為推動社會企業發展，各國政府除採取政府補助為主要政策工具外，也嘗試導入社會投資概念的公益創投，然對於政策工具如何影響社會企業發展，本文認為應回歸社會企業混合結構本質，從多元目標與多元利害關係人的視角，檢視資源變化對社會企業影響。透過文獻與深度訪談資料的分析與討論，本文歸納出幾個重要發現：首先，政府補助在社會企業創設階段扮演推動角色，但對於萌芽期之社會企業，導入社會投資性質之公益創投，以市場創新思維，強調具捐贈性質的軟性資金回收邏輯，為協助社會企業渡過死亡幽谷的可行策略；其次，雖然公益創投被視為低風險，甚至具備捐贈性質的投資工具，但一方面社會企業欠缺吸引天使投資人的誘因，另一方面社會企業對於天使基金定位認知不清而感卻步，致使實際操作上僅少數社會企業可以獲得天使基金的青睞與挹注；最後，社會企業認為公共政策應建構友善的稅務支持系統，提供公益創投及社會企業合作的誘因，並設計制度性信任機制，重建公益創投與社會企業之互信。

In order to promote the development of social enterprise, in addition to subsidies, governments introduce the new strategy of social investment (i.e. venture philanthropy) as policy tool. But how does the latter one influence social enterprises? This paper suggests that we should employ the hybrid features of social enterprises multiple goals and multiple stakeholders to answer this question. By conducting in-depth interviews with key informants, several conclusions are reached. First of all, governmental subsidies do play the critical role in the start-up stage of social enterprises. However at budding stage, introducing venture philanthropy would be a good strategy. It implies that venture philanthropy is the feasible way keeping social enterprises survive. Second, though venture philanthropy is known with low risk, not many social enterprises received angel funds because their purposes are unclear and thus lacking adequate incentives for angel investors. Finally, public policy regarding the development of social enterprises should design a friendlier tax system and rebuild the mutual trust between social enterprises and venture philanthropy.