研究目的
公益創投的浮現與蓬勃發展，為社會企業開啟創價契機。公益創投歷經十餘年的發展，從美國擴散到歐陸和亞洲，各國政策從補助走向投資，策略從捐贈到創業，主題從非營利組織到社會企業，至今依然欠缺明確模式。基於此，本研究旨在建構公益創投模式，研究目的有三項：首先，本研究希望透過檢視公益創投浮現、發展趨力到各國現況，完整梳理整體發展軌跡；其次，本研究將從所有權觀點出發，探討社會企業組織型態和雙重底線目標，以及公益創投的運作與治理，分析公益創投策略；第三，具體建構公益創投模式，除給予公益創投學理定位，開拓具前瞻性研究領域，也盼藉此提供政策制定者和實務單位參考。

研究方法
本研究採取深度訪談與德惠法為主要研究方法。深度訪談分成二階段進行，共計17位受訪者，第一階段計訪談7位，受訪者以曾接受政府補助社會企業為主，第二階段則訪談公益創投與社會實務工作者，以及重要部會主官員。德惠法共進行二回合往返調查，研究工具係以文獻和訪談結果為基礎，依組織型態和雙重底線目標設計而成，專家小組成員計17位，背景為公益創投和社會企業實務工作者。

研究發現
整體言之，公益創投在社會與經濟光譜兩端游移，而政策尚缺乏定位，社會企業和公益創投對彼此的認知存在落差，雖不免增加合作的成本，卻也顯現台灣公益創投仍有多元發展空間。在目標與策略方面，公益創投對公司型社會企業投資策略著重於市場開發，而非營利組織型社會企業則重視個別發展需求。在企業治理方面，組織型態差異可能增加投資成本，可設立責信機制有效監督，董理事會則應保持多元與參與的態度，融合不同專業人才。本研究提出四項公益創投原則，分別是：1.責信是公益創投和社會企業平衡的理性選擇；2.不同組織型態的合作可能增加成本；3.公益創投的介入關係著成本考量；4.合適的制度設計可望降低資訊與認知風險。在公益創投原則基礎上，本研究建構四種公益創投模式，分別是準創投型、影響力投資型、使命投資型和能力建構型。

Research Purpose
The emergence of venture philanthropy and its flourishing development bring opportunities for the social enterprise to create value. It’s already a decade since the initiation of venture philanthropy and the range has been broadened from the USA to Europe and Asia. The government policies in different countries have been changed from giving subsidies to making investments. The strategies have been developed from the point of making donations to starting an enterprise. The theme has become social enterprises instead of nonprofit organizations. Still, there is still no clear operation model to follow. Based on this, the research aims to set up a model for venture philanthropy. There are three purposes of this research. First, an overall development path is expected to be presented through examining the emergence, the process, and the current situations of venture philanthropy in different countries. Second, from the viewpoint of ownership, this research explores the organization types and double bottom line of social enterprises and the operation and governance of venture philanthropy. Some strategies of venture philanthropy are analyzed. Third, a concrete model for venture philanthropy is set up. In addition to giving venture philanthropy a doctrinal position and opening up a proactive research field, this research also hopes to provide references for the policy makers and practice organizations.

Research Method
This research took in-depth interviews and Delphi technique as the main research methods. The in-depth interview was conducted through two stages. There are 17 interviewees in total. At the first stage, 7 interviewees were interviewed and all these seven interviewees are social enterprises which had been funded by the government. At the second stage, the interviewees included the venture philanthropy, the practitioners and government officials. The survey through Delphi technique was conducted to and fro twice. The research tool is based on the literature review and interview results and is designed according to the organization type and the double bottom line object. There are 17 members in total in the panel and their backgrounds are venture philanthropy and social enterprises practitioners.

Research Findings
Overall, venture philanthropy is wavering between two ends of the spectrum, one of which is society and the other is economy. The position of policies is still vague. There is a perception gap between social enterprises and venture philanthropy. Though the gap might lead to the higher cost for the cooperation, at the same time it means there is still space for the diverse development of venture philanthropy. In the aspect of goals and strategies, venture philanthropy focuses on the marketing, and instead nonprofit organizations emphasized individual developing needs. As for the governance of corporations, the different types of organizations may increase the cost of investment. Accountability mechanisms may be established to have effective supervision and the Board should hold pluralistic and participative attitudes to attract professionals from different fields. This research proposes four principles for venture philanthropy. They are:
1.Accountability is a rational choice to balance venture philanthropy and social enterprises.
2.The cooperation among different types of organizations may increase the cost.
3.The involvement of venture philanthropy relates to the considerations of cost.
4.Proper institutional design can reduce the risk of information and recognition.

On the basis of venture philanthropy principles, this research constructs four models of venture philanthropy and they are quasi-venture capital, type of impact-based investment, type of mission-based investment, and type of capacity building.

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