The social turn in finance has brought with it a raft of innovations in finance and investment. For some this is a positive development that positions finance as a means for achieving positive social change. However, the notion that such innovation offers a softer or more benign finance is debated. In this paper we examine one recent innovation, social impact bonds (SIBs), and through a case study, we evaluate policy documents, press releases, interim reports and interviews with 4 key stakeholders in a recent UK SIB. In doing so, we contend that the case SIB embedded modalities of neoliberal governance further into contemporary social care and social relations. We argue that social investment is thus based around a model of inclusive neoliberalism and that the apparent innovations in social investment further embed finance and extractive logic deeper into social life. We conclude by suggesting that the practise of social investment will do nothing to resolve the social problems that they are designed to tackle.

金融的社会转向带来了大量金融和投资创新。对于某些人来说，这是一个积极的发展，将金融定位为实现积极社会变革的手段。然而，这种创新提供了更温和或更温和的金融的观点是有争议的。在本文中，我们研究了最近的一项创新，即社会影响债券 (SIB)，并通过案例研究评估了近期英国 SIB 中的政策文件、新闻稿、中期报告和对 4 位主要利益相关者的采访。在这样做时，我们认为案例 SIB 将新自由主义治理的模式进一步嵌入了当代社会关怀和社会关系中。我们认为，社会投资因此基于一种包容性新自由主义模型，社会投资的明显创新进一步将金融和提取逻辑更深入地嵌入到社会生活中。我们最后提出，社会投资的做法对于解决它们旨在解决的社会问题无济于事。