natgillin/translations-raw huggingface dataset:
»I sammenligning med store virksomheder, der er noterede på offentlige fondsbørser er informationsstrømmen om små, unoterede virksomheder, der søger investering, begrænset.« Rapporten fremhæver, at på grund af asymmetrisk information kan det forekomme, at mulige investorer ikke opfatter profit-risikoprofilen for virksomhederne korrekt, og derfor afholder sig fra at investere i risikokapital.
‘In comparison to large companies that are quoted on public stock markets, the flow of information about small, unquoted companies seeking investment is limited.’ The report argues that due to information asymmetry, potential investors may not perceive correctly the profit-risk profile of businesses and may become reluctant to invest in risk capital.
Rapporten konkluderer, at høje transaktionsomkostninger og forholdsmæssigt højere omkostninger for at skaffe oplysninger om mindre virksomheder gør, at investorer vender sig mod større investeringer.
The report concludes that high transaction costs and the proportionally higher costs of obtaining information about smaller firms make investors shift their focus on larger investments.
De strukturelle hindringer for tilvejebringelse af finansiering og venturekapitalekspertise til mindre og mere risikobetonede virksomheder synes at antyde, at venturekapitalinvestorer yderligere vil vende fokus mod større handler på et senere stadium.
The structural constraint on the provision of funds and venture capital expertise to smaller and riskier companies suggests that venture capital investors will shift their focus further towards larger, later-stage deals.
Forskning foretaget af ECOTEC gentog forekomsten af et markedssvigt mellem 0,5 mio. GBP og 5 mio. GBP, med den alvorligste hindring for virksomheder, der søger vækstkapital for indtil 2 mio. GBP.
Research undertaken by ECOTEC restated the existence of a market failure between GBP 0,5 million to GBP 5 million, with the most severe constraints being businesses seeking up to GBP 2 million of growth capital.
Nylige rapporter fra den britiske industrisammenslutning, Confederation of British Industry (»CBI«), konkluderede, at der fortsat er en tydelig mangel på adgang til finansiering.
Recent reports by the Confederation of British Industry (‘CBI’) concluded that there continues to be a clear gap for access to finance.
»Der er fortsat markedssvigt og anomalier i systemet, som bør korrigeres.«… »Gennem de seneste år er der dokumentation for, at der er et stadigt store markedssvigt i størrelsesordenen fra 500000 GBP til 3 mio. GBP.
‘There are still market failures and anomalies in the system that need to be addressed.’… ‘Over the past few years, evidence indicates that there is a growing market failure in the GBP 500,000 to GBP 3 million range.
Nylige data fra BVCA giver ingen formodning om, at mangelsituationen bedres, da gennemsnitsbeløbet for egenkapitalinvesteringer fortsat er i stigning.«Nogle undersøgelser fastholder, at der foreligger et markedssvigt selv under 0,5 mio. GBP og over 2 mio. GBP.
Recent data by the BVCA provides no indication that the gap is diminishing, with the average amount of equity investment continuing to increase.’Some studies argue that there is a market failure even below GBP 0,5 million and above GBP 2 million.
Der findes imidlertid ingen undersøgelser der taler imod forekomsten af et markedssvigt mellem 0,5 og 2 mio. GBP, som er den størrelsesorden, som Investbx har fastlagt for egenkapitalfinansieringen.
However, no study disputes the existence of the market failure between GBP 0,5 and 2 million, which is the range of equity financing targeted by Investbx.
Dette synes at være den størrelsesorden, hvor der findes de mest alvorlige hindringer.
This is perceived to be the range with the most severe constraints.
De britiske myndigheder nævnede også en række undersøgelser om forskellige aspekter af de handicap, som små virksomheder har, når de ønsker at blive noteret på en fondsbørs:
The UK authorities also quoted a number of studies and surveys regarding different aspects of the disadvantage that small companies face when they want to get listed at a stock exchange:
I en forskningsartikel af Brian Zivicky henvises der til det forhold, at få mindre noterede virksomheder i Det Forenede Kongerige følges af analytikerne, da handelsvolumet er utilstrækkeligt til at begrunde omkostningerne ved forskningen.
In a research article by Brian Zivicky reference is made to the fact that in the United Kingdom few smaller quoted companies are followed by analysts as there is insufficient volume of trading to justify the cost of the research being produced.
En rapport udarbejdet af Jaffe Associates på vegne af Quoted Company Alliance nævner, at mindre noterede virksomheder konkurrerer om en mindre og faldende andel af de institutionelle egenkapitalinvesteringer i Det Forenede Kongerige.
