中国公益基础设施：分析框架与投资策略研究报告（简版）

⮕煝卥疵呻䫟厜⼴┱(矻䫌曬鰑) 瞬汻 䕇兦假⷇㛶 ䷃锢 ꇔ鴤յ茤徏յ氲⟥羱缘瞏缋嵴㕈熝駦偢溸ꓨ锢䙎┯阌脯ㅶ㐃䡝ㄌ⪫漩뀖㔔 □儱㠁婟ն⪫漩㕈熝駦偢儱ꄽꁩ怮鳉䡝ㄌ⪫漩◜╃⹿㺥溸⪴䙎괛寛脯䳀ⶬ⪼侞茤溸鿞燖⚂騠锢筷溸䙰璼ն䕼間㺂긖溸⪫漩㕈熝駦偢儱➶ꂛ⪫漩缀缃呦䖦⪫漩⚃⡽ꨄ⾕俠✅缀缃⹿㺥溸⻄璀┺╃佻䭦䙎劚ⲏ╚間㺂긖溸⪫漩㕈熝駦偢濫濤◟䓺䧯둛侞ꁾ✑溸䡝ㄌ⪫漩鉿╃╭锢䭇㕇芍⪫漩缀缃溸㳯㊮յ➶ꂛ┺╃⮕䈰⾕⶷ ⻎⻉✑溸佻䭦羱缘♨⹴➶ꂛ┪┬廷❵괛㸉䱹⾕☆儅ꁒ䧯溸⟥氠勨⯜յⳫ䯧䌐⺬⾕ ⪫漩䉗㐙瞏㴥間㺂긖溸⪫漩㕈熝駦偢⮯濫濤◟⚳䡝ㄌ⪫漩鉿╃┱楒㘷溸◧Ⲙ 䭇䪆㝕⪫漩鰑徏䫌⪝յ㴟ㄌ㴥間⯜䍳楒㘷յ觝ꅐ⪫漩倁յ䲀Ⲙ⪫漩焒駮气☋ ⾕⮕☑瞏ն ⪫漩㕈熝駦偢䐮駦锢玒때⾕熏㏍⩪⮕⹿䮢侓䍠յ⚕◜╃⶿⛻⾕䡝ㄌ ⪫漩鉿╃蔦麄溸㝃做✑氠䓺䧯⻉ⲇն⡍㸍侓䍠㸞㴟ㄌ⪫漩㕈熝駦偢✑╬䲀Ⲙ䡝ㄌ⪫漩◜╃⹿㺥溸ꓨ锢䫈䩘⮱假勨⯜䲀Ⲙ⚕◜╃⶿⛻䳀❵剳㝃⪫漩㕈熝駦偢劚ⲏ㸞佻䭦⪫漩㕈熝駦偢⹿㺥绯⪝䨿劔⪫漩嵛Ⲙ╚觝ꅐ䨿劔鰑ⲙ勨卐佻䭦⪫漩㕈熝駦偢⹿㺥溸ꪍ侞勨⯜ն 锢广⪝⯒╃ⲏ㺂긖㕈◟⪫漩㕈熝駦偢劚ⲏ溸缋嵴㺲䙎ꓠ⺆┯⻎溸䫌鰑瞬汻ն㸉◟⪾劔⪫⪴朮⿣㺲䙎溸ꄽ氠㒘焒駮气☋⺪㝃ꓠ⺆銣❵做埛䑑潳䱹䫌鰑◟㕈熝駦偢勨卐脯㸉◟⪾劔瑮☭朮⿣㺲䙎溸㴼⯜劚ⲏ⺪㝃ꓠ⺆銣괛做埛䑑ꄽꁩ╬⪫漩缀缃鯺▷佻䭦䙎劚ⲏ䳀❵鰑ⲙꭊ䱹䲀Ⲙ⪫漩㕈熝駦偢⹿㺥ն 1㕈/熝駦偢缋嵴㳔 u☴▂儱㕈熝駦偢/ u㕈熝駦偢槏駢忈徏/ u㕈熝駦偢⮕卥溸◝缰焘ꮔ呻厜 / 2 呦/䖦嚤䗼汕㴼⾕ꀥ卥 u潸⪸嚤䗼汕㴼/ u⪫漩㕈熝駦偢潸⪸嚤䗼ꀥ卥/ 3╚呻㎼厜⪫┱漩⮕㕈卥熝駦偢⹿㺥 / u䕼間㺂긖溸⪫漩㕈熝駦偢⮕卥/ u╚間㺂긖溸⪫漩㕈熝駦偢⮕卥/ u㴥間㺂긖溸⪫漩㕈熝駦偢⮕卥/ / 4╚䫌㎼鰑⪫瞬漩汻㕈熝駦偢 u⹿㺥⪫漩㕈熝駦偢溸㕈勔䘽鴤玒때┱熏㏍/ u⪫漩㕈熝駦偢缂⮕뀖㔔䫌鰑瞬汻/ 5蔺/驊 ㎽潨䓡 ㎽缋嵴㳔閗閤溸朮⿣⮕稝/ ㎽勔䫟⼴╚溸⪫漩缀缃⾕⪫漩獘⚷缀缃┱潸⪸嚤䗼溸⪸笡/ ㎽8*/(4⪫漩佻䭦气䘒笡缛锢筷⾕⪸笡/ ㎽㵄楓䡝ㄌ⪫漩◜╃❈⾀溸㕈勔勨⯜/ ㎽⪫漩呦䖦⚃⡽ꨄ┱膷茤佻䭦 ㎽╭✅閗閤┬溸⪫漩鉿╃/ ㎽矻溸⪫漩䉗㐙埛㒘/ ㎽䡝ㄌ⪫漩◜╃溸笡缛┱楒㘷 銩潨䓡 / / 銩䡝ㄌ-⪫漩溸㎃璀䐻鯵䙎缀⻉/ 銩䳀ⶬ劚ⲏ㒘⪫漩缀缃侞茤溸⪫漩㕈熝駦偢/銩䳀ⶬ⪫漩鉿╃侞茤溸⪫漩㕈熝駦偢/ 銩➶ꂛ䡝ㄌ⪫漩◜╃䭦缩⹿㺥溸⪫漩㕈熝駦偢/ 1 㕈熝駦偢缋嵴㳔 餴⸔㛇炄霃倶䖎㺂僒椚鍒㥵卓⡹䟝鵘鷐餗暟⡹㽠銳⥝䒊♧勵麤騟㥵卓⡹䟝ⵖ鸣导鲨⡹㽠銳䒊鸣♧⚡䊨⾊鵯呋涸⢾㶩♶胿卐⚿կ麤 騟ㄤ䊨⾊〳腊♶⫸鳁鲨ㄤ⽓鲨齡呋雮➃Ⱓ㤃⡎㸐⟌涸㶸㖈⢪た罏涸佪桧넞䖤㢴 Ղ䒼ꨭ䗞v끩㼷䗞FSFEMVMEFS薉㕂餴⸔緸絞(5IFFVOEJOH/FUXPSL,6K)⴯㨤➃1 ┞薮駌╬⪫漩㕈熝駦偢ꂘ┞嚤䗼劅⮵儱匡蔦㸉缋嵴㕈熝駦偢溸갬ㅶն㎌婟㎈뀎缋嵴㕈熝駦偢溸槏駢悎ꂛ劔ⲙ◟笡缛⬮燛㐌槏闌⪫漩㕈熝駦偢卐䐮⾕⚳䫌鰑瞬汻ն .☴▂儱㕈熝駦偢 㕈熝駦偢JOGSBTUSVDUVSF䭶վ缋嵴㳔溯璇⪢▫EncyclopediaofEconomicsտ溸ꓤ▄儱䭰潳䱹䧶ꭊ䱹㐌劔ⲙ◟䳀둛☋⮃寊䌐⾕气☋侞椚溸缋嵴嵛Ⲙ⪼㕈勔锢筷儱☆ꄽꁾꀂյⲘⲇ气☋յꄽ駗⾕ꧼ鉿╃յ侷芍⾕⷟气駦偢瞏笡缛♨⹴⪾劔虙䍈溸侓䍠⾕侓岖缏卐ն⺪閒㕈熝駦偢儱┞╗긌䊬㶄峅溸嚤䗼⻼◗⻄璀㸉缋嵴☋⮃寊䌐⾕气☋侞椚劔璺卋䔕⿱溸鿞燖⚂騠锢筷ն ┿汕ꧼ鉿㸞䫌鰑◟㕈勔溸獘⚷劚ⲏ⾕㕈熝駦偢✑╬侓䍠呦䖦❈⾀溸 ◩뀉㕈勔膷鯰▇┞նվ䌑┿汕⹿㺥䫟⼴╬⹿㺥䳀❵㕈熝駦偢տ㸞㕈熝駦偢⮦⮕╬缋嵴䙎㕈熝駦偢FDPOPNJDJOGSBTUSVDUVSF┱獘⚷䙎㕈熝駦偢TPDJBMJOGSBTUSVDUVSF⪼╚缋嵴䙎㕈熝駦偢╭锢䭇⪫⪴◜╃氲ⲇյ硅ꇔ㝙撬官յ氲⟥յ❵寊硅羱յ楒㘷⷟气⾕對寊㜘槏յ㎷✅䍤䐽朮侅겐㜘槏瞏յ ⪫⪴䈰瓨氠◟拪徃⾕䱗寊溸㝕㑒⾕岉ꇔ䈰瓨瞏♨⹴⪼♑☆ꄽꁾꀂꌄꬾ꧇鴤յ㓻䉗☆ꄽյ⺛յ寊鴤⾕勨㐙瞏脯獘⚷䙎㕈熝駦偢⮯ꄽ䊬䭇侷芍⾕ ⷟气瞏նվ/䌑┿汕⹿㺥䫟⼴♨焒駮➶ꂛ⹿㺥տ♈⺞┞閗閤㸞㕈 熝駦偢⮦⮕╬燖㕈熝駦偢IBSEJOGSBTUSVDUVSF⾕鿞㕈熝駦偢 TPGUJOGSBTUSVDUVSF⯼脢㠁☆ꄽյꄽ駗瞏⻑脢㠁劔侞溸岻岖յꓭ鄌 ⾕侷芍✅笡瞏ն┿汕ꧼ鉿䒩騫鿞㕈熝駦偢㠁卐䐮婞䑑⾕긌婞䑑溸佻䭦䉗㐙⹿芍⾕劔侞ꁾ鉿溸⯜䍳㸉◟➶ꂛ⹿㺥⪾劔卋╬ꓨ锢溸䟩▄ն .