影响力投资与可持续成果投资之比较

关键论点

• 影响力投资要求意图性、贡献与计量，并以可信的投资者额外性作为区别于其他方法的核心特征。
• 公开股票交易大多发生在二级市场，资本不会流向发行方，因此难以证明额外性。
• SOI聚焦资产贡献与可计量成果，而非投资者额外性，且不主张直接因果影响力。
• 变革理论将投入、活动、产出、成果与影响相连，用于说明资产贡献与投资者贡献。

对应原文证据

1. This principle requires an explicit statement of intent to target a specific social or environmental outcome alongside a financial objective.5 Impact can therefore be treated as a third element in portfolio construction for impact investing strategies, alongside risk and return.
2. • Impacts: The broader, long-term social or environmental effect of the outcomes.6 For example, a simplified ToC for a direct investment in a new wind farm might look as follows: • Inputs: The provision of additional investment capital. · long-term
3. Guidance for Pursuing Impact in Listed Equities (2023): https://thegiin.org/publication/research/listed-equities-working-group/ 7 Busch, T., Bruce-Clark, P., Derwall, J. · 2023