사회적 기업의 사회경제적 가치 측정 : 사회투자수익률(SROI)

In this paper, we propose a new version of the social return on investment (SROI), which was developed by Jed Emerson and the Roberts Enterprise Development Fund(REDF) and then has come into wide use as a technique for measuring the value of social impact generated by social enterprises. SROI is a framework for quantifying the social and environmental values in the monetary term so as to synthesize social and economic accounting in the same principle. Existing SROI technique, however, has many theoretical problems in defining and measuring its constituent elements : investment and social return. The concept of investment departs from general accounting principles and also social return is conceptually inconsistent with economic return. In this paper, in order to overcome the conceptual vagueness of existing SROI, we clarify investment in the same line of economic accounting and redefine the theoretical concept of social benefit and cost from the perspective of ‘externality.’ This makes it possible to avoid the fallacy of double accounting in calculating investment and social return. Using this new version of SROI, social enterprises can establish their own social accounting system to measure and report the social values that they create to their external stakeholders. Also social capital funds can utilize the tool to evaluate the socio-economic validity of their investment on a specific social enterprise. This would enhance the possibility of the emergence of socio-economic market, which social and economic values are created at the same time through the enterprise and capital market mechanism.