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資編委會(huì)????? 綘??プ

儯 ??? ??鳋

齌?胿 ??茽 ? ? 瓉榰? ? 餿勚儯?

嬁ば敵

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?昶

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楹 ?蔞畊? ? 勿 劅 ?峇? ?桪? ??匠 ? ? ??彂?デ瘻?勭儯? ??彂?デ?綘??彂 勚 俒灇瑕??瓉幓煓 ? ? ? ?婦桬?瓉幓煓 ? 翫ざ??

桬揦餛

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??? 倝—?儯 銳 惐 (?)爢????餴????,??絡(luò)?餴剣??ず? 10(?)爢????餴僽瑟瑏勻?,鵮僽傍剣畮?? 12(?)爢???:爢?湡叻?休?鶴鰳??輑ざ? 14? (?)爢????餴欰??禹:劼??垷??程 15(?)爢????餴椚雿垷?:餛餿???佐渤 17(?)爢????餴?騨垷?:?絶涸???程 18騨 ぢ (?)6/%1《??絯???輑餴佅??湡湡? (??)?助?デ(2020?晜)》 26(?)妍湅《??絯?輑?碫倰呩》 29(?)??《綁蒀????湡?(2019?晜)》 30(?)??《綁蒀??佅??湡湡?(2021?晜)》 31(?)》 31? (?)《爢????餴》?銳稇盜椚呥卹 33(?)*$《???盜椚鵘???》 35(?)6/%1《??絯??湡叻???叻?》 36佪 (?)???盜椚?湡(*.1) 38(?)????デㄤ?餴叻?(*3*4+) 41(?)???餗??僑霉?垷?(*..) 43(?)?渤???霉???(#*" 45(?)?"??爢???霉??禹 47禹 (?)???殜?ぢ?餘???絯?? 51(?)??絯?輑?禹???輑餴彂?縨 54?倝?5???倝??餴?6爢?餴?

