Wang Huan, Chao Naipeng, Chen Jiaxi, Chen Mengqi, Fu Tingting
School of Media and Communication, Shenzhen University, Shenzhen, China.
Research Center for Political Party Development, Shenzhen Reform and Opening up Executive Leadership Academy, Shenzhen, China.
PLoS One. 2025 Jul 7;20(7):e0327547. doi: 10.1371/journal.pone.0327547. eCollection 2025.
As governments globally seek market-based solutions to address complex social challenges, Social Impact Bonds (SIBs) have gained prominence in public policy reforms for their potential to align fiscal accountability with social innovation. SIBs are innovative financial tools designed to fund social projects through outcome-based payments, lower government financial pressure, and increase the efficiency with which social problems are solved. In a SIB, the maximum outcome payment refers to the highest amount the outcome payer is willing to provide, and is one of the key factors attracting investor participation. It is typically calculated as the sum of service costs and fiscal savings. However, the current approach often prioritizes reducing government expenditure, without sufficiently accounting for the risks and interests of investors. This improper formulation of maximum outcome payments may cause financing bottleneck and hinder the sustainable development of SIBs. To achieve a balance between government cost control and investor returns, this paper systematically examines the key factors influencing maximum outcome payments through multiple regression analysis, with a focus on macroeconomic factors and bond characteristics. The results indicate that maximum outcome payments are correlated with inflation, capital raised, and the size of the target population for the SIB. Therefore, when determining maximum outcome payments, issuers should consider not only fiscal savings but also bond characteristics and macroeconomic factors.
随着全球各国政府寻求基于市场的解决方案来应对复杂的社会挑战,社会影响债券(SIBs)因其有潜力使财政问责与社会创新相结合,在公共政策改革中受到了关注。社会影响债券是一种创新型金融工具,旨在通过基于成果的支付为社会项目提供资金,减轻政府财政压力,并提高解决社会问题的效率。在社会影响债券中,最大成果支付是指成果支付方愿意提供的最高金额,是吸引投资者参与的关键因素之一。它通常计算为服务成本和财政节约的总和。然而,当前的方法往往优先考虑减少政府支出,而没有充分考虑投资者的风险和利益。这种对最大成果支付的不当设定可能会导致融资瓶颈,并阻碍社会影响债券的可持续发展。为了在政府成本控制和投资者回报之间取得平衡,本文通过多元回归分析系统地研究了影响最大成果支付的关键因素,重点关注宏观经济因素和债券特征。结果表明,最大成果支付与通货膨胀、筹集的资金以及社会影响债券的目标人群规模相关。因此,在确定最大成果支付时,发行人不仅应考虑财政节约,还应考虑债券特征和宏观经济因素。