撬动社会资源： 公益创投评估与SROI实证应用

公益创投项目撬动了社会善的力量，为完善政府与社会协作机制提供了经验，但政府在项目考核时缺乏客观完善的评价指标。由“外来务工人员和困难家庭子女帮教助学项目”和“‘折翼天使’圆梦项目”的具体分析可知，社会投资回报(SROI)分析方法不仅有利于衡量公益创投项目的可持续发展能力，还有利于政府通过绩效评估更加深入地了解弱势群体的实际需要，并据此完善相关工作。基于公益创投项目的运作情况，组织背景、项目目标、受助群体弱势程度的不同都可能影响到项目运行的绩效结果，政府应在现有评价指标中加入对投资回报的测算，并通过公益创投分析项目属性，进行针对性帮扶，同时加强对公益创投项目的过程监测以及基础数据库建设，实现社会资源效用的最大化。

Levering Social Resources: Venture Philanthropy Evaluation and Empirical Application of Social Return on Investment

The government needs quantitative indexes to evaluate the effectiveness of the Venture Philanthropy Program, which finances the non-government organizations to run the socially valuable projects where the public demands have not been satisfied. We revise the SROI (Social Return on Investment), a method originally developed from the Stakeholder Theory, by offering six core indexes ″Operation Value, Social Value, Blended Value, Rate of Operation Return, Rate of Social Return, Rate of Blended Return″ through the course of ″Input-Activity-Output-Outcome″, in order to strengthen the objectiveness of the evaluation and enrich the existing indexes. We then employ the revised SROI indexes to evaluate two cases financed by the Venture Philanthropy Program , one is ″the Migrant Workers' Kids Education Aid Program″ and the other is ″Work Integration Program for the Mentally Disabled″, through the steps including: (1) establishing a detailed name-list of the relevant stakeholders; (2) ensuring the benefits generated from the program; (3) identifying a group of measurable indexes; (4) deducing the ″loading effects″ and ″substitution effects″; (5) calculating the core six indexes, and (6) communicating the results with the stakeholders and subject matter experts. The findings shed light on the fact that the revised SROI is able to systematically observe the interests of beneficiaries and objectively evaluate the performance of the project by generating a group of comparable indexes. Additionally, the revised SROI may better the understanding of the sustainability of the non-government organizations and the real needs of the beneficiaries, which in turn, help the government to further realize the unmet public welfare and the extra resource to be leveraged. The challenges and strategies of using the modified SROI are further discussed. First, selecting the indexes from the complex context where the stakeholder's daedal interest is hard to distinguish and measure. Second, generalizing the evidence from numerous data is a tough task, especially when the sample's representativeness is questionable. Third, calculating the loading effects and substitution effects which are difficult to measure is not simple. In summary, it is necessary to deeply look into the projects before using SROI. Furthermore, we find that the project performance is impacted by the NGO's relationship with the government, the clarity of the project goal and the vulnerability of the beneficiaries. Thus, we suggest that the government maximize the utility of financial resource in terms of SROI. Besides, the government should not only differentiate the non-government organizations by measuring SROI of the project they are working on, but also measure and archive the SROI indexes of the venture philanthropy projects.