? (?)?勠?? 58(?)“?焫”湡叻 60(?)猰??倝 (?)??剪? 63(?)礵牟俒? 66(?)?渤?? 68? (?)爢????餴?翸?倰?? 70(?)?倰?ず??爢????餴欰? 71? (?)?倝涸“?遤罏” 76(?)絆絉???? 76(?)?騨峯???欽 77:鴪?? (?)??涸“?遤罏” 78(?)絆絉???玐 79(?)?騨峯???欽 80? (?)剒?涸“??罏” 80(?)絆絉???玐 81(?)?騨峯???欽 82程 (?)?爢???輑???????? 84(?)欽??涸倰歲,???罜姻爍涸? 84絕 劅 (?)用駈ㄤ剪?劥???絯???寵 89(?)???ざ??涸爢???霉??禹 90(?)??爢?ぐ歲???岌??ㄤ?騨 90(?)???輑?禹餴彂?縨????倝 91(?)??猰?????爢????餴 91(?)?程??爢????餴???欽 91AnOverviewofSocialValueInvestment第一章社會(huì)價(jià)值投資在促進(jìn)經(jīng)濟(jì)社會(huì)可持續(xù)發(fā)展中的作用日益顯現(xiàn)。它的產(chǎn)生與發(fā)展有著怎樣的時(shí)代背景和現(xiàn)實(shí)意義?它是一種新的商業(yè)模式,還是一種新的投資方式?近年來(lái),西方社會(huì)漸盛的影響力投資等隱含著怎樣的驅(qū)動(dòng)力和商業(yè)邏輯?西方語(yǔ)境下的影響力投資和中國(guó)語(yǔ)境下的社會(huì)價(jià)值投資有著怎樣的關(guān)聯(lián)?本章將聚焦社會(huì)價(jià)值投資的淵源演進(jìn)、概念辨析、作用機(jī)制、中西比較及發(fā)展趨勢(shì)等內(nèi)容,開(kāi)啟對(duì)社會(huì)價(jià)值投資的認(rèn)知之旅。社會(huì)價(jià)值投資誕生的背社會(huì)價(jià)值投資誕生的背,是人們‘價(jià)值’這一概念的重新闡,是對(duì)企業(yè)等組鵛梡?銯倰???ㄤ絑崸?椕??????碫爢?欰??宐?ㄤ餒?獤稡?鴪??瑟?涸??傞?帿?佖」???荈、??、??爢???涸?。搬罜,湱??傞?,???鵯?絕匬?」??勻涸餏????勱?飾駈??錠????岌?霋,?勱?》獤匧???。20?紬?勻,?歲ぐ??倗?梡涸欰??邂、餴彂瀊緃、餛???ㄤ爢??瑲瘝?禹????飾?????絡(luò)??垷?涸帿???。歋?1梠?????プ?1987?????992??翫ざ?梠???????鴪??霋“??絯?”椚?,姻僽??鶣勝兞?????,霪椚?梡?????爢??ず黽?涸?銳屛椚?。2015?,翫ざ?193??プ?鸑鵂《200??絯??靂玐》,霪靂玐?ゎ17???絯??湡(4VBJOBCMF%FWFMPQNFOU(BMT,4%()、169??湡叻?231??叻,傋???貓絾ざ、?靈涸倰?鍒?絑崸、ㄤ梠???絶?涸???。?鵯?呥卹??,ぐ碫??絆、佟?、??、灇瑕劼匬ㄤ爢??瘝??鵳?姿?程,???絯??靂玐湱?椚???霋鯪??梡??歲?涸屛椚倰?、佟瘻?倶、????ㄤ休??騨。鵛?勻,???欰、孞?」?、欰暟?呋?、?続佟屛ㄤ??瘝倰?涸2劼ㄤ???倗??,罜?椕?鵳4%(T涸侮?鵳???籖「??2021?ㄤ2022?鵶絯???忕??2022?6剢翫ざ?佟??孞?」????プ?(*1$)???デ??,剒鵛50??椕」軍鳥(niǎo)??鵛000?勻??勱剣,勱勻?qū)J?」軍涸鳥(niǎo)???劌?……??爍??傈渤??涸梡???,??鷶幯?霋?銳?梡絑崸爢?涸??絯??,?銳?湡?崸??垷??遤溫姻涸」?,?銳靈?爢?(猙蠒)餴劥?ざ??絯??涸??餴?緃〡,劌銳剣?倝涸垷?ㄤ猰?涸騟???休?????鳴劌?涸爢???。?、?縨???挿涸倝?惐?劍?,?銯倰?崨絑崸?椚雿?,“??”鸑?鄄???絑(餒?)?,?梡????????休?ㄤ剪?佅?餗?涸??,????怵涸錭蒀?僽?絶涸餒??鳴罏。??滿???椚雿、?渤湱?倰椚雿、??爢?餓?瘝椚雿涸??,??劌鵳?姿?雩霋??????僽絑崸?渤涸?鳴罏,劌僽爢???涸餑柄罏。?姼,?餴劥涸?絛畮,餴?涸?ぢ?????岤餒???,罜僽絾ざ?罌??餴餒????稇。〥?倰?,????劼匬、?佟?絆絉瘝??涸爢??????滿爢????鳴涸?欽。鵯貓?鳴??僽偽?涸,??渤???饐涸??罜鵳遤涸,??嶍??餒???瘝?稇涸罌?。??鶣??ㄤ爢?遤???涸屠鄆?,休??餴ㄤ???饐,?劍?勻鄄雩?僽??湱?杝用涸?“??絯??”鸑????“忘駈???銳罜??????た?忘駈??銳?臘?涸??”,霫錛《???ず涸勱勻》0VS$PNNPOVUVF,1987)。6/.(2022).5IF4VBJOBCMF%FFMPQNFOU(BMTFQPSU2022.6OJFE/UJPOT1VCMJUJPOT.湬?爢????餴瘝湱?嚋?涸?梡??鵯貓????ㄤ?用涸???灶。湡?,爢????餴??勱???椕絡(luò)?錞薴,絾ざぐ倰?涸雿鶣,?????爢????餴錠??貓鸑鵂餴?瘝倰?佅?爢???鍒?涸?媯,??勻姻ぢ?tīng)?ㄤ梠???涸ず傞》???涸餒???,鵳?姿?梡??絯涸???鳴。(?)爢????餴????,??絡(luò)?餴剣??ず?佞滾?椕,“爢????餴”涸嚋???欽薴???絡(luò)?,??滿灇瑕ㄤ?騨涸?倗帿?,“?餴”??欽劌??岌涸“????餴”涸椚雿?炄?鷶幯???荈剣涸嚋?呥卹?禹。1.“爢????餴”1.“爢????餴”涸嚋???餴???涸?欽?????。寖併??,3????餴?????餴涸?巑??湱鵛,僽?貓????倝涸鷥。??餴???涸?欽?????。寖併??,3????餴?????餴涸?巑??湱鵛,僽?貓??餴??絡(luò)?渤???罏??涸?貓?餴垷??!盃????餴”涸嚋??????杞?????椚鍒,??勻溏,??餴??、?餴??餴倰?、?????瘝絶???剣?ず涸?ぢ(錛邍1–1)。邍1-1爢????餴涸杞????歲?絶?杞????餴??猙蠒??????佟?、猙蠒??、痦?????涸ぐ碫???餴?韌爢?????ぐ碫?鳴姻ぢ?tīng)?ㄤ梠???涸絆絉ㄤ?湡?餴倰?餴???????餴?、餴彂瘝ぐ碫餴劥涸????????剣?錜???餴餒?????涸餒???,鸑???????宐???劍鴪?????宐?爢???薴殶???爢?ㄤ梠?涸姻ぢ??ぐ碫?餒???稇涸姻ぢ??爢????爢???涸???、?騈駛資料來(lái)源:編者整理2.?“????餴”涸嚋?鳹“????餴”ㄤ“爢????餴”?椚?????剣??涸湱?ㄤ????,???欽叻?韌ㄤ???梡涸??紩???????。???,????絑?“????餴”涸嚋?ㄤ銳稇椚鍒???鰍?涸饞ず(錛邍1–22.?“????餴”涸嚋?鳹3.寖併.(2021).爢????餴?餴劥????.???輑.邍1-2?椕?銳劼匬絆絉?“????餴”涸?巑椚鍒劼匬??峫?螨????4?貓傋??欰餒???ㄤ爢?/梠???涸?餴?椕????餴緸絞((**/5?貓傋??欰獤匧涸、?邂?涸爢?ㄤ梠????蜦?餒???涸?餴?歲絑崸雿?(8&')6?貓剣??寵?鳴絑崸??ㄤ獤匧涸爢??梠???涸?餴倰歲??絑ざ絆絉(0&$%)7涸ぢ鍒?爢???涸絆絉??餴?,?劍蜦??雦?涸爢?ㄤ??妍崍??絯?餴??雿?(&6304*'8餒?、絆絉ㄤ??涸?,湡涸?xún)u?欰爢?ㄤ梠??,ず?資料來(lái)源:各機(jī)構(gòu)官網(wǎng),編者整理?嚋??巑ㄤ??勻溏,????岌?乄涸“????餴”?“爢????餴”饞ぢ瘝ず,?僑???????,??爢???ㄤ絑崸???邂涸錭?勻溏?罏殜剣??。?????餴瘻殜?,?餴??鸑??鷅寵餒???涸ず傞?寵?爢?、梠?、絑崸??絯??涸姻ぢ??。?爢????餴瘻殜?,?餴???搬?鷅寵爢?佪渤??銳?ㄐ,?爢??????鵳遤餴彂?縨ㄤ?餴?瘻。爢????蠒??劼匬??,湱,蠒??????鸑鵂吆用“爢???”涸?殜?ぢ,???暵?絆絉????餴“爢???”,罜鴪?????宐?涸?餴???劍?爢????餴椚???濨湽。3.???餴碫???欽?21?紬?勻,?翫ざ?瘝??絆絉涸???,爢?餓??餴(4PDJBMMZFTQPOTJCMF*OWFUJOH,?鷶幯劊滿?崨、錞垷?ㄤ?霋?涸倰ぢ?。??劼匬?湱?絆絉?絯???餏餓??、&4(、????餴瘝嚋???程?欽?兞3.???餴碫???欽?劼匬,?繠?紿???9“餏餓??餴??(1SJODJQMFTPS劼匬,?繠?紿???9“餏餓??餴??(1SJODJQMFTPSFTQPOTJCMF*OWFUNFOU,13*)”,?ず?餏餓??餴涸????。霪??湡?????椕?崨?罈、?勉餒??、????ㄤ餴?盜椚劼匬瘝涸?岌雩????騨???兜麑黽。2007?,?渿????&4(?餴涸嚋,僈爍?????餴??梠?(&OWJPONFOBM)、爢?(4PDJBM)ㄤ??屛椚((PWFSOBOF)?稇紵?罌?。ず?,峫?螨????????涸??し??????靂,?雭餴劥??飾?佖?梠?ㄤ爢?涸?欽,???妃??????餴(*NBU*OWFUJO)涸嚋?。?た峫?螨?????用?椕????餴緸絞((MPBM*NBU*OWFUNFOU/UXPSL,(**/),霪緸絞?鵯?嚋?鵳遤?鵳?姿?,?“??、絆絉ㄤ??涸?,傋?????涸ず傞??欰爢?ㄤ梠???”。?餴嚋?涸?欽???絡(luò)休??餴ぢ?渤??涸鵂庋鵂玐???怵??爢?餓??餴&4(?、????餴、爢????餴瘝嚋?,?ず嚋?????餴崞???岤涸?挿剣??ず(錛?1–1)。5IFPDFFMMFSPVOEUJPO.(OE.).8IUJT*NBU*OFUJOIUQT://XX.PDLBPHHVJEF/JNB-JOFUJOH-JOUPEVUJPO/.(**/.(OE.).8IUPV/FFEP,OX"CPVU*NBU*OFUJOH.IUQT://UIHJJOPH/JNB-JOFUJOH/OFFEP-LO/#XI-JT-JNB-JOFUJOH.8&.(2013).PN*EBTP1BUJF,1JMTPUHZ:1BUJBM4PMVUJPOTBOE"UJPOBCMF*OTJHITPO)XP%P*NBU*OFUJOH.8PSMEPOPNJDPSVN.0&$%.(2019).4PDJBM*NBU*OFUNFOU2019:5IF*NBU*NQFUJFPS4VBJOBCMF%FFMPQNFOU,0&$%1VCMJTIJOH,BSJT.&VPTJ.(OE.).FTQPOTJCMF*OFUNFOUUHJFT.IUQT://XXFVPTJPH/FTQPOTJCMF-JOFUNFO-UHJFT/.餴??涸?倶??ㄤ鵳???&4(湱???鵳遤ざ椚??;??4:???餴??岌?紵?餟?釁?餏餓??餴??;??5:??????餏餓??餴??涸?倶佪卓;??デ餏餓??13*??涸?????:??1:?&4(??紵??餴?區(qū)ㄤ?瘻鵂餴??涸?倶??ㄤ鵳???&4(湱???鵳遤ざ椚??;??4:???餴??岌?紵?餟?釁?餏餓??餴??;??5:??????餏餓??餴??涸?倶佪卓;??デ餏餓???1-1休?畮??渤畮?餴碫??靶?資料來(lái)源:《SocialImpactInvestment-BestPracticesandRecommendationsfortheNextGeneration》10,編者整理4.??絡(luò)?餴涸??絕?鶣?區(qū),爢????餴??剣???絡(luò)?餴涸?貓倝涸?餴垷??倰歲,邍梡?荈魧4.??絡(luò)?餴涸?????儑:爢????餴?靈遤?涸???,?鷅寵姻ぢ?tīng)???涸?鳴。????ぢ:?餴罏釁?爢????餴、邂???絫邍梡,??鄄?????「爢????餴た?欰劌?涸爢?佪渤涸玐?。」?椚雿??:?爢????餴???,椚雿?僈爍?遤???劍湡叻涸?梡騟?;??倶鵂玐?,?湡叻「渤倰??尲鸑,?倗靈侮?餴?鵘蠒瘻殜,?罜?霆?劍湡叻剒??鴪?。爢?佪渤邂?:爢????餴?銳邂??霉??餴??欰涸爢?佪渤。?????佞:爢????餴?銳爢???劌?岌???,??爢????餴欰?梡??絯涸???佞。(?)爢????餴僽瑟瑏勻?,鵮僽傍剣畮???盜“爢????餴”涸嚋??鵛?????鄄?絯??,???餴崞???爢?、梠?瘝??罌?涸?歲????騨??剣?岌?程(錛?1–2)。10.Mackevi?iūt?,R.,Martinaitis,?.,Lipparini,.,Scheck,B.C.,&Styczyńska,I.(2020).SocialImpactInvestment-BestPracticesandRecommendationsfortheNextGeneration.Thinkank,EuropeanParliament.10.資料來(lái)源:編者整

