An innovative organizational model: financial inclusion through securitization a hybrid model at the service of partnership-baseb solidarity finance

Résumé

This article analyses the organizational mode developed in a microfinance and solidarity bond issue aimed at investors wishing to integrate social dimensions into their investment decisions.

It unfolds around a network of partners who choose to issue a socially responsible partnership bond for investors. A "hybrid" partnership is created between portfolio management companies, extra-financial rating agencies, bankers and microfinance institutions. A microfinance platform has been created offering institutional investors wishing to invest in responsible finance the opportunity to recycle their assets. A securitization mutual fund has been created to act as a bridge between investors and microfinance institutions. A management company is positioned as a facilitator between the platform and investors offering advisory, origination, selection, asset monitoring and loan distribution services. Another management company is positioned as the main manager structuring the securitization mutual fund. The funds raised will be used to refinance the activities of microfinance institutions.

The portfolio management companies, for whom these products are intended, then take the place between the "network" of partners organizing the bond issue and ESG-sensitive institutional investors. The effectiveness of this organization mode relies on the managers' confidence in the organization and their appetite for this type of product.

We adopted an exploratory research design. Our choice to use a mixed approach is based on a combination of qualitative and quantitative data. As a first step, we use the case study method that is recommended when studying new fields, including an original research subject that is socially responsible obligation and which presents an innovative tool for directing funds to projects according to ESG criteria. Then, in a second phase, a quantitative study of fund managers completes our research by studying their appetite for this type of product.

JEL Classification: F2, F3, F6, O3

Paper type: Empirical research