11月9日，第五屆“金磚+”國際城市論壇在圣彼得堡召開，友成基金會理事長王平女士受邀發(fā)表演講，本文為演講實錄。

右三為友成基金會理事長王平女士

女士們，先生們，

作為友成基金會的創(chuàng)始人，我對受邀參與這個話題的討論感到非常榮幸。

我們今天討論有關(guān)social finance以及social initiatives這個話題的重要性是顯而易見的。然而社會金融和社會行動的發(fā)展并沒有達到預期。究其原因，主要在于認知上的守舊以及由此連帶產(chǎn)生的在工具和制度層面的落后。下面我將簡要分析其中的三個主要障礙并提出相應的解決方案。

首先，傳統(tǒng)的認知模式是最關(guān)鍵的原因。傳統(tǒng)的認知模式表現(xiàn)在，長期以來，人們將社會和經(jīng)濟視為兩個獨立且互不相容的要素。更具體地說，就是僅僅將財務(wù)價值視為企業(yè)的核心價值所在，而企業(yè)在存續(xù)過程中對社會形成的其它價值或成本，則全部以外部性來加以看待。這些經(jīng)濟學上的外部性，在21世紀之前是被完全忽視的，也就是說，無論是企業(yè)產(chǎn)生的正外部性和負外部性，都未能以價值或成本的方式進入企業(yè)估值和核算體系之中。

為此，我們認為必須重新認識并定義社會及社會價值這個概念。首先，我們認為，社會價值不是和經(jīng)濟價值對應的概念，而是包括了經(jīng)濟價值以及傳統(tǒng)經(jīng)濟學中所表述的所有外部性。價值的對象是整個社會，是一切物質(zhì)和精神財富的創(chuàng)造。社會價值就是社會福祉，它表現(xiàn)為經(jīng)濟效益、社會效益和環(huán)境效益的總和。由此可見，當我們討論“社會”這個概念的時候，不是剝離了“經(jīng)濟”或“個人”，也不是僅僅局限于SDG的十七個具體范疇，而是由所有社會成員組成的人民，這個“社會”可以小到社區(qū)，大到人類命運共同體的范疇。

而且我在這里所說的企業(yè)是指所有各行各業(yè)的企業(yè)，而不只是在教育、醫(yī)療、養(yǎng)老和環(huán)境領(lǐng)域的企業(yè)。

若就每一個企業(yè)而言，企業(yè)的社會價值不僅僅是通過承擔社會責任而呈現(xiàn)的價值，更是包括主營業(yè)務(wù)為社會提供的價值，它包括通過產(chǎn)品為社會提供的使用價值，滿足人們?nèi)找嬖鲩L的物質(zhì)文化需求，通過在生產(chǎn)過程中為社會增加的就業(yè)，通過依法納稅為國家所做的貢獻。同時也包括企業(yè)正向的價值主張通過產(chǎn)品及服務(wù)給消費者的認知和行為帶來積極正向的改變，比如給人的消費習慣帶來改變，或有助于社會資本的形成，或有助于環(huán)境的改善。

第二個障礙是價值評估標準的先天不足，這是上述傳統(tǒng)認知帶來的直接結(jié)果。由于將社會和經(jīng)濟一分為二，傳統(tǒng)的企業(yè)價值評估標準無法真實和完整地反映企業(yè)的社會價值創(chuàng)造情況。正外部性創(chuàng)造的社會價值無法得到體現(xiàn)，負外部性造成的社會成本也無法被公平補償。

因此，需要建立新的社會價值評估標準和方法，以綜合評估企業(yè)的社會價值。在實踐中，友成基金會開發(fā)了一套被稱作“三A三力”的評估標準和方法，即從Aim、Approach和Action三個維度同時評估一家企業(yè)的社會價值。因為既然是對價值創(chuàng)造的評估，那么價值創(chuàng)造的意愿（Aim）、價值創(chuàng)造的方法（Approach）和價值創(chuàng)造的結(jié)果（Action）都應該成為評估的內(nèi)容，這就是“三A三力”最基本的概念模型。

今天，我很自豪地告訴大家，自2017年以來，這套標準已經(jīng)被用于中國上市公司的評估，并且以此開發(fā)了金融產(chǎn)品，我們稱之為社會價值投資——它實際上就是更廣意義和更高層次的社會金融。由于時間的原因，我無法在此詳細介紹。

第三個是現(xiàn)行財務(wù)報表體系落后于時代的需要，這也是傳統(tǒng)認識的結(jié)果。現(xiàn)在基于財務(wù)會計準則的財務(wù)報表體系是工業(yè)文明的一種通用標準和語言，它建立在傳統(tǒng)認知之上，它完全不考慮也不體現(xiàn)任何外部性成本和外部性的價值。所以必須對現(xiàn)有的報表體系進行改良，以更完整地反映企業(yè)在存續(xù)過程中的價值。

例如建立第四張報表，將許多以往被稱為表外的、反映了外部性的指標納入表內(nèi)，同時改造資產(chǎn)負債表以成為社會價值資產(chǎn)負債表。這樣，才能使企業(yè)參與社會行動以及激活social finance成為一種自發(fā)的行為。我們也在這些方面進行了研究和開發(fā)。

如果我們完成了以上三個方面的轉(zhuǎn)變，那么，通過社會價值評估，可以讓投資者看到企業(yè)價值創(chuàng)造的完整能力和貢獻，從而改變他們的投資行為，就可以使得所有的投資成為social finance。而企業(yè)的所有行為也都是social initiatives。