鿛䑜蔦BFOjBNJOBFMMFHZ,.Unlockingphilanthropy’spotential:Whatfunderscandotobuildstrongphilanthropysupport ecosystems.8PSMEXJEF*OJUJBUJWFTGPS(SBOUNBLFS4VQQPSU(8*/(4). 劔.溸勔㎈䫟䫟⼴䙎╚ն氠䫌鰑(JOWFTUJOH)脯┯儱鰑ⲙ(GVOEJOH)溸嚤䗼僁㐃䒩騫㸉⪫漩㕈熝駦偢溸䫌⪝㸉◟䡝ㄌ⪫漩◜╃⹿㺥䨿⪾ .(SFFOXBSE,%PVHMBT,.EncyclopediaofEconomics./FX:PSL,/::MD(SBX-)JMM. 䫌鰑◟㕈勔溸獘⚷劚ⲏ⾕㕈熝駦偢⟛䫞䒙ⲹ聁✅⟛䫞楒㘷ն ✑.╬8侓PS䍠ME呦B䖦BO❈L,⾀溸◩.뀉Wo㕈rl勔dD膷e鯰velop䭇mentRep燛or㴼t1岻99䔾7:㕈Th熝eStatei⟛na䭦C┞ha╗ng勑in錻gW熏o㐿rld溸./侓F瞬X楒:P㘷SL:0Y䭇GP⟛SE䭦6㴥O間JWF缋ST嵴JU溸Z1甯S㴼FTT. .8PSMEBBOL,.WorldDevelopmentReport1994:InfrastructureforDevelopment./FX:PSL:0YGPSE6OJWFSTJUZ1SFTT. 1.SF8TTP.SMEBBOL,.WorldDevelopmentReport1998/1999:KnowledgeforDevelopment./FX:PSL:0YGPSE6OJWFSTJUZ .8PSMEBBOL,.WorldDevelopmentReport2002:BuildingInstitutionsforMarkets./FX:PSL:0YGPSE6OJWFSTJUZ1SFTT. վ㎼㶡駢տ վAO*ORVJSZJOUPUIF/BUVSFBOE $BVTFTPGUIF8FBMUIPG/BUJPOTտ 缋嵴㳔▇曋◱䓝u偅㶕AEBN4NJUI .