隨著全球化浪潮下，氣候變遷與社會不平等的問題日趨明顯。永續議題開始備受重視，從企業社會責任到ESG投資浪潮，永續投資已逐漸變成熟。發展至今，產生了影響力投資。影響力投資旨在產生更積極的行動，注重兼具利潤與社會效益，且目標是明確產生可衡量的影響力。也因此影響力評估的發展為學術的重要研究重點之一。本研究希望將社會投資報酬率分析法(Social Return on Investment)進行完整的研究，用以促進影響力評估的發展，社會投資報酬率分析法能夠計算出投入一塊錢能夠產生幾塊錢的社會效益，在結構上存在多元的方法，並且因為目的的不同，容易產生評估的差異性。因此透過本研究能達成三個目的。第一個目的是要完整分析SROI的分析效益。思考現行存在的困難點，並探究如何最大化這些效益，第二個主要的研究目的為建構SROI分析法的標準化結構，透過文獻對架構建立合理性與效益分析，最後則希望過此研究，能夠發現SROI的策略開發方法。透過本次研究更能夠有效分析模型，了解模型差異造成的影響。並在策略的開發上，提供研究與數據應該聚焦的主軸，希望此結構在實務上能有所應用，創造更大的影響力，總結來說，本研究建議未來評估能夠以此利基下，彰顯更多SROI分析之價值，在影響力投資的發展下，貢獻一份心力。

With the wave of globalization, the issues of climate change and social inequality have become increasingly severe. Sustainability issues begin to get more attention. From corporate social responsibility to the ESG investment, sustainable investing become more and more mature, which has led to the rise of impact investing. Impact investing aims to lead to more active action. Impact investing focuses on both profit and social benefit with the clear goal of generating measurable impact. As a result, the development of impact evaluation has become one of the most important academic research priorities. This study aims to conduct a complete study of Social Return on Investment (SROI) in order to promote the development of impact evaluation. Social Return on Investment (SROI) can calculate the amount of social benefit that can be generated by investing one dollar. There are multiple approaches in the structure, and the differences between them may arise due to different purposes. Therefore, this study serves three purposes. The first objective is to fully analyze the benefits of SROI analysis, exploring the existing difficulties, and try to maximize these benefits. The second objective of the study is to develop a standardized construction of the SROI analysis method, conducting the analysis of rationality and effectiveness through the literature. Finally, it is hoped that this research will lead to the discovery of strategic development model for SROI. Through this study, we can effectively analyze the model and understand the influence from the differences between models. It also provides the key subject on which the research and data should be focused during the strategy development. The study is expected to be applied in practical evaluation to create a greater impact. To conclude, we suggests that future evaluations are able to demonstrate the value of SROI analysis based on this article.

論文審定書 i
摘要 ii
ABSTRACT iii
CONTENTS v
List of Figures vii
List of Tables viii
1.INTRODUCTION1
1.1.Background1
1.2.Motivation2
1.3.Purpose4
1.4.Expectation effect6
2.LITERATURE REVIEW8
2.1.Impact investing8
2.2.Benefits of Social Return on Investment Evaluation11
3.RESEARCH METHOD17
3.1.Social Return on Investment Analysis17
3.2.Construction of SROI standardized analysis24
4.RESEARCH RESULTS OF OUTPUT ANALYSIS26
4.1.Scope analysis26
4.2.Stakeholder Analysis30
4.3.Activity output and cost34
5.RESEARCH RESULTS OF OUTCOME ANALYSIS41
5.1.Outcome and Indicator41
5.2.Financial proxy52
5.3.Factors and Duration59
5.4.Sensitivity Analysis and Strategy Evaluation65
6.CONCLUSION AND RECOMMENDATION68
6.1.Conclusion68
6.2.Recommendation72
References74

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