社会效益债券法制化的他国镜鉴
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摘要
2016年中国首单社会效益债券——山东省沂南县扶贫社会效益债券成功发行,但与之相配套的法律制度却尚付阙如。故此,法制化是当前和今后一段时期推进我国社会效益债券发挥实效的重要命题。保障我国社会效益债券健康有序发展、切实防范社会效益债券风险的现实需求,就是要将风险纳入到法律规制之中,并完善其配套制度。从比较法视角看,合理借鉴域外相对成熟的法制经验,可为我国社会效益债券的法制建构提供助益。
In 2016, China's first social impact bond, the Yinan County Poverty Alleviation social impact bond in Shandong Province, was successfully issued, but the matching legal systemhas not been developed. Therefore, the legalization of social impact bond is an important proposition for the current and future period to promote the effectiveness of China's social impact bond. To ensure the healthy and orderly development of China's social impact bond, and to effectively prevent the risks of social benefits bond, it is necessary to classify risks into the legal system and improve its supporting systems. From the perspective of comparative law, a reasonable reference to the relatively mature legal experience outside the domain can provide benefits for China's legalization of social impact bond.
In 2016, China's first social impact bond, the Yinan County Poverty Alleviation social impact bond in Shandong Province, was successfully issued, but the matching legal systemhas not been developed. Therefore, the legalization of social impact bond is an important proposition for the current and future period to promote the effectiveness of China's social impact bond. To ensure the healthy and orderly development of China's social impact bond, and to effectively prevent the risks of social benefits bond, it is necessary to classify risks into the legal system and improve its supporting systems. From the perspective of comparative law, a reasonable reference to the relatively mature legal experience outside the domain can provide benefits for China's legalization of social impact bond.
引文
1.See Segal J,Shumway J,Bianchi J.Using Pay for Success Due Diligence to Build Nonprofit Capacity[R].2014.
2.See Make V,PaulyS,Wanson A.Social Impact Bonds:New Product or New Package?[J].The Journal of Law,Economics,and Organization,2017,(33):718-760.
3.See Peter G,Dagher Jr.Social Impact Bonds And The Private Benefit Doctrine:Will Participation Jeopardize A Nonprofit's TaxExempt Statue?[J].Fordham Law Review,2013,(6):3481-3519.
4.See Liang M,Mansberger B,Spieler A C,et al.An Overview of Social Impact Bonds[J].Journal of International Business and Law,2014,(13):1-12.
5.See Ana Demel,Second Thoughts on Social Impact Bonds[J].NYU Journal of Law&Business,2013,(9):1-5.
6.同注4.
7.参见郭沛源,杨方义.中国首单社会效应债券评析[EB/OL].[2018-09-30].http://bond.jrj.com.cn/2016/12/29153321906213.shtml.
8.参见李蕊.为效果付费债券一个创新的公私伙伴关系及其风险防范[J].中外法学,2017,29(03):780-801.
9.See Kevin W,Humphries.Not Your Older Brother'S Bonds:The Use And Regulation Of Social-Impact Bonds In The United States[J].Law and Contemporary Problems,2013,(48):1-18.
10.See Henry Sch?fer,Denise H?chst?tter.Social Impact BondsVertrags-und TransaktionsstrukturensowieeingebetteteOptionen,Working Paper[R].Nr.2015,(02).
11.参见陈岳堂,熊亮.非营利组织参与社区公共品供给激励机制研究[J].中国行政管理,2015,(08):62-65.
12.参见[英]梅格纳德·德赛.自大:无视经济危机的经济学家和经济周期探索[M].吴心韬译,北京:人民邮电出版社,2016:45.
13.参见黄建.我国行业协会腐败的表现、成因与治理[J].安徽师范大学学报(人文社会科学版),2016,44(06):721-727.
14.See C.R.S.24-37-403.
15.See Wis.Stat.§16.298.
16.Foundation Group,Inc.What is a 501(c)(3)?[EB/OL].[2018-12-28].https://www.501c3.org/what-is-a-501c3/.
17.Wikipedia.501(c)organization[EB/OL].[2018-12-28].https://en.wikipedia.org/wiki/501(c)_organization.
18.同注3.
19.See DearA,Helbitz A,Khare R,et al.SocialImpactBonds,The Early Years[R].July 2016.
20.NYS DOB|FY2019 Executive Budget Agency Appropriations.
21.同注19.
22.同注8.
23.See Mazur O.Taxing Social Impact Bonds[J].Florida Tax Review,2017,(20):443-493.