?1-2??爢????餴湱?餴劥?騨?程1.傍劍??餴劥ぢ?涸?程妍繠????侅?椚錜?涸???鰍傍??梡?麤??餴(UIJBM*OWFUJO)涸椚?。?用?紬涸薉?餥呔?(2VBFST)???侅??涸錜???蕘休?崞??。17581.傍劍??餴劥ぢ?涸?程?,侅?????????館僒涸???靂,錞??????餙???湱?涸休?崞?,???餙???涸???遤涸霆?1760?漛侅?麤(.UIPEJTN???紨縵??倛椚?邍?《??涸?欽》(5IF6TFPG.POFZ),??侅?????荈?ㄤ??涸???蜦》、稡獤ㄤ?欽餒?。1920???麤??用涸鷍????僈爍??餴錞??錞?,犜?shī)?餴掆?、娀?ㄤ餼?湱?遤?涸??。?滿鵛??勻銯倰???鳥(niǎo)?鵳???、梡??,??梠?ㄤ爢???嶑梡,?飾????爢???倰?涸??ㄤ?。20?紬た?,銯倰爢?涸字勉鵘、?勉鵘?、梠?鵘、過(guò)寂??鵘?????嵠惐瘝?飾?嶑,?????爢?餓?椚雿涸??ㄤ?騨,??欰????翸搋爢?餓??餴涸??。1971?,?椕?佅爢?餓???崣?倛?歲??(BY8PSMEVO)?繠??用。霣欰??餿?鵘??,霪??僈爍錞鼙?餴????鸑鵂餙??摳蜦?涸?。1982,???涸貓偛?猌???飾???岤涸勝兞,繠?涸???暵?($BMWFSU*OWFUNFO)???用?佅爢?餓???$BMWFSU4PDJBM*OWFUNFOUVOE?僈爍??餴?倶貓偛?猌涸????????剣?涸??鵳?90?爢??餴椚?鄄劌?岌?鵘欽?鄄??餴??,鷅駛痗ざ&4(叻?涸肅牰?僑?鵶??,1990??磧?400爢??僑(%PNJOJ4004PDJBM*OEY)??,1999?麤楹倛??絯???(%PX+POFT4VBJOBCJMJUZ*OEY,+4*)??。2.爢????餴絑??20?紬0??,盜椚????????,佟??罜??涸?倗?爢?盜椚垷??鍒?爢?屛椚欰??????梡?霽??畮。?????ㄤ椚???た繠?爢?屛椚?欰??銳?2.爢????餴絑??????8??螨暵(??螨暵)涸爢????餴?騨。??螨暵剎?????佟“爢??倝ㄤ?字?????”皂??,餏餓?靈佟、?渤絆絉??涸ざ。????椚?牏昿將???螨暵涸??餒?,?????餴涸?騨?椚?鵳?姿????爢?????,??餴???ㄤ騗???涸暵??????湡?。????爢????餴涸鵂玐?,鸑鵂侮ざ靈?佟、??、爢?瘝涸?絶?餴,?用絡(luò)?剣佪涸劼,?邂ぐ倰??爢??、絑崸?渤???佪渤涸霎寵,》??葻?涸爢?佪卓,ず傞?爢????餴??爢?屛椚、鍒?爢???倰?????倝爙薴?。??,??螨暵??“僑???”?????倰??涸爢????餴?,?用?10??涸餛??〡僑?咓呩,?梡??涸礵?鷅駛?佹?。???劍溏,鵯??湡鸑鵂?倰ざ?佖?字欰、??遤?、??絑崸,??爢???涸?梡?絑崸?渤涸???。???螨暵溏勻,爢????餴涸?挿僽爢??倰ざ??禹涸?匬,?劼匬涸湡叻???、??椕涸??湡叻??輑ざ,??湡涸鄄?「渤?鯪」???????涸“?肅?”,????杝修?,剒絊??嫦???餴???欰劌?涸爢???。(?)爢???:爢?湡叻?休?鶴鰳??輑ざ?爢???涸絑蠒椚??爢????餴涸湡叻鷅寵湱?。爢????絑蠒崞????罌?佪,僽爢???鍒?ㄤ爢????鳴涸????,?爢????餴欰???怵滿?銳涸??罏錭蒀。ず傞,爢?????絑崸?渤??鷅寵?剣?yán)?嶹剒??,???蜦?涸?嶹???????爢絛荈駈、??絯?鵳遤爢????鳴。1.爢???僽鍒?爢???涸?銳絆絉????,絑崸ざ????絆(0BOJUJPOPSPOPNJD$P–PQFUJPOBOE%1.爢???僽鍒?爢???涸?銳絆絉0&$%)??,爢???僽??鴪?傁?涸絑崸ㄤ爢?湡叻罜?僽?嶹剒????崞,ず傞霪崞?臘??鍒?爢??倉(cāng)ㄤ???????倝倰呩。繠?爢???翫湅???,爢?????休??媯鍒?梠(&OWJPONFOBM,皍獦&)ㄤ爢?(4PDJBM,皍獦4)??。荈??紬90???勻,餴劥??絑崸???爢?濨湽慨??荝??纈????獷,?鷶姿怵??爢???,鵯?爢???涸?欰?????。爢???鸑鵂休???媯鍒?爢???涸鵘?垷?,??邉???抳、佟??抳、??爢????、????絯??瘝倰???欰姻???,僽?????銳涸爢??倝。爢????欰涸佟屛勝兞ㄤ絑崸梠?ぐ?湱ず,??ず絑崸ㄤ爢?涸翫絕???剣鰍?僈儑涸劥??暵挿,?罜???ず涸絆絉??ㄤ??垷?。薉?佟?痦??????(0FPGUIF5IJE?爢????鶣???絑崸?渤、爢?湡叻???絯?,?“?剣?劥涸爢?湡叻罜?僽?肅?ㄤ?剣?yán)灪?渤剒????劼涸??,?蜦?涸?嶹????????爢???”。嚋?邍鶣涸??僽歋?劥???涸?ず?寵?荝涸。湱鰍?妍崍爢???涸???ぢ?暵挿,繠?涸爢???劌??休?ㄤ????ぢ。偽雿?貓勝兞?涸?貓??,爢???鍒?爢???、????涸呏劥?劼尵剣」,鵯挿??倶涸玐??剣???絡(luò)休??????涸??爢?餓?。2.爢??????爢??ㄐ?呍?爢??????鳴爢???ㄤ絑崸??涸暵?。爢?????鍒?爢??????涸餓?劌?、薴?劌?、湡叻劌僈爍、遤?劌絡(luò)?。2.爢??????爢??ㄐ?呍??貓劌??、劌??、劌???絯?涸??爢???鍒??????絯??涸騟?,??休?媯勻鍒?爢????鷅寵爢?佪渤涸剒??,?爢????鳴?????“鳴過(guò)”劼??梡荈魧??涸??絯。?溏???騨,爢??????鵳爢????絑崸籖雖飾??霽?姻ぢ?欽(爙?錛邍1–3)。邍1-3??爢????騨爙?呩?遤???爢???遤餧妴垷??餛蕱??????餧?9.8?ㄤ,??飾???嵐??椕涸“?餧?ㄐ崸???荝?爢?????膴"BJE餛滾猰??絁?助剪?崨玐涸滾猰崨??饕餛?〡???餩???助??荈?欰??劥劌?涸??錭芘瘝10?椕??9罏32??佖??罏涸欰崞佟薉?ず葻???用???ㄤ??獷?”,?剪?湡??ぢ?鵳爢?,?枡爢?????涸?銳叻ㄤ??鍒?????湽瑲?涸爢??爢???ㄤ劥?絑崸籖爢?繠??劫?????椚,?????餴?繠2?僽、濼霋????罏欰?劌忘??、劌?,?鸑鵂??罏荈魧涸???銯?倛??鄄??罏獦?“剦?”?佐?ㄤ爢資料來(lái)源:編者整

