印度小额信贷公司SKS上市的思考

2010 August 21

最近在微博上稍稍参与了两个小讨论,分别与国内外两家与公益有一定关系的公司上市的事,将这两件事联系起来,其实涉及到关于社会企业投资以及盈利的很多问题和争议。

一件事是中国青基会投资创办的嘉事堂药业上周在深交所上市,定价12元,开盘22.50元,涨87%。青基会持股900万,除已收回投资1000多万,按市值净赚2亿。这是青基会参与创办的第二家上市公司,第一家是青基会为原始股东的北京银行,收益也颇丰。对于公益基金会通过在商业性机构的股权投资的方式实现闲置资金增值,我想这绝不应该得到提倡,甚至应该禁止。

公益基金会募资的理由和目的是开展公益活动。在这个过程中如果有资金的闲置,如何进行保值增值是一个值得探讨的问题。我想基金会的投资首先要考虑以保守稳健,而且是较高流动性的方式进行投资,以保证资金的安全,以及开展公益活动的随时所需。股权投资无论在安全性还是流动性上都无法满足需要,当然对公益机构/社会企业的股权投资另当别论。

无独有偶,也就在本周,印度小额信贷公司SKS Microfinance在印度成功上市,上市首日股票上涨10.5%。而在SKS Microfinance的股东中也有非盈利基金会Unitus的身影。Unitus作为专注小额信贷的非盈利基金会,致力于投资及扶持各小额信贷机构的发展,在2003年开始投资SKS Microfinance,它将在这次SKS的上市过程中获得数千万美元的收益,Unitus将如何使用这些收益,它自身的非盈利定位与拥有一个盈利性的基金之间的潜在矛盾,都在SKS上市的过程中引发了国外媒体的广泛讨论。

SKS这次3.5亿美元的融资和上市,获得了超过13倍的超额认购,索罗斯的量子基金在上市前也入股SKS,以及6.7倍的师净率和40倍市盈率的定价,从商业角度无疑是一次非常成功的上市。与同样为农村提供小额信贷服务的墨西哥Compartamos相比,它在2007年上市时,市盈率是27倍,而它当时的股权收益率(ROE)是55%,几乎是SKS的两倍。

SKS这个“过度成功”的上市过程是否会对SKS以后的发展和社会效益的坚持造成影响,这也是很多人关心的问题。社会企业在商业化的过程中,特别是在上市以后,如何坚持盈利与社会效益的平衡,不偏离社会目标,这本来就是一个很大的挑战。SKS以高于同业的指标上市后,它的股东是否会对公司的盈利性和成长性有更高和更苛刻的要求,从而对公司客户(那些处于金字塔底层的人们)的利益造成损害,以及影响公司的长期可持续发展?商业化当然有它的好处,但商业化也带来更多的战略挑战,这是每一个致力于创立社会目标的社会创业家们都应该认真思考的问题。

(题图照片来自NYTimes

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