24.Resources on SITR for investors[EB/OL].[2018-11-18].https://www.bigsocietycapital.com/what-we-do/current-projects/social-investment-tax-relief/resources-sitr-investors.
25.同注4.
26.Emilie Goodall.Choosing Social Impact Bonds-A Practitioner’s Guide[EB/OL].[2018-10-05].www.bridgesventures.com.
27.Struewer B,Moehrle C.NexThought Monday:Pay for Success…With an Important Twist[EB/OL].[2018-11-13].https://nextbillion.net/nexthought-monday-pay-for-success-with-an-important-twist/.
28.同注10.
29.同注19.
30.Segal J,Shumway J,Binchi J.Using Pay for Success Due Diligence to Build Nonprofit Capacity[R].2014.
31.See Susan R,Jones.Is social Innovation Financing Through social impact bonds The Last Hope For Community Economic Development Programs During The Trump Administration[J].J ournal of Affordable Housing&Community Development Law,2017,(26):357-386.
32.See Third Sector.Analysis:Can social impact bonds help to create a better society?[EB/OL].[2018-09-13].https://senscot.net/analysiscan-social-impact-bonds-help-to-create-a-better-society/.
33.同注2.
34.See McKay,Kyle.Evaluating Social Impact Bonds as a New Reentry Financing Mechanism:A Case Study on Reentry Programming in Maryland[R].Department of Legislative Services and Office of Policy Analysis,January 2013.
35.See BurandD.Resolving Impact Investment Disputes:When Doing Good Goes Bad[J].Washington University Journal of Law&Policy,2015,(48):449-482.
36.See Godeke S,LyelResner.Building a Healthy and Sustainable Social Impact Bond Market:The Investor Landscape,GodekeConsulting andthe Rockefeller Foundation[R].November 2012.
37.Pay for Success Contracts(Social Impact Partnerships)and Federal Legislation Frequently Asked Questions,June[R].2017.
38.Nonprofit Finance Fund.Pay for Success:The First Generation[R].April 2016.
39.McKinsey&Company report.From Potential to Action:Bringing Social Impact Bonds To The Us[R].2012.
40.同注35.
41.参见[美]廖子光.金融祸福:毁掉世界经济的金融安排[M].嵇飞,林小芳等译,北京:中央编译出版社,2014:487-495.
42.参见[美]彼德·戴蒙德,汉努·瓦蒂艾宁.行为经济学及其应用[M].贺京同等译,北京:中国人民大学出版社,2011:109.
43.参见张付标.证券投资者纳入消费者法保护探讨[J].证券市场导报,2012,(10):22-27.
44.参见陆长平,张荭.基于金融危机视角的宏观经济政策研究[M].江西:江西人民出版社,2014:12.
45.中国证监会官网.加快健全完善证券投资者损害赔偿救济制度--黄炜主席助理在证券投资者民事损害赔偿救济法律制度完善座谈会上的发言[EB/OL].[2018-12-28].http://www.sac.net.cn/hyfw/hydt/201808/t20180827_136328.html.
46.参见黄鹂.中国证券群体诉讼:公共执法与私人执法的选择[J].上海金融,2016,(05):79-85.
47.参见雷桂森.试论我国证券侵权救济的群体诉讼模式选择[J].暨南学报(哲学社会科学版),2015,37(11):82-88+162-163.
2.See Make V,PaulyS,Wanson A.Social Impact Bonds:New Product or New Package?[J].The Journal of Law,Economics,and Organization,2017,(33):718-760.
3.See Peter G,Dagher Jr.Social Impact Bonds And The Private Benefit Doctrine:Will Participation Jeopardize A Nonprofit's TaxExempt Statue?[J].Fordham Law Review,2013,(6):3481-3519.
4.See Liang M,Mansberger B,Spieler A C,et al.An Overview of Social Impact Bonds[J].Journal of International Business and Law,2014,(13):1-12.
5.See Ana Demel,Second Thoughts on Social Impact Bonds[J].NYU Journal of Law&Business,2013,(9):1-5.
6.同注4.
7.参见郭沛源,杨方义.中国首单社会效应债券评析[EB/OL].[2018-09-30].http://bond.jrj.com.cn/2016/12/29153321906213.shtml.
8.参见李蕊.为效果付费债券一个创新的公私伙伴关系及其风险防范[J].中外法学,2017,29(03):780-801.
9.See Kevin W,Humphries.Not Your Older Brother'S Bonds:The Use And Regulation Of Social-Impact Bonds In The United States[J].Law and Contemporary Problems,2013,(48):1-18.
10.See Henry Sch?fer,Denise H?chst?tter.Social Impact BondsVertrags-und TransaktionsstrukturensowieeingebetteteOptionen,Working Paper[R].Nr.2015,(02).