?、?鳴爢???涸倝垷????蒜?爢????餴涸?惐彷彂ㄤ嚋?銳稇瘝湱???鵳遤?唙椚。劥蒜??挿?鶣爢餴涸欰?匬?、椚雿垷?,?????貓倝涸?餴垷?,??鸑鵂匬??絶???鳴涸???禹,?????爢????鳴涸佞?佪?。罏罏?11?欽。爢?????餴欰??禹涸灇瑕?爢????餴欰?涸匬?????????。爢?????餴勝た涸???僽鍒?爢??寵。?爢?????餴涸欰??禹?,?餴罏(劥??罏)??欰??禹?涸?絛畮,勻荈?????猙蠒??;?餴叻涸(?餴劥?寵倰)??欰??禹?涸?爢?????餴欰??禹涸灇瑕?爢????餴欰?涸匬?????????。爢????餴ㄤ爢?????餴涸?銳??????餴??欰涸爢???ㄤ絑崸????紩涸罌??勉?邂???餴鶴鰳??餴??倰?????剣鰍?荝?。餴劥?寵倰蜦?餴???滿?禹???,??荈魧涸??悶?、爢??ㄐ雩??、?????媯瘝。??鄄錠?“偽佐渤???”涸??纈?,礵????餴倰?餴?寵?盜椚?餴?僒?崨玐劥魧???涸鵘蠒?。?鵯?鵂玐,???餴,?倰?????湬?ぢ鄄?倰??餴,蜦??劍?餴?(??餒?ㄤ?餒???);〥?倰?,?餴罏??翸搋爢??寵涸湱??餴??,??爢????餴崞?。?1-3爢?????餴欰??禹爙??資料來(lái)源:《SocialImpactInvestment-BestPracticesandRecommendationsfortheNextGeneration》,編者整理??勻溏,爢?????餴欰????碫?銳??罏,?餴劼匬、?餴?韌、?餴??ㄤ??,?罏???怵滿?ず錭蒀,?姼??湱??翫,?ず??爢???涸鍒?。?餴劼匬(*OFPS):爢?????餴崞?涸餴??絛倰,?銳??????(佟??餴?????輑劼、?鴝???、???罈??瘝)ㄤ猙蠒?(劼匬?餴、??、?偛??、????纈、??瘝)瘝。?餴?韌(*OFFF):ぐ碫湬?翸搋爢???鍒?涸絆絉,??爢???、?蠒??絆絉、湡涸蠒??絆絉瘝。湱鰍?休????,鵯?絆絉?剣鰍?爢?餓????,??搬涸絆絉?ㄐ?爢???涸鍒??????涸鵘??炄,僽爢?????餴鰍?ざ鷓涸?餴?韌。?餴?(*OFUNFOUVOE):??爢?????,??湬??ぢ?寵,??鸑鵂霃用??涸??鵳遤???鵘?。鵯剣????爢?????餴涸?地ㄤ盜椚?劥,??餴?勻彂薴?,??寵倰???ぢ珘?涸剪??佅?。???劼匬(*OFSNFEJBSJFT):???輑剪?劼匬ㄤ欰?餻($BBDJUZ–CVJMEJOH)劼匬??碫。??,?輑劼匬???遤碫?輑劼匬ㄤ??碫?輑劼,?爢?????餴劼匬???餴湱?涸??佅?。欰?餻臘劼匬?飾????輑餴??、???餴???靂、?????霉?ㄤ??/?湡雩霆、匬??餴欰?緸絞瘝?欽。H。(?)爢????餴椚雿垷?:餛餿???佐渤爢????餴??絡(luò)?餴剣滿劥餘?涸?,?爍雩濼爢????,?銳?、匬?倝濼呥卹。??餒??????涸?絡(luò)?餴?區(qū)?,佐(UVSO)ㄤ??(3JTL)僽剒?欽勻?區(qū)?餴叻涸(??餴絆ざ)涸??絶?,?姼??,罌贊?餴?佐渤檜??僽?姻?涸暵,鸑???痦??絶???(4FXOFTT)勻劌???餴?佐渤檜?梡?ざ。剒??佐渤、剒????、剒????僽椚??餴罏寵涸,??滿???靈侮た佐渤(3JT–BEKVFEUVS)剒???匧畮姻佐渤涸鷅寵(ず傞?匧畮餏佐涸錞鼙)。33*?絶?餴垷。?爢????餴涸錭?,?卓?“梡??歲涸?(*NBU)”??痦?絶?紵???,???靈12た佐渤(3JT–BEKVFEUVS)剒??涸?炄?,?銳?梡?餴崞??“梡??歲??”涸佪渤剒?? 。資料來(lái)源:PRI,編者整

?1-4“??—佐渤—梡??歲??”(33*)?絶垷???“??—佐渤—梡??歲??”(33*)?絶爢????餴垷(皍獦“33*?絶?餴垷錛?1–4),?霃、#、$???餴??靈侮た佐渤(3JT–BEKVFEUVS)??湱ず,??剒??痦?絶?“梡??歲??”涸錭?,"??,#??。?姼,?餴罏?銳絡(luò)皂罌贊餒?ㄤ?餒??,??暵?湡叻,?餒????銳????罌?。?*?513*.(2017).4%(?餴椚歋.IUQT://XX.VOQSJPHEXOMBEBD=10548.資料來(lái)源:Emerson(2012)13,編者整理

?1-5爢????餴涸剣佪鴝歲絾ざ勻溏,33*?絶垷????餒????爢?佪渤涸?餴?騨????倝涸?絶錠錭ㄤ罌?。絡(luò)皂??絶?涸剒??,?銳?挿鍒?痦?絶?爢????剒??涸??,?臘や?僑???梡??????罜???餒????餒?涸絾ざ錭???餴絆ざ鵳遤剒???倗,鸑鵂霃縨紨勲勵(lì)??梡?餒????爢?佪渤涸絡(luò)皂。33*?絶垷??灶??絡(luò)休?涸??邂?垷,???ㄤ劌?劼匬劌?岌???爢????、??爢???涸雦??霉????椚雿??。鵯?銳欰??禹?ぐ湱?倰?劌?絶?鴪??霋,獤匧??,?鵳???ず,??椚雿ぢ?騨?倗鯪?。(?)爢????餴?騨垷?:?絶涸???程?痦?蒜涸痦???,???雭?爢????爢????餴涸?ず???ざ挿;?痦????,???爢????餴欰?涸劼?ㄤ垷??程剣??姿?鍒。劌鵳?姿,??????絑崸爢??霃涸?銳??,??鸑鵂爢????餴勻佞?爢????鳴涸佪??爢??????“????”暭。??爢????餴涸?銳????僽爢????。爢????????僽休????,????絡(luò)休????涸劥餘????,??爢????鳴涸?ㄐ劌帿玐?輑????絆絉俒?ㄤ???殜??,?????ず餘??爢??渤?呍?湡叻涸爢???,???鸑鵂??侮??殜?紩???倝絆絉匬?瘝???倗??荈魧爢????鳴涸暭?。爢???????”,暭????(錛?1–6)。?休????,?爢????鳴涸椚?輑????????????猌??休???涸鵘?鶴鰳;?爢??????畮,鸑鵂?ぢ絆絉?紩???岤爢????鳴,??休???媯?梡鵘蠒??絯。?貓??湱鰉湱?,湱??鵳。&NFTPO,.(2012).3JTL,UVSOBOEJNBU:6OEFBOEJOHEJFTJUJPOBOEQFSPSNBOFXJUIJOBOJNBUJOFUJOHQPSUPMJ.*NBU"TTT,2,1-15.?謟、齽??.(2020).爢?????餴絾ざ???梡劼?灇瑕.??猰?雿?.綘罏岤:“?絶??垷?”涸匬??爢??????????。資料來(lái)源:編者整

?1-6爢????????“????”暭????鳴鍒?爢???、?15騗歲ざ?、?鳴爢?????剣荈魧??,?梡??????絶?鍒?爢???、?15騗歲ざ?、?鳴爢?????剣荈魧??,?梡??????絶?、湡叻?呋???餴彂?ず???。???湬???爢??16?,??鸑鵂佅?暵???涸爢???勻??鍒?爢???涸臘?,剒絊爢????????爢????餴“?絶??垷?”錛?1–。????湬???爢??16?,??鸑鵂佅?暵???涸爢???勻??鍒?爢???涸臘?,剒絊佐侈“????絁”,?梡爢?????絯?。???僽?爢?,爢????餴???灶佟、??、爢???杝用涸?絶???梡垷,歋?絶??蕘?,??絶?、?絶湡叻?梡?ず鷅,??爢???鍒?涸緸絞欰?,?鵳????????屛涸爢?屛椚?禹。資料來(lái)源:編者整