另一方面，通過社會價值評估，讓政府找到符合政策重點的、創(chuàng)造社會公共價值的企業(yè)，并且政府通過利好政策/政府投資等等來支持/鼓勵社會創(chuàng)新型企業(yè)提供公共服務(wù)和公共產(chǎn)品，這可以是中國式現(xiàn)代化的一種探索。

友成基金會理事長王平女士與參會嘉賓合影

女士們、先生們，我們正處于一個劇變的時代，要徹底克服工業(yè)文明時代所積累而成的社會問題，就必須超越那個時代慣常的認知。上面分享的三點，表現(xiàn)了從一個觀念認知到制度創(chuàng)新層層遞進和深入的關(guān)系，它不僅建立在我們自己的思考之上，也建立在我們雖然有限但非常有前景的實踐之上。

希望我的分享可以為大家?guī)砀嗟乃伎?，如果能引起更多的關(guān)注或討論，就會加深我們對今天大會討論題目的理解和認識。

謝謝大家。

友成基金會理事長王平女士一行與論壇主辦方合影

>>>附：英文原文

Ladies and gentlemen,

As the founder of the YouChange Foundation, I am honored to be invited to participate in this conference.

Today, we are discussing social finance and social initiatives, which are very important topics. But in reality, its development has not made the expected progress. The main reason is the outdated cognition, as well as the resulting backwardness of tools and systems.

Now, I will briefly analyze these three main obstacles and our own observations and initiatives.

Firstly, traditional cognitive pattern is the key obstacle. For a long time, people have regarded society and economy as two independent and incompatible elements. More specifically, financial value is regarded as the core value of the enterprise, while other values created or costs incurred for society are considered externalities. That is to say, whether it is the positive or negative externalities generated by the enterprise to society,  they will not enter the valuation and accounting system in  terms of value or cost.

Therefore, we believe it is necessary to reinterpret and redefine society and social values.

Social value is not a concept that corresponds to economic value, but includes economic value and all externalities expressed in traditional economics. The object of the value is the entire society, including the creation of all material and spiritual wealth. Social value is social welfare, manifested as the sum of economic, social, and environmental benefits. In this way, when we talk about society, we will not exclude the"economy" or "individuals" from it, nor limited it to the 17 categories of the United Nations Sustainable Development Goals. So-called SDGs. Instead, it is composed of all people of society. It can be as small as a local community or as large as a community with a shared future for all humanity.

As for enterprises I am discussing in this context are not just those working in the fields of education, elderly care, or the environment.

For every enterprise, their social value is not only presented through social responsibility, but more importantly, the benefits they bring to society through their main business, including the use value of their products, employment opportunities provided, and tax contributions to the country. It also covers the positive value proposition of enterprises, which helps to change consumer attitudes and behaviors, leading to constructive changes in society; helps establish social capital or improve the environment.

The second obstacle is the insufficient evaluation criteria for the economy. Due to the separation of society and economy, traditional enterprise evaluation standards cannot truly and completely reflect the creation of social value by enterprises. The positive externalities created by enterprises cannot be reflected, and the social costs generated by negative externalities cannot be fairly compensated. We need new evaluation criteria.

In practice, YouChange has developed a set of evaluation standards and methods, known as the "3A" system, which assesses the social value of enterprises from three dimensions: Aim, Approach and Actions. It is an evaluation of the entire process of value creation-the intention to create value (Aim), the methods to create value (Approach), and the result of creating value (Action) are all included in this evaluation. It also integrates the economic, social, and environmental benefits achieved by enterprises into a unified framework.

Today, I am proud to inform you that since 2017, this set of standards has been used for the evaluation of some Chinese listed companies, and financial products have been developed based on this. 

We call this social value investment, which is a broader and higher-level form of social finance. Due to time constraints, I am unable to provide a detailed introduction here.

The third challenge is the outdated financial reporting system based on financial accounting standards, which is a common standard and language of industrial civilization. However, it does not consider or reflect any external costs or values. Therefore, it is necessary to improve the existing reporting system to better reflect the company's value to the market and society.

For example, establish a fourth report that will include many previous off balance sheet assets. Which means  integrating both positive and negative externalities into the balance sheet. Simultaneously convert the balance sheet into a social value balance sheet. This enables commercial companies to participate more spontaneously in social financing and social initiatives.

We are currently conducting research on this in order to obtain wider applications.

Once the above three transformations are completed, through social value assessment, investors can see the complete ability and contribution of a company's value creation, thereby changing their investment behavior. We hope this will transform all investments into social financing, and all behaviors of the company into actively creating social value.

In addition, the government or social development banks can use the fourth balance sheet to identify and support innovative enterprises that create social public value based on policy priorities, and support or encourage them to provide public services and products through preferential policies and government investment. This may be an exploration of Chinese path to modernization.

Ladies and gentlemen, we live in an era of great change. In order to overcome the social problems accumulated in the era of industrial civilization, we need to go beyond conventional thinking. The three points discussed here-cognitive pattern, company evaluation, and financial reporting systems-demonstrate how our understanding and institutional innovation are gradually interconnected. They are based on our thinking and our limited but promising experiment.

I hope these sharing will trigger more thinking and discussion, and deepen our understanding of the theme of today's meeting.

Thank you.