㕈熝駦偢槏駢忈徏 㕈熝駦偢溸䘽䞰劅僃⺪ꃰ忈⯒缋嵴㳔▇曋◱䓝u偅㶕"EBN4NJUIն♑㐃վ㎼㶡駢AnInquiryintotheNatureandCausesoftheWealthofNationsտꂘ勔⮦僓♣溸䈵詇╚ꭦꓤ◗侓䍠锢㻀鉿溸┩璀㕈勔膷鯰 ㎼ꮑյ⺶岻⾕⪫⪴劚ⲏ⪼╚⪫⪴劚ⲏ膷鯰╭锢䭇➬⯈◟┞薮ガ╃⾕杅媗ꌄꬾ溸⪫⪴䈰瓨⾕勨⪸♨⹴㸉귱䌑⾕⪼♑䌑볝☭聁溸侷芍佻⮃ն 偅㶕ꂖꂛ┞婢䱲駐◗㎼ꮑյ⺶岻♨⹴┯⻎㕈熝駦偢溸鰆氠匡徏ն㸉◟➬⯈┞薮ガ╃溸⪫⪴駦偢㠁ꇔ鴤յ咪哖յꁾ岉յ彵瞏㸉俠╗獘⚷儱劔⯈溸氮㎼㵶䐷佻䌔傱┯䓝⛰□⺪ꄽꁩ⻔❈氠ꂘ◲駦偢溸潳䱹⺇漩脢侅⺆鰆氠匡䐮駦⾕缰䫞蝄┯茤氮蔦麄侅⪝缰䭦脯⪼➬⯈⹱☹ꮺ◟杅㴼㐌做䧶ⶔ㔔氮㐌做鉿侓䓝㹾匡䫌 ⪝⾕硅槏鿲▇氮㎼㵶鯬鯰剳╬㡚䓝➬⯈杅媗ガ╃溸㕈熝駦偢䐮駦⾕缰䫞⮯⺪⻔騍ガ╃ꌄꬾ䔰侅杅⯋溸뀭㜾鰆氠脯侷芍駦偢溸䐮駦⾕缰䫞⺪❈俠╗㎼㵶⺇漩⵲嵫㎌婟氮㎼㵶佻♕儱⻉槏溸⛰□⺪劔潳䱹⺇漩脢♕鰆⾕䡝ㄌ㕈ꓭ瞏㝃璀⪼♑鰑ꓭ匡徏ն偅㶕㸉⪫⪴䈰瓨瞏㕈熝駦偢ꓨ锢䙎յ鰑ꓭ匡徏⾕鯰⚈⮕䬎溸窢ꀓ駢ꃎ㐃㝃䌑⻑溸♁㝙❹撬ꭀ脘濫冝䢘溸⩱蚘ն 獘⚷ꭊ䱹鰑勔4PDJBMPWFSIFBEDBQJUBM 㝕䲀ꂛ槏駢5IFPSZPGUIFBJH1VTI ⟛羻u羻喖偅㑝-羻╫1BVM3PTFOTUFJO-3PEBO 駹.倁4N⹨J脞UI,A◱E䓝BNu偅,㶕./.㎼.A宑n鯯In㶡qu溸iry䙎in鯵to⾕thⸯe㎌Na溸tu煝re疵and┬Caⷳusesoꌏft㝕heⲇWյea椟lth◱oⷂfN駹atioⵌns☓.0YGガPSⲏEⷧ:$▫MB눒SFնOEPO1SFTT. .⻎┪ն F.E3JUFPETFCOZT)UFPJOX-B3SPEE4B.O&,M1MJ.T/B.O,E)FO."S/ZP$U.F8TPBOMMJUDIIF.5/IFFXPS:ZPSPLG,U/IF::'B4JUH.M1VBTSIUJ.O'".*nEconomicDevelopmentforLatinAmerica, .㕈熝駦偢⮕卥溸◝缰焘ꮔ呻厜 ⪸◟朮⿣缋嵴㺲䙎溸煝疵╬⮕卥㕈熝駦偢䳀❵◗矻绢溸呻厜ն♈缋嵴㳔閗閤澚朮⿣劔═╗ꓨ锢脯栃皒溸㺲䙎 Ώ䱗♑䙎ⷬ儱⻲⺪ꮞ婝☭♰❈氠騍朮⿣ Ⓒ巆鰆皶◚䙎ⷬ┞╗☭❈氠騍朮⿣儱⻲⚷⭀㸵⪼♑☭㸉騍朮⿣溸❈氠ն ♨巆鰆皶◚䙎⾕䱗♑䙎╬埭绱㑀吙⺪㸞朮⿣⮕╬㎃璀槏䞰㒘⹨閒㎽ն ㎽缋嵴㳔閗閤溸朮⿣⮕稝 