?1-7爢????????爢????餴涸“?絶??垷?”??劌?岌涸餴??餴彂鸑??勇?絉涸爢????剣?銳???欽;〥?倰?,爢??????鸑鵂休??媯鍒?爢???,爢????餴?休??餴??渤騗歲湱輑ざ?爢??倝?鳴?“爢??????”涸?歲?2016?桬?乊?《掚?????劌?岌涸餴??餴彂鸑??勇?絉涸爢????剣?銳???欽;〥?倰?,爢??????鸑鵂休??媯鍒?爢???,爢????餴?休??餴??渤騗歲湱輑ざ?爢??倝?鳴?“????絁”僽?ず傞?梡爢???ㄤ絑崸??,???????鳴?絶,??勻雷,僽??鳴爢????呍?湡叻,ず傞?梡絑崸??佅?劼匬??絯鵘??、?ぢ宕絯勱勻涸倝?騨爢????餴?“餴劥ぢ?”??ぢ,??鵳?椕???絯ぢ???怵滿餿勻餿?銳涸錭蒀。?歋?緃?絡(luò)?涸絡(luò)雦〡?,?偽歲雦皾湱??侮涸??錞垷僑?。?姼,????劼匬鸑鵂?貓庈麤?霚佐?湱?僑?鵳遤崵。劥蒜??蕯??崨??劼匬??涸?xún)S?鵳遤?區(qū),??溏,“?ぢ??絯???鷶幯??餴劥涸倝鷥?,?ッ梡????銳饞?:饞??:?椕??絯?餴錞垷鷶?以?,傈幯??餴劥???崨呏??椕??絯?餴翫湅((MPBM4VBJOBCMF*OWFUNFOU"MMJBOF,(4*")2021???涸剒倝絡(luò)雦?儑爙,?椕??絯?餴?絡(luò)雦ワ劍??梡?????涸????。?蕘2020?,?椕???妍崍、繠?、???、?峕崍ㄤ傈劥)涸??絯?餴??鴪??5.3??繠?,湱鰍?2018??涸30.68??繠、2016??涸22.84??繠、2014??涸18.28??繠?????15.05%、93.16%,罜ず劍?椕?????盜餴????鳥(niǎo)????.17、20.10%、39.17%。姼?,??絯?餴????????盜餴???涸嬙??2014?涸25.84%??蕘2020?涸35.87%(錛?1–8)。?1-82014—2020??椕??????絯?餴餴?錞垷??盜餴??錞垷(??:??繠?)數(shù)據(jù)來(lái)源:GSIA,編者整理202???絯?餴??椕????涸錞垷」?勻(錛邍1–417),?2014?—2020??,?2018?—2020?妍崍???,ぐ???涸?餴錞垷???姻?。?????檜勻溏,?2014?,傈劥????絯?餴?梡旘挽??,鴪?6671.43,?峕崍??稒??た??鴪?248.65。?2016?—2018?,傈劥???鳥(niǎo)佞綕??傊??滿35.92%涸?,?痦?涸????鳥(niǎo)鴪?56.4。?2018?—2020??,???ㄤ繠???涸?鳥(niǎo)?????,?42%????。妍崍???2018?—2020????絯?餴?鳥(niǎo)??,?銳??僽妍湅用歲《??絯?輑????勵(lì)?》(4'%3)??,?劼匬??ㄤ?輑???????絯?餴??涸靈侮??2020?僑?邂?倰歲?欰?」?,?嬙???。鴪??椕????涸?ざ????檜($(3)溏,傈劥????絯?餴?梡?鰍?涸???劍172.62%。?椕??絯?餴?錞垷$(3?11.64%,儑衼???椕?盜餴??錞垷$(3涸5.66%鴪岤:?2014?,?椕??絯?餴ざ雦18231(??繠?),僑???ゎ?崍????涸45(??繠?)。邍1-4?椕???????餴????(??:??繠?)2014201620182020??檜(2014-2016)??檜(2016-2018)??檜(2018-2020)$(3(2014-2020)妍崍1077512040140751201711.74%16.90%–14.62%1.83%繠?65728723119951708132.73%37.51%42.40%17.26%???72910861699242348.97%56.45%42.61%22.16%?峕崍148516734906248.65%42.25%23.43%35.25%傈劥7474218028746671.43%359.92%31.83%172.62%ざ雦1823122839306833530125.28%34.34%15.05%11.64%數(shù)據(jù)來(lái)源:GSIA,編者整理饞??:繠???錞垷餛鵂妍崍,???椕痦????絯?餴?????絯?餴錞垷」?勻溏(錛?1–9),繠?、???、?峕崍、傈劥涸??絯?餴?椕?嬙?ッ珘???涸饞?,?妍崍???鵂??????絯?餴錞垷?椕?嬙?絯??。??,繠???絯?餴?2018—2020??僈儑???2020???椕?嬙鴪?48.39%餛餿妍崍???椕?嬙剒?涸??,罜妍崍??ず劍??僈,?45.87%?蕘34.04,??痦。姼?,傈劥???216?—2020????鴽鳥(niǎo),?餴錞垷???嬙?2018?餛餿?峕崍ㄤ?????痦?,?2020??鴪??椕涸8.14%。數(shù)據(jù)來(lái)源:GSIA,編者整

?1-92014—2020??椕??????絯?餴錞垷ず劍?嬙饞??:?椕?輑劼匬獤匧??遤?,????絯?餴??旘??蕘2022?3剢?,13*皊縭倰僑?鴪?4902,ず嬙??28.1%,??餴??剣?yán)灠s縭倰鴪?681,ず嬙??11.8%18。姼?,?姺?201?3剢?,13*皊縭倰?餴?盜椚錞(??6)鴪?121.3??繠?,ず嬙??17.3%19(錛?1–10)。13*皊縭倰僑?僑?嫦??劌倝?妃。??僑?傞?蒜挿涸?荝?,?9絡(luò)?絡(luò)雦蕘嫦?涸3剢?。??6.???デ涸餴?盜椚錞垷ㄤ岤?邍???涸???3剢?皊縭涸倝皊縭倰涸餴?盜垷。13*皊縭倰??6.僑??嫦???劌倝?,劌倝僑????3剢??剒??僑?傞?蒜挿涸?荝?,?9絡(luò)?絡(luò)雦蕘嫦?涸3剢?。??6.???デ涸餴?盜椚錞垷ㄤ岤?邍???涸???3剢?皊縭涸倝皊縭倰涸餴?盜垷。資料來(lái)源:PRI,編者整