11.参见陈岳堂,熊亮.非营利组织参与社区公共品供给激励机制研究[J].中国行政管理,2015,(08):62-65.
12.参见[英]梅格纳德·德赛.自大:无视经济危机的经济学家和经济周期探索[M].吴心韬译,北京:人民邮电出版社,2016:45.
13.参见黄建.我国行业协会腐败的表现、成因与治理[J].安徽师范大学学报(人文社会科学版),2016,44(06):721-727.
14.See C.R.S.24-37-403.
15.See Wis.Stat.§16.298.
16.Foundation Group,Inc.What is a 501(c)(3)?[EB/OL].[2018-12-28].https://www.501c3.org/what-is-a-501c3/.
17.Wikipedia.501(c)organization[EB/OL].[2018-12-28].https://en.wikipedia.org/wiki/501(c)_organization.
18.同注3.
19.See DearA,Helbitz A,Khare R,et al.SocialImpactBonds,The Early Years[R].July 2016.
20.NYS DOB|FY2019 Executive Budget Agency Appropriations.
21.同注19.
22.同注8.
23.See Mazur O.Taxing Social Impact Bonds[J].Florida Tax Review,2017,(20):443-493.
24.Resources on SITR for investors[EB/OL].[2018-11-18].https://www.bigsocietycapital.com/what-we-do/current-projects/social-investment-tax-relief/resources-sitr-investors.
25.同注4.
26.Emilie Goodall.Choosing Social Impact Bonds-A Practitioner’s Guide[EB/OL].[2018-10-05].www.bridgesventures.com.
27.Struewer B,Moehrle C.NexThought Monday:Pay for Success…With an Important Twist[EB/OL].[2018-11-13].https://nextbillion.net/nexthought-monday-pay-for-success-with-an-important-twist/.
28.同注10.
29.同注19.
30.Segal J,Shumway J,Binchi J.Using Pay for Success Due Diligence to Build Nonprofit Capacity[R].2014.
31.See Susan R,Jones.Is social Innovation Financing Through social impact bonds The Last Hope For Community Economic Development Programs During The Trump Administration[J].J ournal of Affordable Housing&Community Development Law,2017,(26):357-386.
32.See Third Sector.Analysis:Can social impact bonds help to create a better society?[EB/OL].[2018-09-13].https://senscot.net/analysiscan-social-impact-bonds-help-to-create-a-better-society/.
33.同注2.
34.See McKay,Kyle.Evaluating Social Impact Bonds as a New Reentry Financing Mechanism:A Case Study on Reentry Programming in Maryland[R].Department of Legislative Services and Office of Policy Analysis,January 2013.
35.See BurandD.Resolving Impact Investment Disputes:When Doing Good Goes Bad[J].Washington University Journal of Law&Policy,2015,(48):449-482.
36.See Godeke S,LyelResner.Building a Healthy and Sustainable Social Impact Bond Market:The Investor Landscape,GodekeConsulting andthe Rockefeller Foundation[R].November 2012.
37.Pay for Success Contracts(Social Impact Partnerships)and Federal Legislation Frequently Asked Questions,June[R].2017.
38.Nonprofit Finance Fund.Pay for Success:The First Generation[R].April 2016.
39.McKinsey&Company report.From Potential to Action:Bringing Social Impact Bonds To The Us[R].2012.
40.同注35.
41.参见[美]廖子光.金融祸福:毁掉世界经济的金融安排[M].嵇飞,林小芳等译,北京:中央编译出版社,2014:487-495.
42.参见[美]彼德·戴蒙德,汉努·瓦蒂艾宁.行为经济学及其应用[M].贺京同等译,北京:中国人民大学出版社,2011:109.
43.参见张付标.证券投资者纳入消费者法保护探讨[J].证券市场导报,2012,(10):22-27.
44.参见陆长平,张荭.基于金融危机视角的宏观经济政策研究[M].江西:江西人民出版社,2014:12.
45.中国证监会官网.加快健全完善证券投资者损害赔偿救济制度--黄炜主席助理在证券投资者民事损害赔偿救济法律制度完善座谈会上的发言[EB/OL].[2018-12-28].http://www.sac.net.cn/hyfw/hydt/201808/t20180827_136328.html.
46.参见黄鹂.中国证券群体诉讼:公共执法与私人执法的选择[J].上海金融,2016,(05):79-85.
47.参见雷桂森.试论我国证券侵权救济的群体诉讼模式选择[J].暨南学报(哲学社会科学版),2015,37(11):82-88+162-163.