巆鰆皶◚䙎SJWBMSZJODPOTVNQUJPO 儱⻲ QSJ瑮WB☭UF朮HP⿣PET ⬍帬帲迀ⷳ 䬿䮡溸侅鰆ꇔ鴤 劚鍯 ⟺DMV▍CꌄHP朮PE⿣T ┯䬿䮡溸侅鰆ꇔ鴤 劔绻氲閗 巆ꮑ 儱 DPNN⪫P⪴OS鰑FT徏PVSDFT 嶯崎ꓧ溸띳 䬿䮡溸┯侅鰆ꇔ鴤 楒㘷 QV⪫CM⪴JD朮HP⿣PET 봅ⷳ낊餿䫟㊮ ┯䬿䮡溸┯侅鰆ꇔ鴤 ㎼ꮑ FYDMVEBCJMJUZ 䱗♑䙎 ⻲ 瑮☭朮⿣ ⫅⪾䱗♑䙎⾕巆鰆皶◚䙎ն气嵛╚溸㝃俚朮⿣ꌬ儱瑮☭朮⿣䧰♰뀋ꦷ▷䩜茤裯䕒脯┞傿裯䕒㹧⺪䧯╬め┞裯漩溸☭նꂘ稝ガ⿣⺪ꄽꁩ⚃呬勨⯜㵄楓❵괛䌐銝ն ⪫⪴朮⿣ 傶傱䱗♑䙎⹱傱巆鰆皶◚䙎ն⪫⪴朮⿣⪾劔婞㜾ꌄ䙎⹱걾㸞勑♕鰆脢䱗ꯙ㐃㜾溸杅掾❈▇儅⮃楓┯♕鰆溸䵴➬鿕脢GSFFSJEFS⮃楓䉗㐙㝤挺NBSLFUGBJMVSFն╬䍎㸉䉗㐙㝤挺侓䍠䔯䔯锢䪍悎ꓨ锢閤虝ն ⪫⪴鰑徏 傱䱗♑䙎⛰⪾劔巆鰆皶◚䙎նⷬ걾♨ꮞ婝┞╗☭❈氠騍朮⿣⛰ꂘ╗☭溸巆鰆⚷䔕⿱⪼♑☭㸉騍朮⿣溸巆鰆ն⪫⪴鰑徏䔯䔯錻ꁩ䍳❈氠㸍蔺⪫㐌䜹ⰦUSBHFEZPGUIFDPNNPOTն庣崀溸寊⾕疿官䬿㖬溸⩹鰆ꇔ鴤儱⪿㒘溸⪫⪴鰑徏ն╬闌⬑⪫㐌䜹Ⱖ侓䍠⺪ꓠ氠䔰侅瓭鰆䧶䑜⪝瑮☭☋勶瞏䈰⪾ꂛ鉿岖槏ն ⟺▍ꌄ朮⿣ ⪾劔䱗♑䙎⛰傱巆鰆皶◚䙎ն劁⚈耘㎼䙰缛缋嵴뀎ꭄ㣘⽄⚷╭䊛溸詇⻐缋嵴㳔㵶/.呬ꓧ둛⯈u剾僮 /.(SFHPSZMBOLJX╱◗┞╗㸰ꩍ╚巆ꮑ劚ⲏ溸❛㲳ն槏駢┪駚巆ꮑꌄꬾ兇撬⺪䱗ꯙ㸰ꩍ╚溸叄╗☭䧶叄◲☭☑⺇巆ꮑ劚ⲏ㠁⪼⹿气挩捊僓錍䩘偪間⛰┞傿騍㸰ꩍ䐮皒◗巆ꮑꌄꬾ㝃⟛䫞┞䨿䨼㲳溸뀭㜾䧯勔儱䕼┯鳉ꇔ溸ն 煝疵銩僻㕈熝駦偢㸉◟┞㎼缋嵴⹿㺥⾕㎼宑琀獮䳀ⶬ⪾劔ꓨ锢䟩▄ն䔻㝃㕈熝駦偢ꌬ⪾劔⪫⪴朮⿣㺲䙎㲾㐃䉗㐙❵缕┯鳉ꭄ뀨侓䍠㐃䳀❵㕈熝駦偢╚⹿䮢濫ꓨ锢✑氠脯叄◲⪾劔䱗♑䙎溸㕈熝駦偢ꂖ㎌閕埛缋嵴 FDPOPNJFTPGTDBMF脯儅⮃楓蔦撬㒑偃OBUVSBMNPOPQPMZ䌔❹䩬 㒑偃㐌⛻⻔巆鰆脢筻锢剳둛⚃呬ն侓䍠⚷㸉▇ꂛ鉿閕⯜ն .MBOLJX,/.(..PrinciplesofEconomicsBPTUPO,MA,$FOHBHFLFBSOJOH,Q.. Development./FX:PSL:0YGPSE6OJWFST