A report carried out by Jaffe Associates on behalf of the Quoted Company Alliance states that smaller quoted companies are competing for a small and decreasing proportion of institutional equity investment in the United Kingdom.
Evne til at handle i større volumen er den centrale drivkraft i investeringsbeslutningerne, hvilket automatisk straffer de mindre virksomheder.En undersøgelse foretaget af SWR på verdensplan fastlagde, at udstedere og investorer var helt bevidste om, at de nuværende mekanismer for at yde finansielle tjenesteydelser til SMV kunne forbedres, navnlig ved at skabe kontakt mellem udstedere og investorer.
The ability to deal in large volumes is a key driver in investment decisions, which automatically penalises smaller companies.A survey conducted by SWR worldwide established that there was a clear awareness among issuers and investors that current mechanisms for providing financial services to SMEs could be improved, particularly with respect to bringing issuers and investors together.
Undersøgelsen viste, at den vigtigste factor i investeringsbeslutningsprocessen var oplysningerne kvalitet og kvantitet.
As a result of the survey, the most important factor when making investment decisions proved to be the quality and quantity of information.
Et flertal blandt de interviewede fondsbestyrerne, investorer med stor likvid formue og venturekapitalister gav udtryk for, at de nuværende fondsbørser ikke gør det godt nok for at skaffe adgang til SMV eller for at tilvejebringe likviditet for de værdipapirer, som SMV tilbyder.En artikel skrevet af Tim Mocroft beskriver, at »…noterering og oplysningkravene på de traditionelle fondsbørser er dyre, men i betragtning af de pågældende virksomhedsstørrelser og de rejste beløb kan omkostningerne sædvanligvis indrettes derefter.
A majority of fund managers, high-net worth investors and venture capitalists surveyed said that current stock exchanges do not do a good enough job providing access to SMEs or providing liquidity for securities offered by SMEs.A paper written by Tim Mocroft describes that ‘…listing and regulatory requirements of traditional exchanges are expensive but given the size of companies involved and the sums of money being raised, costs can usually be accommodated.
Begge faktorer lægger imidlertid en tærskel for den virksomhedsstørrelse, som rent faktisk kan få adgang til hovedmarkederne i Det Forenede Kongerige — dvs. London Stock Exchange og AIM […] Typisk vil en børsintroduktion på et af disse markder koste omkring 500000 GBP. Med så store omkostninger kan det ikke betale sig at rejse forholdsvis beskedne kapitalbeløb.«
Both factors, however, impose a floor on the size of company that can effectively access the main markets that serve in the United Kingdom — namely the official list of the London Stock Exchange and the AIM […] Typically an IPO on either market will cost in the region of GBP 500,000; with such costs, it is uneconomic to raise relatively small sums of capital.’
Rapporten fra Deloitte med titlen »Improving Access to Finance for Small and Medium Sized Enterprises« fandt på baggrund af interviews med markedsaktører, at der er meget lidt almen viden og bevidsthed omkring SMV ' s finansieringsmuligheder.
The Deloitte report ‘Improving Access to Finance for Small and Medium Sized Enterprises’, found from stakeholder interviews that the general knowledge and awareness of finance options by SMEs is poor.
Det afsløres i rapporten, at lav investeringsvillighed var den største hindring for adgangen til finansiering i hele West Midlands.
The interviews revealed that poor investment readiness was the main barrier to accessing finance across the West Midlands region.
Investeringsvillighed vedrører virksomhedernes holdning til finansiering, kvaliteten af virksomhedsdokumentationen og et projekts helt generelle synlighed.
Investment readiness encompasses business attitude to finance, the quality of business documents and the general investability of a project.
Dette har virkning såvel for udbud som for efterspørgsel: det kan afholde virksomhederne fra at søge om finansiering på grund af en forventning om ikke at opnå den, og det kan begrænse udbuddet, da en mulig investor udsættes for en forøget risiko i betragtning af den utilstrækkelige investeringsvillighed.6.3.1.2.
This has both demand and supply implications: it may deter businesses from applying for finance due to the expectation of being turned down, and may restrict supply as a potential investor faces an increased level of risk if it considers an insufficient level of investment readiness.6.3.1.2.
Markedssvigtet i West Midlands
The market failure in the West Midlands
Selv om oplysningerne ovenfor vedrører en analyse af forholdene i Det Forenede Kongerige, vedrører Kommissionens vurdering spørgsmålet om, hvorvidt der foreligger et markedssvigt i målregionen for Investbx — West Midlands.
