Value, Values, and Valuation: The Marketization of Charitable Foundation Impact Investing
通过对54家慈善基金会及中介组织的访谈，研究了影响力投资市场中金融价值与社会价值的融合情况，发现估值方式因投资者类型和市场层级而异，并非简单的二元或混合逻辑。
Abstract Based on an abductive analytic study, we examine financial and social value incorporation in the multi-valued market of impact investing. This paper draws on interviews with investment professionals in 54 charitable foundations, intermediary and field building organizations in the impact investing market, to compare market objectives with practice, and to determine whether social and financial values are incorporated, thus producing ‘returns’ of both types through market exchange. We find unincorporated valuation is apparent at both the market level and for several types of investors in contrast with the incorporated or even integrated valuations of other investors. This demonstrates that rather than incorporating logics in a binary or hybrid way, valuation in the moral market of impact investing occurs in a multiplicity of ways and on different levels of the market, depending on a variety of factors including adherence to traditional financial market standards and market design and maintenance.