ScholarWorks@중앙대학교

초록

With the rise of ESG investing, the demand for impact investing is growing significantly. In impact investing, the process of quantifying the impact that an investment will create for investors and investee companies in terms of money is essential for investment decisions. This study analyzes various risk adjustment factors and provides a method to calculate the risk-adjusted score, thus offering a pilot valuation of impact investing of a social company in Korea. In particular, the risk-adjusted score was calculated by quantifying the risk factors that were judged to be overlapping by analyzing various risk factors suggested in IMM(Impact Money Multiplier) and IMP(Impact Management Project). We follow the developed guideline to determine the discount rate used for a pilot valuation and value the impact created by a social venture. The suggested guideline in this study can be used as an actual investment guideline and has promoted more efficient investment decision-making.

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