While the information presented above regards a UK-level analysis, the subject of the Commission assessment is whether there is a market failure in the target region of Investbx — the West Midlands.
På denne baggrund må yderligere — ud over ovennævnte elementer — vedrørende udbud og efterspørgsel efter investering på regionalt plan tages i betragtning.
In this context, in addition to the above elements, further aspects of the supply and demand of investment at regional level were taken into account.
De fleste af bemærkningerne fra interesserede parter understøttede forekomsten af et markedssvigt i regionen West Midlands.
Most of the third-party comments supported the existence of the market failure in the West Midlands region.
De britiske myndigheder har endvidere i deres svar på bemærkningerne fra interesserede parter fremlagt dokumentation, baseret på estimater foretaget af regionalt etablerede venturekapitalister, der understøtter forekomsten af markedssvigt i størrelsesordenen fra 0,5 til 2 mio. GBP, og hævder, at af de 500 til 750 forslag der modtages årligt, modtager mindre end 1 % finansiering, selv om de fleste af de afviste virksomheder har bæredygtige forretningsplaner og ville kunne modtage finansiering, hvis der fandtes en mekanisme, som den Investbx foreslår.
Moreover, in their reply to the third party comments, the UK authorities submitted evidence, based on an estimate made by regionally based venture capitalists supporting the existence of the market failure between GBP 0,5 and 2 million and claiming that of the 500 to 750 propositions received by them a year, less than 1 % receives funding, even though most of the companies rejected have viable business plans and could receive funding if there were a mechanism like the one proposed by Investbx.
Regional fordeling af investeringerne
Regional apportionment of investment
I henhold til data offentliggjort i BVCA-rapporten om investeringsaktiviteterne i 2005, udgjorde det samlede beløb for investeringer i privat egenkapital i West Midlands-regionen 4 % af det samlede niveau for Det Forenede Kongerige, hvorimod regionerne South East og London tilsammen tegnede sig for 44 % af de samlede britiske investeringer.
According to the data published in the BVCA Report on investment activity in 2005, the total amount of private equity investments in the West Midlands region was 4 % of the total UK level, while the South East and London regions together had 44 % of total UK investments.
Med hensyn til investeringer i den tidlige fase udgjorde West Midlands' andel 1 % af det samlede britiske beløb investeret i den tidlige fase, hvorimod regionerne South East og London tegnede sig for 49 %.
As regards early-stage investments, the proportion of the West Midlands was 1 % of the total UK amount invested at early stage, while in the South East and London regions it amounted to 49 %.
For udviklingsfasen udgjorde investeringerne i West Midlands 2 %, South East og London 42 % af det samlede britiske beløb investeret i udviklingsfasen.
In terms of expansion stage, investment in the West Midlands represented 2 %, in South East and London 42 % of the total UK expansion investments.
Disse oplysninger bør ses på baggrund af et BNP-bidrag fra de forskellige regioner til det samlede britiske niveau, for hvilket de seneste data stammer fra Eurostat i 2003 og viser, at West Midlands bidrog med 8 %, hvorimod South East og London tilsammen tegnede sig for 34 % af det britiske BNP i 2003.
These data have to be seen in the context of the GDP contribution by the different regions to the total UK level, about which the latest available data from Eurostat is from 2003, which shows that the West Midlands contributed with 8 %, while the South East and London together with 34 % to the UK GDP in 2003.
Dette viser, at i West Midlands er tilvejebringelse af egenkapital i investeringer i den tidlige fase og i udviklingsfasen i erhvervslivet meget lavere end områderne South East og London.
This shows that in the West Midlands the provision of equity in early and expansion-stage investments relative to economic activity is much lower than in the South East and London area.
I henhold til en analyse af den samlede markedskapitalisering for virksomheder noteret på LSE og AIM for samtlige regioner findes nogle af de laveste niveauer for samlet markedskapitalisering i Midlands.
According to an analysis of the total market capitalisation of firms listed on the LSE and the AIM across regions, some of the lowest levels of total market capitalisation exist in the Midlands.
I 2003 nåede den regionale markedskapitalisering som andel af BNP i London-området op på så meget som 621 %, i South East 139 %, i Det Forenede Kongerige samlet 153 %, men derimod kun 25 % i Midlands-regionen.
In 2003 the regional market capitalisation as a proportion of GDP reached in the London area as high as 621 %, in the South East 139 %, for the total UK 153 %, while only 25 % in the Midlands region.
Hvad angår økonomiske resultater, har Midlands et lavt niveau for markedskapitalisering i forhold til de britiske regioner.