?1-102006—2022?13*皊縭劼匬ㄤ餴?盜椚錞垷」?饞?????涸,?????餴劼匬????絯?餴涸饞?僈儑?,?倝?皊紨劼匬僑??鵂???1??3??1-112007—2022?????ㄤ???度13*皊縭劼匬僑?」?饞?資料來(lái)源:PRI,編者整理饞??:???餴罏???絯?餴罏?涸嬙?????餴罏匬?勻溏,??絯?餴劼匬僽?椕??絯?餴??涸?銳絆???。??滿??絯?餴涸鷶姿兜?,???餴罏?嬙鷶姿??,?2018?鴪?25%??2020??嬙???」(錛?1–12)。?1-122014—2020??椕??????絯?餴???劼匬???嬙??數(shù)據(jù)來(lái)源:GSIA20,編者整理饞??:&4(侮ざ?2020????椕?崨涸??絯?餴瘻殜&4(1–13???絑?勻溏,餏?癃鷥、&4(侮ざ、????ㄤ肅?遤?僽剒?欽涸瘻殜。2014—2020?侮ざ、??絯???、????ㄤ肅?遤?瘝??絯?餴瘻殜錞垷?湬??滿珘?涸?(錛?&4(1–13)。2020,&4(侮ざ餛鵂餏?癃鷥,?餴錞垷鴪?2.2??繠?,?2018??2020?涸?43.6%,僈儑??餏?癃鷥涸24.0,?梡??椕??絯?餴餴???梠、爢?、屛椚瘝??傈幯?。?滿《????》?2020?鵳???倶?媯,鵯?饞????劌?僈儑。?1-132014—2020??椕??絯?餴ぐ碫瘻殜?欽錞垷??(??:??繠?)資料來(lái)源:GISA,編者整理ぐ??絡(luò)雦〡?殜剣靈侮。MethodsandInstrumentsofSocialValueInvestment第二章如何判斷社會(huì)價(jià)值投資?如何引導(dǎo)更多的市場(chǎng)主體參與支持社會(huì)價(jià)值投資?如何對(duì)投資過(guò)程和結(jié)果進(jìn)行評(píng)估?這需要一套科學(xué)的方法工具。我國(guó)社會(huì)價(jià)值投資尚處于初級(jí)發(fā)展階段亟須學(xué)習(xí)借鑒國(guó)際上的相關(guān)方法與工具本章系統(tǒng)梳理了社會(huì)價(jià)值投資相關(guān)的方法工具,并對(duì)其按照資金流向引導(dǎo)、項(xiàng)目運(yùn)營(yíng)操作和績(jī)效評(píng)價(jià)方法三種類(lèi)別進(jìn)行了功能分類(lèi)和歸納評(píng)析,為我國(guó)社會(huì)價(jià)值投資實(shí)踐探索提供參考借鑒。創(chuàng)建目錄指創(chuàng)建目錄指、明確實(shí)施指、開(kāi)發(fā)評(píng)估工具是‘引導(dǎo)資金流向配、指導(dǎo)資金爢????餴姻?岌?鄄爢?雩濼ㄤ?紵,?鷶幯???崨涸?餴倰?,????巑?翫ざ?絯??湡(4%(T)椚????,?欰涸休?遤?姻???涸爢???????。???梠?ㄤ爢?絫佪涸霉?,剣???鵳爢????餴??餴瘻殜?、休????、爢?佪渤?梡瘝絶??涸輑ざ??。?ず傞,??涸爢????餴??????紩?媯,????ㄤ??????崨涸倰歲???。劥畎??餴崨玐涸錭?,???餴??ぢ??、?湡鵘??????湡盜椚霉????媯灇????餴?禹,??????:??爢????餴倰ぢ涸湡?俒?、??爢????餴涸?倶????邂?爢????餴絫佪涸霉???(錛邍2–1)。邍2-1爢????餴湱????碫???嚋銳?????ぜ獦呍?銳挿?絯???銳涸??絯61)?( )?助?デ(2020晜)》????ぢ?”“ ”“ ”絯?碫湅??絯?輑》爍湡?僈, 、??????21???( )》?幡??鴝歲,??餴?翸搋???綁蒀??涸?????22?佅?( )》?瀖?綁蒀?,??絯?輑????'?絯——綕孞?」?》??銳絑崸崞,??絯?湡ㄤ《爢????餴》?銳稇盜椚呥?靈騗??ざ????禹?用涸?銳???????????盜椚鵘???(*$)呥?剣叻、ㄤ,《??絯??湡叻???叻?》?涸?ㄤ猙???盜椚“??釁???邂?????盜椚?湡(*.1)????餴遤遤?"#$,????デㄤ?餴叻??叻?(*3*4/*3*4+)鷶?梠????翫涸?叻?????餗??僑垷?(*..)???ㄤ???倰?????“餗??”,雦皾?霉??餴?渤???霉?(#*")痦&?餴,?????騨??絯絑蠒,???"??爢???霉?叻???荈?灇?涸????鳴?呍?涸霉?垷?ㄤ?叻?禹資料來(lái)源:各機(jī)構(gòu)官網(wǎng),編者整理?、爢????餴湡???:??餴?崨ぢ匬?錞薴涸霢露?禹僽???椕爢????餴欰?涸??勵(lì)。?翫ざ???絯??湡??,ぐ?佟?ㄤ劼匬??劥??????嶍??ず???薴?涸??絯?餴??湡???,?劥??絯???輑餴欰??涸?用?????。ず傞,???孞?」?、綁蒀??鯪?瘝??靂?,???銳?俒?湱絩??(錛?2–1)。資料來(lái)源:編者整理

