研究目的—社會投資源自於社會企業中，企業社會責任底下的一環，它之所以會興起，主要原因是在解決傳統捐贈效能的問題，然而，由此所衍生出的核心價值之衝突，使得捐贈者/企業與受贈者/非營利組織往往在社會投資的模式中，無法達成雙方平等自主的可能性。故本研究旨在探討社會投資的內涵及其樣態，與其所需的責信機制架構，以開創彼此在社會投資策略中的雙贏局面。

研究問題—為了達成企業與非營利組織在社會投資模式中的雙贏局面，瞭解社會投資之模型與其責信內涵，則為本研究的重點所在。據此，本文擬探討以下三個研究問題：1.何謂社會投資？社會投資的責信內涵為何？2.何謂社會投資之模型？社會投資的整體概念為何？3.各種社會投資的樣態，其所需要的責信機制為何？

研究方法—本研究在資料搜集的部份將透過文獻探討的方式來進行；在資料分析的部份則將透過次級資料分析法中的彙總/後設研究法來進行；在研究對象的部份，因本文關注的焦點主要是在社會投資與其相關的責信議題，故社會投資及其責信內涵即為本文之研究對象；而在分析單位的部份則是著重在企業組織及非營利組織的組織層級。

研究發現—就社會投資的樣態而言，本研究根據社會投資之形模過程，建構出狹義的社會投資、公益創投、許可同意、以業務為基礎的倡導、贊助、聯合議題倡導、社會合作社、微額貸款/微型創業、社區企業、庇護工廠、公益平台等十一種社會投資的類型，其中，並區分為由企業或由非營利組織所主導的兩種樣態。而就社會投資之責信內涵而言，本研究是採用Suchman對於合法性的解釋，即實用性合法性（成文法）、道德性合法性（不成文法），與認知性合法性（內化）的概念，以及責信的控制機制，即強制力、規範及誘因的面向來建構出社會投資之責信架構。

關鍵字：社會投資、社會企業、責信、企業社會責任

Social investment is one of the implications of social enterprise and corporate social responsibility. The emergence of social investment is in order to recover traditional questions of donation deficit. However, the conflict of core value results in donors/enterprises and beneficiaries/NPOs can’t obtain the possibility of equity and autonomy in the model of social investment. Therefore, the purpose of research focuses on the contents, types and the framework of social investment and its accountability.

In order to obtain the win-win situation of enterprises and NPOs in the model of social investment, it’s very important for us to understand the model of social investment and the content of accountability. Therefore, the questions of research are: first, what’s social investment? What’s the content of accountability within social investment? Second, what’s the model of social investment? What’s the whole concept of social investment? Third, what kind of accountability is available for social investment?

Data collection is based on the way of literature review, and data analysis is based on the meta analysis of secondary data analysis. The theme of research focuses on the contents and the issues of social investment and its accountability. Meanwhile, analysis unit is focused on the organization level of enterprises and NPOs.

According to the process of formation within social investment, 11 types of social investment are proposed, including narrow social investment, venture philanthropy, licensing agreement, transaction-based promotion, sponsorship, joint issues promotions, social co-operative, microcredit/microbusiness entrepreneurship, community enterprise, sheltered workshop, public welfare platform. By the way, the types of social investment can be separate from two parts of operating by enterprises and NPOs. Meanwhile, this article adopts Suchman’s points of pragmatic legitimacy, moral legitimacy, and cognitive legitimacy. And then we construct the accountability model within social investment by the dimensions of coercive, norms and incentives.

Key words: Social Investment, Social Enterprise, Accountability, Corporate Social Responsibility

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