우리나라 사회영향투자 시장의 현황과 과제

라준영 ( June-young Rha ) 한국중소기업학회 2018 中小企業硏究 Vol.40 No.1

본 논문은 우리나라 사회영향투자 시장의 현황을 조사하고 향후 과제를 제시하기 위한 연구이다. 사회영향투자는 사회적, 환경적 영향을 우선하면서 재무적 수익성도 추구하는 새로운 투자방식으로서, 사회문제를 해결하는 것이 사명인 사회적 기업에게 성장자본을 제공한다. 본 연구에서는 우리나라 사회영향투자 기관 10개에 대한 전수조사를 실시하고, 사회영향투자 시장의 투자 현황과 투자자의 산업 인식을 조사하였다. 조사 결과 우리나라는 해외에 비해 투자기관의 자산규모와 개별 프로젝트의 투자규모가 영세하고, 아직 규모 있는 성장자본 투자에는 나서지 못한 채태동기에 머무르고 있었다. 해외 투자자의 인식과 마찬가지로 일반 영리시장에 비해 투자위험을 높게 보고 있으며, 이를 해소할 수 있는 혁신적인 혼합형 투자방식을 필요로 하고 있다. 그래서 최근 사회영향투자 고유의 시장실패 요인과 투자위험을 줄일 수 있는 방법으로 정부와 자선 부문이 제공하는 촉매자본의 역할이 새롭게 주목 받고 있다. 우리나라도 대규모 사회적 금융기금을 조성하고, 정부와 자선 부문이 협력하여 민간자본을 유인할 수 있는 혁신적인 투자수단을 마련해야 한다. 이와 함께 사회영향투자 생태계의 기반을 조성하기 위한 법과 제도 개선, 인센티브 도입, 중간조직 육성, 사회영향 측정의 기반 마련, 관련 네트워크 조직의 활성화 등을 통해 민간 주도로 시장원리에 따라 사회영향투자 시장이 작동할 수 있는 환경을 마련하여야 한다. Impact investing refers to investment made into social enterprises and social funds with the intention to generate a measurable social or environmental impact alongside a financial return. In this study, we examine the current state and industry recognition of impact investing in South Korea. The survey was conducted on ten financial intermediaries working in the Korean impact investing sector. The result shows that Korean impact investing market is still in the emerging stage and has not yet begun to invest in the growth stage of social enterprises. Korean intermediaries’ opinion on the problems of impact investing is in the same line with foreign impact investors’. They focused on a few key constraints as the most significant challenges; the shortage of high quality investment opportunities with track record, and the lack of appropriate capital source and innovative deal/fund structures across the risk/return spectrum. Theses challenges are mainly related to the market failure problem embedded in social enterprises. Impact investing has higher risk of deficit than commercial investment and so this risk should be resolved by new financial mechanisms such as various mix of grant, guarantee, and catalytic patient capital which the public and philanthropic sector usually provide with. This study presents a set of policy imperatives to nurture the impact investing ecosystem in South Korea; raising national fund of social finance, developing an innovative deal structure with catalytic capital, nurturing intermediary organizations, reforming regulations, developing new tax incentives, enhancing investment-readiness of investees, disseminating social impact assessment, and establishing an impact investing network across the sector.

구독경제와 미술작품의 서비스화: 오픈갤러리 사례

라준영(Rha, June Young) 한국서비스경영학회 2020 서비스경영학회지 Vol.21 No.3

Subscription economy refers to new trends of business models in which a consumer pays a recurring price on a regular basis for periodic use of a product or access to a service. Along the continuum of surprise, subscription models of consumer goods can be categorized into three archetypes: predefined, curated, and surprise subscriptions. Utilitarian and hedonic values and perceived risk are main constructs to investigate consumer behavior in curated subscription commerce. This paper introduces a business case of Open Gallery, a venture company for providing a curated subscription service of artistic paintings and explains its business in the perspective of a business model and consumer behavior. Open Gallery is making a success of servicizing a tangible artistic goods through creating the balanced utilitarian and hedonic values for subscribers, reducing his/her perceived risk by providing an individualized curation, and then achieving rapid growth based on the economics of network externality and customer lock-in.

논문 : 사회적 기업의 기업가정신과 가치혁신

라준영 ( June Young Rha ) 한국협동조합학회 2013 韓國協同組合硏究 Vol.31 No.3

Social enterprise is defined as a business organization that pursues social innovation by applying market-based strategy to solve serious social problems. Usually most social enterprises are struggling to overcome the economic barriers created by various factors of market failures. Social innovation engines, innovative ideas that resolve the trade-offs between social and economic sides in value creation process, can be strong solutions for social enterprises to escape from their specific socio-economic dilemma. This case study on successful social enterprises deals with social entrepreneurial process and shows that innovation activities in the value creation processes such as marketing, development, operations, and supply chain, make a critical role to develop their social innovation engines. The result will provide social enterprises with management guidelines to design effective business models and to renovate current value chains.

사회적 자본시장과 성장자본: 보조금 연계형 사회영향투자

라준영 ( June Young Rha ) 한국협동조합학회 2014 韓國協同組合硏究 Vol.32 No.3

Impact investing refers to an investment approach intended to create social and environmental impact beyond financial return. Much excitement has filled the future of impact investing over the last decade. However, recently many are concerned about that because impact investing market is currently growing not exponentially but linearly. This is due to the market failure factors embedded in social enterprises (SEs). It means that the social value SEs create is external to the price mechanism of market system. So SEs are placed in a very difficult position to generate enough financial return to meet investors’ expectation comparing to commercial enterprises and then fail to mobilize their growth capital. In this study, we suggest new investment approach to overcome this challenge. This new approach implies that the subsidies of government and philanthropy should be matched with commercial capital within a specific deal structure to mitigate investor’s risk, enhance returns, and then correct market failures in impact investing. This makes it possible to induce mainstream investors into the social sector and transform our investing paradigms for the better.

