financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2021-25-6-199-211finance-1389Research ArticleИНСТРУМЕНТЫ ФИНАНСИРОВАНИЯINSTRUMENTS FOR FINANCINGСоциальные облигации как инструмент финансирования массового спортаSocial impact bonds: Financing grassroots sportshttps://orcid.org/0000-0001-9562-8535СолнцевИ. В.SolntsevI. V.

Илья Васильевич Солнцев — доктор экономических наук, доцент, руководитель Департамента менеджмента и маркетинга в спорте

Москва

Il’ya V. Solntsev — Dr. Sci. (Econ.), Assoc. Prof., Head of Management & marketing in sports department

Moscow

Ilia.solntsev@gmail.comФинансовый университетРоссияFinancial UniversityRussian Federation202123122021256199211Copyright © Солнцев И.В., 20212021Солнцев И.В.Solntsev I.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1389

Цель исследования — анализ сложившейся за рубежом практики использования облигаций социального воздействия (social impact bonds — SIB) и разработка предложений по применению этого инструмента в финансировании проектов, направленных на развитие массового спорта и повышение уровня физической активности населения. Научная новизна работы подтверждается ограниченным применением подобного механизма в России и его слабой изученностью. Устранить этот академический и прикладной пробел и призвано данной исследование. Использованы методы деконструкции и аспектного анализа. Детально проанализирован зарубежный опыт эмиссии социальных облигаций, выявлены преимущества и недостатки этой модели. В силу отсутствия проектов SIB в сфере спортивных проектов, модель социальных облигаций рассмотрена на примере программы, реализованной в Нью-Йорке и нацеленной на снижение уровня преступности среди молодежи. Данный пример позволил описать схему взаимодействия всех участников и стейкхолдеров и проиллюстрировать сопутствующие преимущества и недостатки. В дальнейшем эта модель может быть перенесена на российский опыт и использована как образец для запуска аналогичного проекта, но уже в сфере массового спорта. Проведенный анализ успешных проектов, реализованных за рубежом, позволил автору обосновать возможность использования социальных облигаций для финансирования программ по повышению уровня физической активности населения. Среди прочего была предложена система целевых показателей, включающая такую метрику, как социальный возврат инвестиций — SROI. Автором детально описана методика расчета SROI и приведены примеры расчета этого показателя для проектов в сфере массового спорта. Сделан вывод о превалировании преимуществ SIB над недостатками и высоким потенциалом этого инструмента. Дальнейшие исследования в данной области могут быть направлены на уточнение методики расчета SROI для программ, подразумевающих повышение уровня физической активности населения, и оценку конкретных проектов в этой сфере.

This paper aims to analyze the foreign experience of using social impact bonds (SIB) and formulate proposals for the application of this tool in financing projects aimed at developing mass sports and increasing physical activity on a national scale. The scientific novelty of the article is confirmed by the limited application of such a mechanism in Russia and its insufficient study. This research aims to fill this academic and applied gap. The author uses the methods of deconstruction and aspect analysis. The article analyzes in detail the foreign experience of using social impact bonds, reveals the advantages and disadvantages of this model. In the absence of SIB sports projects, the model of social impact bonds is considered through the example of a New York City-based program aimed at reducing the recidivism rate among young people. This example allowed the author to describe the interaction scheme for all participants and stakeholders and to illustrate related advantages and disadvantages. In the future, this model can be introduced into Russian practice and used as a model for launching a similar project in the field of grassroots sports. The analysis of successful projects implemented abroad allowed the author to substantiate the possibility of using social impact bonds in financing programs aimed at increasing population levels of physical activity. A system of target indicators is proposed, including such a metric as social return on investment (SROI). The author describes in detail the methodology for calculating SROI and provides examples of calculating this indicator for mass sports projects. The author concludes that the advantages of SIB prevail over the disadvantages and about the high potential of this tool. Further research in this area can be aimed at clarifying the methodology for calculating the SROI for sport interventions promoting physical activity at the population level and evaluating specific projects in the field.

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The authors declare that there are no conflicts of interest present.