................................................................................................................viii
第一章 緒論........................................................................................................................................... - 1 -
第一節 研究緣起..........................................................................................................................- 1 -
第二節 研究目的..........................................................................................................................- 3 -
第三節 研究問題..........................................................................................................................- 6 -
第二章 文獻探討................................................................................................................................... - 7 -
第一節 影響力投資的歷史發展........................................................................................................- 7 -
第二節 影響力投資興起的社會背景................................................................................................- 8 -
第三節 影響力投資架構....................................................................................................................- 9 -
第三章 研究設計................................................................................................................................. - 11 -
第一節 研究方法..............................................................................................................................- 11 -
第二節 研究流程..............................................................................................................................- 13 -
第三節 訪談設計..............................................................................................................................- 14 -
第四章 研究結果與討論..................................................................................................................... - 22 -
第一節 文獻分析結果......................................................................................................................- 22 -
第二節 個案探討..............................................................................................................................- 25 -
第三節 訪談結果..............................................................................................................................- 36 -
第四節 討論......................................................................................................................................- 40 -
第五章 結論與建議............................................................................................................................. - 43 -
第一節 研究結論..............................................................................................................................- 43 -
第二節 研究貢獻..............................................................................................................................- 44 -
第三節 後續研究建議......................................................................................................................- 44 -
參考文獻............................................................................................................................................... - 46 -
附錄一................................................................................................................................................... - 48 -
附錄二................................................................................................................................................... - 49 -
附錄三................................................................................................................................................... - 50 -
附錄四................................................................................................................................................... - 51 -
附錄五................................................................................................................................................... - 52 -

中文部分
許濟群 (2016)，社會企業之公益創投在台灣發展研究 ，社會企業之公益創投在台灣發展研究 -以「活水社企投資開發股
份有限公司」為例，中國文化大學商院際企業管理系碩士論。
曹洪民、楊方義侯瑩張亞西 (2017)，影響力投資趨勢與挑 影響力投資趨勢與挑 戰 中國 : 深圳國
際公益學院 公益金融與社會創新中心
英文部分
Global Impact Investment Network, (2018), Roadmap for the future impact investment: Reshaping Financial Markets. Organisation for Economic Co-operation and Development, (2015), Social Impact Investment Building the Evidence Base.
Social Ventures Australia,(2012), Information memorandum for the SVA Social Impact Fund. Australia
Social Ventures Australia, (2017), SVA diversified impact fund information memorandum. Australia
Social Ventures Australia, (2017), SVA Social impact fund annual investor report. Australia United Nations Development Programme , (2015), United Nations Social Impact Fund
網路資料
行政院主計總處， 106年度中央政府總預算案，擷取自 https://www.dgbas.gov.tw/ct.asp?xItem=40176&ctNode=6306&mp=1
活水社投， 官方網站擷取自 https://www.bci2.asia/
Big Society Capital, Retrieved from: https://www.bigsocietycapital.com/
Give2Asia, Retrieved from: http://www.give2asia.org/aboutus/
Impact bonds worldwide, Instiglio: http://www.instiglio.org/en/sibs-worldwide/
Net Impact, Impact/ Socially Responsible Investing. Retrieved from: https://www.netimpact.org/careers/impact-investing
Global Impact Investment Network, IRIS, Retrieved from: https://iris.thegiin.org/
Good Finance, Impact and Outcome Matrix, Retrieved
from: https://www.goodfinance.org.uk/impact-matrix