?2-1??絯?輑佅??湡湡?怵鵳?禹嚋錢(qián)2019,妍湅?《妍湅??絯?輑?碫倰呩》,傋????輑??霋??梠???絯?湱?崸崞?ㄤ?餴劼。????綁蒀??涸錞薴?碫??《綁蒀????湡(2019?晜)》,??餴劥?ぢ僈爍涸綁蒀??絯??????湡。2020,翫ざ???雦?縭(6OJFE/UJPOT%FWFMPQNFOU,6/%1)??涸《??絯???輑餴佅?湡湡?(??)?助?デ(2020晜)》?《妍湅??絯?輑?碫倰呩》涸“?儑衼??”???????,ず傞???《??匬?綁蒀?輑?禹涸???錛》《綁蒀??佅??湡湡(2015?晜)》瘝綁蒀?輑????俒???佅?,檜??????霚挿??遤?倰呩。2021?,歋?妍暭??飾涸??絯?輑????(*4')???《綁蒀??佅??湡湡?》ㄤ妍湅《??絯?輑?碫倰呩——孞??勉歲呩》?炄?綘??《??絯?輑?ず?碫湡?》,鵳?姿湡???涸?椕鷓欽?,?鵳??叻?涸饞ず,??2022?鵳遤劌倝???????絯?輑?碫涸?嬙?????。(?)6/%1《??絯???輑餴佅??湡湡?(??)?助?デ(2020?晜)》翫ざ?猽??〢暵?倛?201“??絯???紩?佟屛雿?”涸????邍怵雷《??姻???絯??湡叻幯遤幯鵴》。???鎊???,倝?氋??荝匧畮餛??〡僑??2020???1.24?,?椕?鵛????涸?〡偽歲蜦??駈涸?暟,???僑?瀊瀊???慨?鵛3.2?。???絯???,?梡?劥?佪涸餴??1???欽劌??涸倰?勻???T?荝涸?輑餴?桬梷爞、??.(2020).??絯???輑餴佅??湡湡????助?デ2020晜).???輑?晜爢.。???????絯????》?涸澏湡?,ず傞罌贊???涸??錞、勱勻???兞ㄤ?椕???,6/%1鷥》?????騨呋劥???鸑欽《??絯???輑餴佅??湡湡(??)?助??晜)》(皍獦《湡?》)。霃雦??。《湡?》涸霃雦??罌???輑餴盜椚崨玐ㄤぐ?渤湱?倰,僈爍?????絯?輑銳黽?涸????(錛?2–2),爍????湡?涸???、???、?乼??ㄤ?岌鷓欽?。?2-2《湡?》黽?涸????資料來(lái)源:《可持續(xù)發(fā)展投融資支持項(xiàng)目目錄(中國(guó))技術(shù)報(bào)告(2020年版)》,編者整理佅??湡。?爍??餴?湡?湡叻纈???剪?傞痗ざ??佟瘻????殜????爢???絯??騨銳寵,《湡?》薴?涸霃??撐?禹???叻?,???4%(T鳴?????、佟?ㄤ2?絆絉?????皂餴?ざ?涸??,爍??????絯???輑餴??,??《湡?》佅?涸遤?幡?(錛邍2–2)。邍2-2《湡?》????絯???輑餴????絯???輑餴佅??湡?炄??霃倶?餏????欰???剪?侅肫、猰?、俒?礒????輑剪?鵘鱈綁蒀?臘署???毫?欰剪?侅肫???欰??餖?絾ざ盜?鄳?????猰?????????餧?輑剪?宐??勞俱?佐?毫?鳴?湱俒??肫??、??剪?臘彂?????????霃倶???梠??欰?屛椚?綁???鸑??助資料來(lái)源:《可持續(xù)發(fā)展投融資支持項(xiàng)目目錄(中國(guó))技術(shù)報(bào)告(2020版)》,編者整理翫ざ?瘝劼匬涸?翟靈叅??、《妍湅??絯?輑?碫倰呩》涸“?儑衼??”??、梠?ㄤ爢?呥卹、*$涸絫佪叻?瘝。?梡騟?。?????輑??涸?欽?兞,《湡?》????僈爍涸?梡騟???:????絯???輑餴??幡?,欽?餴?霋?ㄤ?ぢ?tīng)q?,?邉??絯???輑餴崞??皂????涸瑟涯;????絯??涸?湡碫?ㄤ休?垷?,爍??湡?垷?????絯???????劼?(???欽?倝?涸?輑??,?幊ざ輑餴);???湡霉??叻,邂???涸?輑餴?湡???絯??湡叻涸餑柄。崨玐盜椚。《湡?》銻渷?湡?倶涸???瘻、???、?た霉?ㄤ??涸?欰ㄐワ劍,?餴罏鷅駛、盜椚、???湡涸?????,?????乼?錞薴,???????絯??湡叻ㄤ???絶????湡?鵂玐(錛邍2–3)。邍2-3《湡?》錞?涸?湡欰ㄐワ劍盜椚崨玐絈蒜?湡?媯盜椚銳寵???瘻?僈爍?湡?劼???絯??湡叻???荝?呏????湡叻鷥??劥????勵(lì)?湱痗ざ涸?湡(?湡??餴罏ㄤ?湡???ず爍?剒ざ鷓涸輑餴倰呩???湡鵳遤梠?ㄤ爢???霉?(&4*"),???銳?岤湡叻纈???爍??湡剣鷓?涸??盜椚、爢???、欰???瘝??餴罏ㄤ?湡???ず爍?鷓?涸????叻?爍用鵂玐ㄤ????叻??爍?????僑?涸佐?、??、?欽ㄤ????涸?侮???ㄤ餘?????盜椚??鷓?倰?鷅駛?湡???涸餴????ず瘝??,爍??欽?爢?佪渤?湡湱?涸餧?餴???湡?絯劍?,?劍靈侮?鷅駛涸???餴???,???霪劍???ざ呔爢?佪渤?湡??涸??????紩?涸??鷳僈?盜椚,?靂?湡??翴欽?雦劼匬???痦?倰??湡??餴呍???鷅駛倰歲ㄤ?????た盜椚?剣佪??劍邂?、霉??湡??梡??絯??湡叻涸佪卓邍梡??欽鷓?涸餘???劼?,欰?餒?ㄤ?餒??叻涸?デ,??僽???絯?????絫叻涸崵?絕卓ㄤ邂?鵂玐涸???禹絡(luò)??欽???僑?,?絕??ㄤ?た崵??盜椚涸?騨絑?資料來(lái)源:《可持續(xù)發(fā)展投融資支持項(xiàng)目目錄(中國(guó))技術(shù)報(bào)告(2020版)》,編者整理姻佪渤?。??絯???輑餴涸湡叻霃用ず傞罌贊?4%(Tㄤ??劥????絯??靂,爍?餴崨,??猙蠒餴劥??倝休,錞鼙鯪??,?鸑鵂???、???、??佐?瘝倰?鳴姻崸佪渤(錛?2–3)。?2-3??絯?輑餴?勻涸絑崸佪渤資料來(lái)源:《可持續(xù)發(fā)展投融資支持項(xiàng)目目錄(中國(guó))技術(shù)報(bào)告(2020版)》,編者整理〥?倰?,??絯???輑餴湡?幡?臘???佟瘻??罏、?輑劼匬、???遤?劼匬瘝「??侮??湡欰ㄐワ劍?鵳遤??癃鷥、??霉?ㄤ?た盜椚,歲??輑餴崞?涸??薴?,??鵳?姿??????絯?輑餴??、?????渤湱?倰ざ?劼?、???輑餴盜椚ㄤ霉????剣?鵳?欽。(?)妍湅《??絯?輑?碫倰呩》2018,妍湅?プ???《??絯??輑餴遤?雦?》,釁????絯??靂玐,霫絈?鶣?妍湅涸??遤?錞,僈爍?用??倝涸妍湅??絯崞??碫?禹僽?銳遤。?姼,209?妍湅??絯?輑?碫倰呩》(皍獦《?碫倰呩》)?!?碫倰呩》?????嚋?????挿:?湱?絑崸崞?霃用???梠?湡叻,??“?餘?餑柄”?“偽??3?”??呍???,銳寵?絑崸崞?蕘????湡叻?勻?餘?餑柄??????湡叻?鳴?????;???梡湡叻涸倰歲雿ㄤ??遤???,?鶣?碫倰呩?臘?欰涸絑崸??ㄤ勱勻?鵳倰ぢ;?妍崍遤?叻??碫禹絡(luò)涸呥卹?,霋???剣梠??4絯?涸絑崸崞?,《?碫倰呩》?銳??絑崸崞?湡?,欽??梡孞?」??綕ㄤ鷓?鵯??湡叻(錛邍2–4)。邍2-4妍湅《??絯?輑?碫倰呩》絑崸崞??銳碫??梡湡叻?銳絑崸崞?碫?孞?」??綕??焫絑崸崞?,???焫崞?、?焫?鵛?焫崞??剣???梡2050???佞絑崸鯪??湡??勱?鵛??焫?佞??臘??梡?焫?臘??梡????涸崞???梠?湡叻??孞?」??綕、孞?」?鷓?、嵳峕?宐餴彂??絯?欽ㄤ??、?梠絑崸、??暟?屛ㄤ?佐、寓廄????????涸欰?禹絡(luò)。???、倰楋、?佟?.(2020).妍湅??絯?輑?碫倰呩礵銳??爙.??灇瑕.??欰孞?」?鷓?湱??卓涸絑崸崞?,??欰孞?」?鷓?湱??卓涸絑崸崞?,???卓?欽鷓?涸?叻鵳遤????勱???孞?」?鷓???鳴?????涸絑????臘???????暟椚?孞???涸絑?孞?」?鷓?資料來(lái)源:歐盟《可持續(xù)金融分類(lèi)方案》,編者整理《?碫倰呩》???孞?」???銳湡叻,?梠???絯?紵??餴崞?????餒???僽佟瘻??罏、遤?ㄤ?餴罏霋????絯絑崸崞?ㄤ?餴劼?涸剣佪??,?鵳劌???餴?ㄤ猙?餴?崨???絯??ㄤ綁蒀????。ず傞,霪倰呩??妍崍?輑??