Relative to its economic performance, the Midlands region has a low level of market capitalisation among the UK regions.
SMV's efterspørgsel efter egenkapitalfinansiering i West Midlands
Demand for equity funding from SMEs in the West Midlands
Det er vanskeligt på grundlag af statistisk materiale at efterprøve, hvorvidt der foreligger forgæves efterspørgsel fra virksomheder med bæredygtige forretningsplaner.
It is difficult to verify from statistical data whether unsatisfied demand of companies with viable business plans for finance exists.
For at løse dette problem viste undersøgelser sig at være det bedste middel i efterforskningen af efterspørgslen fra virksomheder med bæredygtige forretningsplaner efter egenkapitalfinansiering.
In order to overcome this problem, surveys proved to be the best possible means of research on the demand of companies with viable business plans for equity finance.
De britiske myndigheder har foretaget en række høringer, workshops og undersøgelser om efterspørgslen efter egenkapital blandt SMV i West Midlands.
The UK authorities have carried out a number of consultations, workshops and surveys about the demand for equity capital among the West Midlands SMEs.
I april 2003 blev der gennemført en undersøgelse, som viste, at ud af de 41 besvarelser fra det regionale erhvervsliv, følte 73 %, at adgang til kapitalmarkederne var et væsentligt problem for SMV, og 88 % følte, at de etablerede markeder ikke kunne tilfredsstille SMV's finansieringsbehov.
In April 2003 a survey took place, where out of the 41 respondents from the regional business community 73 % felt that access to capital markets was a significant problem for SMEs and 88 % felt that established capital markets did not meet the funding needs of SMEs.
68 % af besvarelserne følte endvidere, at Ofex kun var lidet benyttet som kapitalkilde for SMV, og 73 % af dem var interesseret i at tilslutte sig Investbx-projektet.
Moreover, 68 % of respondents felt that Ofex was a little used source of capital for SMEs and 73 % of them were interested in being involved with the Investbx project.
I november 2003 fandt et møde sted om Investbx i Birmingham, hvori deltog 81 repræsentanter for erhvervslivet.
In November 2003 a meeting about Investbx took place in Birmingham which 81 representatives of the business community attended.
Et efterfølgende møde fandt sted i London hos Centre for Study of Financial Innovation (CSFI), hvortil 27 repræsentanter for erhvervslivet var indbudt.
A subsequent meeting took place in London at the Centre for Study of Financial Innovation (CSFI) at which 27 representatives of the business community were invited to attend.
Feedback fra CSFI viste næsten enstemmig støtte for projektet.
Feedback from the CSFI was almost unanimous support for the project.
I maj 2004 modtog 21 konsulentfirmaer en henvendelse med henblik på at få deres detaljerede bidrag til udviklingen af Investbx-forslaget og vurdere, hvor mange af deres kunder, der med fordel kunne tilslutte sig Investbx.
In May 2004, 21 firms of professional advisers were approached in order to obtain their detailed input into developing the Investbx proposition and gauge how many of their clients may be suitable for joining Investbx.
13 firmaer svarede, at de ville forvente at kunne foreslå mellem en og seks kunder om året fra deres portefølje med henblik på optagelse i Investbx.
13 firms indicated that they would expect to propose between 1 and 6 clients from their portfolio to join Investbx per year.
Da kun en lille andel af firmaerne deltog i workshops, mener de britiske myndigheder, at egenkapitalfinansiering til 10 SMV årligt i Investbx' finansielle prognoser er en forsigtig anslåelse af efterspørgslen.
Given that only a small proportion of firms were involved in the workshops, the UK authorities consider that equity financing for 10 SMEs per annum in the Investbx financial projections is a conservative estimate of demand.
Da konsulenterne kun modtager betaling, hvis det lykkes virksomhederne at rejse kapital, er det i deres interesse kun at foreslå de virksomheder, der har bæredygtige forretningsplaner, så kun de virksomheder, som de mener vil være attraktive for investorerne, tilslutter sig Investbx.
Since professional advisers are paid only if companies successfully raise capital, it is in their best interest to propose only companies with viable business plans in order that only those companies seek to join Investbx that they believe will be attractive to investors.
Med hensyn til at rejse egenkapitalfinansiering for SMV i West Midlands i størrelsesordenen fra 0,5 til 2 mio. GBP — hvilket er hovedformålet for Investbx — mener de britiske myndigheder ikke, at de eksisterende markeder, der tilbyder egenkapitalfinansiering til SMV, opfylder efterspørgslen tilstrækkeligt, hvorfor de ikke retter op på markedssvigtet.
