Good Money Can Also Drive Out Bad：New Implication of Social Enterprises to Circulation Economy
（Zhejiang University，Hangzhou310058，China）
Abstract：The profit- driven orientation of merchants and the information asymmetry among consumers inevitably lead to the market vortex of“bad money drives out good”. Based on information share theory and social enterprises theory，the authors introduce social enterprises into the circulation field for the first time，and believe that such enterprises that realize social missions by commercial means play the dual roles of“bad goods supervisors”and“good goods brokers”，and these social enterprises can realize information sharing between the vendor's group and consumers，thereby expelling bad money. The author analyze the different identities played in the period of public welfare output and the self- hematopoietic period by using the field study ， internal interviews and literature materials as a case data source for the longitudinal single case study of the social enterprise's emerging case“DADDYLAB”. The role of enterprises in solving information asymmetry in the field of circulation reveals the process by which social enterprises promote "good money to drive out the bad". That is，social enterprises provide information sharing channels at different times because of their double bottom lines of social value and economic value. Therefore，the author propose that social enterprises will have great achievements in cultivating effective markets by realizing information sharing， helping the government to cope with information asymmetry between the public and providing inspiration for industry associations to enhance their independence and sustainable development capabilities. Finally，from the perspective of social enterprise development，the author propose separately for the government and social enterprises：the government should encourage and promote the development of social enterprises，and social enterprises should strengthen the double bottom lines and introduce a benign business model to be self-hematopoietic.
Key words：social enterprise；dual identities；information asymmetry；information sharing