倝港盜呥卹??????,僽?佟瘻??罏ㄤ?輑港盜罏剣?罌??涸?。〥?倰,倰呩剣??妍湅綁蒀?輑錞薴?5,??剣佪?“嶠綁”??ㄤ??,??綁蒀?輑鵳?姿?妍湅欨蕘?椕饑ぢ禹絡(luò)?、???ㄤ?崨?。(?)??《綁蒀????湡?(2019?晜)》?99?!??湡?》?岌絕ざ??綁蒀??雩?錞?ㄤぐ?渤湱?倰涸?錛?靂,?ざ?????涸??,??綁蒀??涸?挿,???錭???歲??????涸綁蒀叻??薴?,瑲?湱????鵳?,????絕匬??綁蒀鯪?!??湡?》???,???紩??蒜臘梠、幡峇欰、幡峇臘、欰?梠???、?炄霃倶綁蒀?紩ㄤ綁蒀剪?瘝???碫(錛邍2–5)。邍2-5《綁蒀????湡?(2019?晜)》?紩幡?《綁蒀????湡?(2019晜)》??綁蒀??涸歲??紩?碫?紩?碫蒜臘梠?????佪蒜臘鄳??鳴??鵳梠?鄳??鳴?餴彂?梠?欽鄳??倝臘彂導(dǎo)鯊ㄤ綁蒀菺菱?鳴?蒜臘佖鳴?寓廄屛椚?餴彂?梠欽幡峇欰????????綁蒀?紩?偽嫫偽??俱剏?鷓欽????暟屛?欰?鵂玐?孞?椚?縨?餴彂?絾ざ??欰?鵂玐蒜宐ㄤ?宐?椚?縨?餴彂?絾ざ??欰?鵂玐?序?椚?縨?餴彂?絾ざ?欽幡峇臘彂???倝臘彂?幡峇臘彂鄳??鳴?幡峇臘彂霃倶?霃ㄤ??絡(luò)臘彂幡峇?佪?欽?臘彂禹絡(luò)?佪鵘遤欰?梠????欰????欰????欰????炄霃倶綁蒀?紩??瘰蒜臘?綁蒀?瘰?綁蒀?鸑?梠??炄???臘彂?炄爢??嵳縶????卌綁?綁蒀剪???霧剪???湡鵘蠒盜椚??湡霉??雦呍叅?港崵唬崵??助??雩霆ㄤ??涸??????資料來(lái)源:《綠色產(chǎn)業(yè)指導(dǎo)目錄(2019涸??????“嶠綁”((FFOBTI)僽繠?梠???罏匊???倛暵絶???鳴涸嚋,?涸?xún)u???鄳“梠???”,霚??渷?爢?ㄤ梠?涸灶,?姼??ㄤ??荈?《??湡?》鵳?姿?幡??鴝,僽ぐ?、ぐ??綁蒀??佅?佟瘻涸???,??涸佟瘻ㄤ餴?崨ぢ???綁蒀??剒?銳、剒??、剒稒鶖涸??,剣??鵳?綁蒀??涸????。霪??湡?忘駈??????殜,?鵳欰?俒僈?霃;?ざ??劥????,?撋挦??幡峇?欰?紵?綁蒀??薴殶;瑲???助餻臘鯪,???????絛餘?ㄤ宐,?姺?畮、ず餘??;?????綁蒀鯪?,巑渷????ㄤ湱???????梠?,???字絑崸ぐ???涸綁蒀??紩,????????。(?)??《綁蒀??佅??湡湡?(2021?晜)》?絡(luò)?綁蒀??涸霉?雩霆叻?,?梡綁蒀??、餴?ㄤ?湡涸礵?輑餴,???字?遤??佖?、霆港??2021?翫ざ??《綁蒀??佅??湡湡?(2021?晜)》(皍獦《綁?湡?》)。??????鲪,??絡(luò)???叻?,??綁蒀????禹絡(luò)?輑ざ???!督?湡?》絡(luò)碫綁蒀????ㄤ?碫叻?,鵳?姿僈爍?姼叻?鷓欽涸??碫?,銻渷?綁蒀??涸?剣碫?,鍒????涸綁蒀???霉?雩霆鵂玐????涸ぐ叻?佅??湡?絡(luò)?涸??。湱鰍?2015晜湡?,201晜倝??綁蒀剪?、綁蒀鄳??鳴碫?湡瘝??,剣????綁蒀????錞垷,鵮???劌??涸?助絈蒜,絛?痦?倰霉?雩霆?jiǎng)聟P劌?霫?涸雩霆霉???。??《??湡?》,?梡?綁蒀?湡涸?劥偽??雩,??綁蒀?輑???《綁?湡??紩?《??湡?》???,?佅?薴?涸?碫霃雦??梡《??湡?》涸?絯,僽???佟瘻?ず涸絕卓。鵯???????綁蒀?湡霋?ㄤ綁蒀?輑?騨,鵮?姿?用?綁蒀?輑??????涸??畊?梠?。湱嬙《??湡?》,《綁?湡?》?紵????崨“偽????”??,??綁蒀嶊、館僒碫?湡涸碫?,??撋挦瘝?瀖臘彂幡峇?欽?湡,劌岤??????涸孞???、??絯????涸叻??鲪,忘駈???綁蒀??銳寵,??劌?餴?佅?綁蒀??ㄤ?湡。??綁蒀????錞垷?絯?,?遤???貓碫?倗?《綁?湡》???綁蒀??、?餴1遤56?,鰍9???ず劍???%ㄤ,?,??錞垷???歲痦。焫?ㄤ?、??絯??????瘝ぐ碫??涸綁蒀?輑???倝?貓?倗?。?嵳霆??僒、帿?霆??僒、???遤????僒休???霃用?綁蒀鸑麤ㄤ綁蒀??絡(luò)?叻。??遤??倰,????剣??僽綁蒀???遤“??,字蠒?????????銳「??綁蒀??劌?呔涸叻?ㄤ劌?涸?欽霉,鰍??(?)*4'《??絯?輑?ず?碫湡?——?綕孞?」?》2021,??絯?輑???(*OFSOUJPOBM1MUPSNPS4VBJOBCMF'JOBOF,*4')?區(qū)???《綁?湡?》ㄤ妍《?碫倰呩》涸湡?綘?倰歲ㄤ絕,?姼?炄?綘?《??絯?輑?ず湡?——?綕孞?」?》(皍獦《?ず?碫湡?》)?!?7?碫湡?》絡(luò)????綁蒀叻?,???騗??僒涸綁蒀雩霆?劥,????椕鷓欽?ㄤ???饞ず?。2022,霪湡?????碫涸?嬙?????鵳遤劌,?邉?17?歋?妍??霉?爍雩涸絑崸崞?,鵳?姿?????絯?輑叻??椕涸饞ず。僑?勻彂:XJOE.涸?爙?荝,霪??絆僽*4'涸??ざ??絯?輑???(*4'?2019?10剢?鄄?雩?僽??剒??歲嬙鰍??絯輑餴倰歲???涸??佟瘻??罏緸絞涸?爙?荝,霪??絆僽*4'涸??ざ?邂??霉?倰歲?邂??霉?倰歲,?匬?劥?霉??禹??!?ず?碫湡?》涸呥卹?《?剣絑崸崞?涸??叻?遤??碫》?雧劥痦4晜?,銻妍?ず雩?涸臘彂瘝????,歲???綕孞?」?涸絑崸崞?ㄤ綁蒀?湡?助?叻。湡?涸?碫?剣?椕兜鷓?,????鴪絑崸?ㄤ???絑崸?涸絑崸欰?絕匬?臘?,???ぐ欰?梠蒜歲?綁蒀??涸抳崞?、???ㄤ???,剣?????輑礵?佅?綁蒀絑崸崞?涸佪檜?!?ず?碫湡?》???絑崸?綘?綁蒀/??絯?輑?碫湡?????罌??,湡?????嬙?ㄤ???,?雽???湱?????罌贊湬??紵《?ず?碫湡?》。荈2021?11《?ず?碫湡?》痦?晜???勻,???輑劼匬獤匧??,?倝?騨?霆???ㄤ妍崍綁蒀?輑?碫叻?湱?輑ざ涸?臘?,???騨?倝?湡??:2021?12,???霃?遤慌??遤?遤?椕?疴痗《?ず?碫湡?》涸??綁蒀劍5?繠?40'3嵥?綁蒀??;2022?2剢,?休?遤???遤《?ず?碫湡?》綁蒀??,??餴?4?繠???欽?欰臘彂???歏?湡;2022?5,???遤?度?遤?遤?疴痗ざ《?ず?碫湡?》涸??綁蒀??——3?劍6.5?繠??紩偽??????;2022?6剢,???遤?劌倝晜涸《?ず?碫湡?》呥卹??遤?疴5?繠?綁蒀?欽??、?、蚚?瘝????涸綁蒀?;????遤????痦?疴痗《?ず?碫湡?》劌倝晜叻?涸館僒輑餴?湡——??臘????1.87??3?劍?佐餖妴涸館僒輑餴。?、爢????餴?倶??:???湡鵘?爢????餴?騨?銳??銻渷?欰ㄐワ劍涸鵘?呥卹?乼???,???絯??紵?休?垷?、?餴?瘻ㄤ?湡盜椚崨玐,???倰ざ?涸餴彂??,??????涸?饒欰?禹絡(luò)。劥蒜????銳涸????餴乼???鵳遤灇瑕8,??:????8??螨暵涸?銳稇垷?*$????盜椚鵘????涸?欰ㄐワ劍?餴?倶倰呩/%1???絯??湡叻???叻??????????遤?ㄤ猙?劼匬騨遤4%(T涸絯絑蠒倰歲錛?2–4??痦?畎?鶣,爢????餴ㄤ????餴?僑??????。歋????偽?擿涸爢????餴倰歲??,佦劥畎???蒜??絏???劌??擿??涸????資料來(lái)源:各機(jī)構(gòu)官網(wǎng)信息,編者整

?2-4????餴?倶乼???嚋錢(qián)(?)《爢????餴》?銳稇盜椚呥卹????涸盜椚鵘蠒絑?ㄤ??涸?xún)S?灇瑕?,?2018?《爢???9餴》???匬?玐、??用劌?涸?歲?銳傞????涸盜椚鵘蠒絑?ㄤ??涸?xún)S?灇瑕?,?2018?《爢???9餴》???匬?玐、??、?挿、?餴絆ざㄤ佪渤??銳稇??炄涸爢????餴呥卹(錛?2–5)。?2-5????8??螨暵?tīng)????銳稇盜椚呥

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