As regards raising equity finance for SMEs in the West Midlands in the area of between GBP 0,5 and 2 million — which is the primary objective of Investbx — the existing market places which offer equity financing to SMEs do not sufficiently meet the demand according to the UK authorities and thus do not resolve the market failure.
Selv om de kanaliserer egenkapitalfinansiering ind i en række SMV i West-Midlands, yder de ikke tilstrækkelig dækning i West Midlands-regionen, og ingen af dem har et regionalt fokus på SMV.
Although they mediated equity investment into a number of SMEs in the West-Midlands, they do not provide a sufficient coverage in the West-Midlands region, and none of them has a regional focus on SMEs.
De britiske myndigheder mener, at al tilgængelig dokumentation viser, at markedssvigtet ikke vil blive løst af den private sektor.
The UK authorities consider that all available evidence points to a conclusion that the market failure will not be addressed by the private sector.
På to særskilte møder tilrettelagt af AWM blev ansvarlige for Ofex opfordret til at fremlægge deres planer for at rette op på markedssvigtet i West Midlands, men i henhold til de britiske myndigheder var Ofex enten ikke i stand til dette eller ikke interesseret.
At two separate meetings, initiated by AWM, Ofex executives were invited to share their plans for addressing the market failure in the West Midlands, but according to the UK authorities, Ofex were either unable or not interested to do so.
Ofex har for øjeblikket 7 virksomheder fra West Midlands noteret, og ud af dem handles kun de 5.
At Ofex 7 enterprises from the West Midlands are presently listed and only 5 out of them are traded.
De britiske myndigheder mener ikke, at Ofex har afbødet markedssvigtet, og de mener heller ikke, at Ofex for øjeblikket dækker den formodede efterspørgsel i regionen på mindst 10 virksomheder årligt.
The United Kingdom does not consider that Ofex has resolved the market failure, nor does it consider that Ofex covers the presently estimated demand in the region of at least 10 companies per year.
Kun 1 ny SMV fra West Midlands blev optaget til notering på Ofex i 2005 og 1 i 2004, hvorimod Investbx forventes at notere 5-12 nye West Midlands-virksomheder årligt.
At Ofex the number of newly-listed SMEs from the West Midlands was only one in 2005 and one in 2004, while Investbx is expected to list 5-12 new West Midlands companies per year.
Konklusion vedrørende markedssvigtet
Conclusion on market failure
Kommissionen mener, at i tråd med punkt 5.2.1 i Retningslinjerne for risikokapital er der fremlagt tilstrækkelig bevis baseret på flere undersøgelser, hvorfor det kan konkluderes, at der forefindes et markedssvigt i West Midlands i størrelsesordenen fra 0,5 mio. GBP til 2 mio. GBP.
The Commission considers that in line with 5.2.1 of the Risk Capital Guidelines, sufficient evidence based on several studies has been provided to conclude that there exists a market failure in the West Midlands region in the range of GBP 0,5 million and GBP 2 million.
Er støtteinstrumentet velegnet til at opfylde mål af fælles interesse?
Is the aid instrument appropriate to deliver the objective of the common interest?
I henhold til punkt 5.2.2 i Retningslinjerne for risikokapital vurderer Kommissionen, hvorvidt foranstaltningen kan afbøde det konstaterede markedssvigt.
According to point 5.2.2 of the Risk Capital Guidelines the Commission assesses whether the measure is capable of alleviating the established market failure.
Med i betragtninger tager Kommissionen eventuelle konsekvensanalyser, ligesom Kommissionen undersøger muligheden for at nå samme mål gennem andre midler.
Furthermore, the Commission takes account of any impact assessment and examines the possibility to achieve the same objectives with other means.
Fokusering på markedssvigtet
Targeting the market failure
I betragtning af støtten for Investbx' vedkommende er den påtænkte støtte fokuseret på at afbøde det ovenfor beskrevne markedssvigt ved etablering af en online regional elektronisk handelsplatform, der sætter SMV i stand til at præsentere sig selv, rejse kapital og handle deres aktier.
Considering the aid at the level of Investbx, the proposed aid addresses the market failure described above by setting up an online regional electronic trading platform that will enable the SMEs to present themselves, to raise capital and to trade their shares.
Samtidigt sætter platformen investorerne i stand til direkte at få adgang til detaljeret og uafhængig information om SMV.
At the same time it will enable the investors to view directly detailed and independently certified information on the SMEs.