欧洲社会风险投资的现状与最新发展

Peter Krištofík
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摘要

摘要本文旨在提供欧洲社会风险投资的特征。文章的引言部分讨论了它的起源和分类。对市场缺口的存在、全球危机、货币政策、脱媒和金融创新等导致SVC出现的各种因素进行了研究。文章还强调了一个事实,即没有统一的市场,此外,社会机构和传统投资者之间的界限正在变得模糊。本文的主要贡献是描述SVC在欧洲的现状和最新发展。分析的重点是确定SVC的投资重点、优先事项和资源。在所有审查期间,西欧是SVC的主要目标区域,其次是非洲和亚洲。在所有年份,最大的经济受益者是贫困人口,其次是儿童和青年。前五大目标受益人还包括残疾人、失业者和妇女。虽然地理重点和金融受益者的趋势是稳定的,但投资部门的重点随着时间的推移而变化。普惠金融以及经济和社会发展目前是2017-2018年吸引总投资一半以上的主要领域。与此同时,SVC对欧洲投资者的吸引力越来越大,这证实了一个事实,即组织的数量正在随着预算的增加而增加。
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Current state and latest development of social venture capital in Europe
Abstract The article aims at providing characterisation of social venture capital in Europe. The introductory part of the contribution deals with its origins and classification. The attention is devoted to various factors that have led to emergence of SVC such as existence of market gap, global crisis, monetary policy, disintermediation and financial innovations. The article also emphasises the fact that there is no unified market and, moreover, that the boundaries between social institution and traditional investors are becoming blurry. The main contribution of this article is to characterise the current state and to describe the latest development of SVC in Europe. The focus of analysis was aimed at defining the investment focus, priorities and resources of SVC. Western Europe is the main target region of SVC during all examined period, followed by Africa and Asia. In all years, top financial beneficiaries are people suffering from poverty followed by children and youth. Amongst the top five targeted beneficiaries are also people with disabilities, unemployed people and women. Whilst trend in geographical focus and financial beneficiaries is stable, focus in investment sector changes over time. Financial inclusion alongside with economic and social development currently represents top sectors that attract more than half of total investments in 2017–2018. At the same time, SVC is becoming more attractive to investors in Europe what confirms the fact that the number of organisation is rising alongside with their budgets.
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