공공서비스의 서비스품질과 관계품질의 인과모형 분석

라준영(Rha, June Young) 한국서비스경영학회 2010 서비스경영학회지 Vol.11 No.3

학술연구 : 사회적 기업의 비즈니스모델

라준영 ( June Young Rha ) 한국중소기업학회 2010 기업가정신과 벤처연구 Vol.13 No.4

사회적 기업은 사회문제 해결을 목적으로 설립된 기업조직이자 사회적 가치와 경제적 가치를 동시에 창출하는 생산조직이다. 따라서 사회적 기업의 성공적인 운영을 위해서는 영리기업과 마찬가지로 매력적인 비즈니스모델의 정립이 필수적이다. 비즈니스모델은 기업이 비즈니스를 어떻게 수행할 것인가에 관한 설계도로서 기업의 가치제안, 가치창출, 가치확보 방안에 대한 종합적인 아이디어를 담고 있다. 사회적 기업의 비즈니스모델은 사회문제 해결을 위한 좋은 아이디어를 구체적인 비즈니스로 현실화시켜 주는 역할을 한다. 아무리 뛰어난 아이디어와 역량을 가진 기업이라 하더라도 비즈니스모델의 타당성이 떨어지면 실패하기 마련이다. 본 논문의 목적은 사회적 기업의 비즈니스모델을 분석할 수 있는 개념적인 모형을 정립하는 컷이다. 이를 위해 먼저 영리기업의 비즈니스모델에 관한 연구결과를 검토한 후 사회적 기업의 특성을 반영하여 사회적 기업을 위한 비즈니스모델의 개념적 틀을 새롭게 제시한다. 다음으로 국내외 6개의 성공 기업과 4개의 실패기업을 대상으로 사례연구를 수행하여 개념모형의 타당성을 확인하고 보완한다. 그리고 성공한 사회적 기업의 특징을 비즈니스모델의 세부 차원별로 분석한다. 본 논문에서 개발한 비즈니스모델의 개념적 틀은 향후 사회적 기업의 성공요인에 관한 연구의 이론적 기반을 제공할 수 있다. 또한 실무적으로는 사회적 기업가에게 현재의 비즈니스모델을 분석하고 혁신할 수 있는 실천적 가이드라인이 될 수 있다. A business model describes the architecture of how to do a business: how a business proposes, creates and delivers particular value to customers and makes customers pay for the value. Similar to for-profit business, a social enterprise should employ an attractive business model to enhance its chances of success. This paper proposes a general framework on business models for social enterprises. This framework captures the previous idea about for-profit business models and reflects the distinctive characteristics of social enterprises. The dimensions of this framework are composed of value proposition, value creation, and value capture, which represent the value generation flow of a business. Based on this framework, case studies were conducted to confirm the validity of the framework and to explore the common themes of successful business models. This paper provides theoretical insights into future research on key success factors of social enterprises and also the framework will be a useful tool for social entrepreneurs to analyze and restore their current business models.

사회적 기업의 가치혁신과 공유가치창출

라준영(Rha, June-Young) 한국서비스경영학회 2016 서비스경영학회지 Vol.17 No.4

Social enterprises usually create shared value by applying market-based strategy to solve social problems. However, most social enterprises are suffering from the trade-off dilemma between social value and economic value creation because market failure is inevitable in the social sector. To overcome this dilemma, social enterprises should innovate their business models by reconceiving products and markets and reinventing value creation processes and networks. In this paper, we study a business case of N-VISIONS, a social enterprise which operates the exhibition program of Dialogue In The Dark (DID). DID aims to educate the public out of prejudice about blindness and to provide quality job offers to the blind. This case shows that creating shared value in the social enterprise sector requires an innovative way to integrate social value into their value proposition and core competence.

공유경제와 사회적 기업

라준영(Rha, June Young) 한국서비스경영학회 2014 서비스경영학회지 Vol.15 No.4

The sharing economy is a new economic model beyond the paradigm of mass production and consumption. With the explosion of ICT-based platform, the sharing economy has been expected to effectively solve social problems such as poverty, excessive consumption, natural resource depletion, and climate change. Therefore social enterprises can apply the principle of sharing economy to develop their business models. The sharing economy can provide social enterprises with the opportunities to overcome their market failure because social value can be fully embedded in the process of delivering their sharing services. In this study, we describe a business case of WOOZOO, a social enterprise providing a house sharing service. WOOZOO aims to solve the housing problem of the young living in metropolitan area and improve their quality of life. This case shows that value innovation can be crucial to a success of the sharing economy business.

공공부문의 서비스품질과 고객만족

라준영(Rha, June Young),이승규(Rhee, Seung Kyu) 한국서비스경영학회 2008 서비스경영학회지 Vol.9 No.1

사회서비스 제공형 사회적 기업의 품질경영(TQM)

라준영(Rha, June Young) 한국서비스경영학회 2013 서비스경영학회지 Vol.14 No.4

Social enterprise refers to a business organization which produces goods or service to satisfy socially unmet needs. The quality of social goods or service gives competitive edges to social enterprises in common with commercial firms. So TQM (total quality management), as a management practice for enhancing business performance and quality, can be applied to the social enterprise sector. Specially, social care service industry, the main area of social economy, can more easily adopt TQM practices for performance excellence, because most social care services are classified as human encounter services in which TQM usually work well. In this paper, we describe the case of TQM in Dasomi Foundation, a model social enterprise that provides quality nursing service, to show that quality management system can be successfully implemented in the fields of social enterprise. This case will provide management discipline with a good benchmark to promote TQM movement across the social enterprise sector.