本稿の目的は，インパクト投資によって資金を得られるインド企業の要素について明らかにすることにある．そのために，ここでは，インドのインパクト投資業界団体であるImpact Investors Council（IIC）の取組事例を考察し，アジア最大級のインドの投資会社であるAavishkaar Capital関係者にも半構造化インタビュー調査を実施した．その結果，インドのインパクト投資の活用には，社会価値（社会問題を解決するためにビジネスを実施）に加え，経済価値（投資会社がビジネスの持続性を判断できるビジネスモデル，経営者の魅力，ビジネス環境変化対応力，コミュニケーション力，データ活用力）の高い水準での獲得も重要であり，これらの価値獲得の難しさはありつつ，中小零細企業を含むインパクト志向型企業（インパクト企業）にとって，インパクト投資が資金調達としての手段となり得ることが明らかにされた．

This study aims to illustrate the potential of Social Impact Bonds (SIB)—a strategy in which private investors fund implementation and receive a return on investment from a government payer—using public transportation as an example. SIB was introduced in two Japanese cities, Kobe and Hachioji. In both places, a survey was conducted by the Social Impact Investment Foundation, which was involved in the formation of SIB as an intermediate support organization.

Based on the survey, it was inferred that the introduction of SIB in the public transport sector is necessary for the following reasons: feasibility of SIB, expansion potential of the SIB market, and high relevance of SIB to the administration. It was found that the intermediate support organization mainly helped in the formation and introduction of SIB. It was also understood that administrative support is necessary at an unprecedented stage of introduction.

Consequently, evaluation indicators and reduction targets were set for each target project, and a scheme was proposed for community-based transport services.

After the 2000's, impact investment which generates social or environmental impact alongside a financial return begins to attract attention among both investors and actors, generating multiple influences on traditional philanthropy.

This paper points out and examines some tasks used to introduce a social impact bond to solve social difficulties, and explains a social impact bond project which is now under consideration for implementation in the Kansai area. In Japan's society characterized by a declining population, a social impact bond is an attractive financial scheme to give incentive for cutting costs of various utilities, but multiple underlying problems present themselves when such a scheme is put into practice. If this social bond project is actually realized in Kansai, it will be a pioneer case for Japan. Its success or failure will be closely watched.

Civil society organizations (CSOs) are recognized as embodying the potential to shape social capital and provide innovative services. This article shows an excessive dependency of CSOs on government-funded NPOs, resulting in vulnerability under recent budget constraints. On the other hand, social enterprises are currently on the rise, which could help strengthen NPOs, making better use of the business minds and skills that run NPOs. However, it is also difficult for these entities to stand alone in a pure market mechanism because of their nature to seek social benefits. Private donations, led by the tax-exemption system, are expected as part of the income stream, but we should recognize that such donations are a trade-off for government budget expenditures. Under these conditions, social investment represented by the Social Impact Bond is an attractive scheme; a system that lures funds from private investments to CSOs. This system is based on Social Return on Investment (SROI), a method that makes project impact more visible. This type of investment effort has been spreading throughout the world, especially in the field of prevention programs such as job training. This has the potential not only to provide other sources of funding for CSOs, but to change the government system as well.