• Management & Information Systems Review
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• v.34 no.2
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• pp.151-169
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• 2015

Social enterprises that are solving pressing global issues and providing services such as micro-finance, affordable housing, appropriate technology and education for the 'bottom of the pyramid' as well as cultural and community-related businesses that improve the 'quality of life' within a society are the target of impact investments. Among them, a capital financing is one of the most important factor in founding and fostering of social enterprise. However, the capital market for social enterprises in South Korea are not yet sufficiently developed. The Britain and U.S.A. attempted to solve the social problem by the introduction of the social innovation credit model, for example, social impact bonds(SIB), Big Society Capital, DBLIF, and ACCION International, which are considered as an innovative new financing instrument for social program. Instruments are being attempted for the first time in Britain and America. This study have two purposes. The first purpose is abstracting the institutional mechanism for introduction of impact investment such as SIB and DBLIF case in Britain and U.S.A.. Second, analyzing type and mix of policy instrument on impact investment from the perspective of policy instrument.