natgillin/translations-raw huggingface dataset:
Men i sommeren 1992 kom selskabet i vanskeligheder, da det var overbelastet af ordrer.
Venture capital is of course just one form of innovation financing open to companies.
Det så sig nødsaget til at skære ned på alle udgiftsposter og overvejede afskedigelser af tekniske årsager.
In general, however, the results of SME surveys show that the European innovation financing system is full of holes, such as the following.
Politik ken for forvaltning af de menneskelige ressourcer er stadig meget sårbar, og de over flere år opnåede resultater er i fare.
The unpredictability of innovation means that financing arrangements are up against intrinsic difficulties which have been further exacerbated by recent trends.
Men virksomhedens evne til at tilpasse sig konjunkturernes omskifteligheder er styrket takket være de ansattes forbedrede individuelle kompetence, virksomhedens fleksibilitet og dens dynamiske karakter i almindelighed. lighed.
D The intangible component raises the problem of the increasing disparity between the guarantees demanded by investors for risk pro jects and the ability of firms to base these guarantees on solid foundations.
D På grund af uddannelsessystemernes manglende fleksibilitet på det administrative område er det vanskeligt at skifte skole eller universitet i løbet af året (skole- og studieåret er ikke tilrettelagt på samme måde, gebyr) og ikke altid muligt at komme i praktik eller at gen nemføre en del af sine studier i en anden medlemsstat.
D A neglect of innovation on the part of institutional investors holding longterm savings (retirement funds and pension funds, far less well-developed in Europe than in the USA).
Der er gjort visse fremskridt med hensyn til anerkendelse af kvalifikationer opnået gennem eksamener takket være det europæiske meritoverføringssystem (ECTS) udviklet inden for rammerne af ERASMUS-programmet.
This is linked in many cases to an absence of information, a lack of market trans parency and liquidity and, in many countries, excessive prudence in the choice of place ment.
Det forsøg, der i forbindelse med COMETT-programmet er gennemført med mobilitet mellem universiteter og virksom heder, har ligeledes forbedret situationen på dette område.
D The globalization and deregulation of financial markets over the past 15 years facilitate a better liquidity and competition in the capital markets that can lead to better financing conditions.
Med hensyn til anerkendelse af faglige kvalifikationer er der dog stadig meget at gøre.
They have however also given holders of funds a wider choice of placement.
På dette område har man hidtil kun opnået enkelte sektorbestemte resultater.
These trends not only exert continued pressure on interest rates, but favour short-term, high-return investments to the detriment of the longer-term risk, so doubly penalizing innovative SMEs.
(Efter »Les entreprises face à l'Europe« af P. Morin & J.C. Riera, 1993). b) For lidt mobilitet
D Less tendency for individual investors ('business angels') to consider companies not listed on a stock exchange, despite interesting schemes for mobilizing them in the United Kingdom and Denmark, for example.
Nyttiggørelsen af den viden, den enkelte har erhvervet hele livet igennem, kan endnu ikke gøres til genstand for en egentlig anerkendelse.
The trend in venture capital in Europe illustrates this state of affairs.
Derfor må der indføres nye midler til anerkendelse af kompetence.
The growth of venture capital over the past 10 years has
Innovation opstår ved udveksling, sammenligning af synspunkter, samspil og kombination.
According to EVCA, private funds invested in the start-up and initial growth of enterprises fell from ECU 432 million to 200 million between 1988 and 1993 (including a 28% drop from 1992 to 1993; as a result of the recession, the venturecapital industry invested 15% less in 1993 than in 1992).
I den henseende er Europa imidlertid ikke gunstigt stillet i sammenligning med sine vig
At the end of 1993, the total assets held by pension funds in Europe amounted to ECU 1 100 billion, concentrated almost exclusively in the United Kingdom, the Netherlands and Ireland.
D Da der ikke findes et egentligt marked for realkreditlån, er det en besværlig og tids-
Only a tiny proportion is invested in innovation.
røvende proces at sælge sin bolig og købe en anden ved flytning fra en region til en anden eller fra et land til et andet. I USA kan det ordnes på et par dage.
market­regulating authority, too few profes­sional analysts and market­makers, etc.).] form of the Research development limited partnership, means that these individual inves­tors provide half the seed capital needed by young high­technology companies.
erhvervslivet forbundet med vanskeligheder af kulturelle årsager, men også på grund af erhvervsmæssige bestemmelser, sociale ordninger og skattesystemer.
□ The major commercial banks in most coun­tries are reluctant to get involved in innovation financing.
D Selv inden for virksomhederne er proceduren for ansættelse af ledende personale i en række medlemsstater meget lukket, og den erhvervsmæssige mobilitet er begrænset (navnlig fra en stilling til en anden i samme virksom hed).
Their ability to assess the technical risks of innovation and their relationships with organizations specializing in technology or innovation are still largely underdeveloped.
I modsætning hertil nævnes den erhvervsmæssige mobilitet i Japan, der i de store virksomheder er sat i system, ofte som en af hovedårsagerne til den tilpasningsevne og den interne informationsformidling, som udgør landets største konkun'encemæssige fortrin.
This is all the more regrettable in the light of the successful experiments which show that getting involved in financing innovative pro­jects and networking with innovation agencies may well be profitable for the banks con­cerned.
D Forskere, der ønsker at arbejde i flere med lemsstater, konfronteres med det problem, at skattesystemerne og de sociale ordninger er meget forskellige, og det hindrer deres frie bevægelighed i Den Europæiske Union.
Silmag, set up in 1991 by researchers at LETI (the electronics and instrumentation technology laboratory at the French Atomic Energy Commission (CEA)), is having to cope with severe financial con­straints: it has invested FF 40 million in the manufacture of its new­generation computer 'read­heads', and it is planning to spend a further FF 100 million on equipment.
Denne situation er paradoksal, i betragtning af at der udfoldes betydelige bestræbelser på at fremme mobiliteten, navnlig via programmet for uddannelse og mobilitet for forskere. Med undtagelse af f.eks.
Silmag will also have to keep up its portfolio of 30 interna­tional patents and a substantial working capital, needed primarily for building up its stocks of raw materials (silicon).
Tyskland er overførsler mellem universiteter, den offentlige forskningssektor oa
This year the company is expecting a turnover of some FF 50 million.
Finansieringsproblemer skeligheder, som er tiltaget i lyset af den seneste udvikling: a) Finansverdenen viger tilsyneladende uden om innovation på grund af risikoen
This is linked to national tax systems which privilege debt financing to the detriment of long­term financing and is aggravated by the frequent unwillingness of entrepreneurs to yield some say in their business and some of the financial fallout of success to partners who provide venture capital.
D Kapitalmarkedernes internationalisering og liberalisering inden for de sidste 15 år er befordrende for likviditeten og konkurrencen på kapitalmarkederne, hvilket forbedrer finansieringsmulighederne, men også investorernes muligheder for at anbringe deres kapital.
Silmag has adopted a two­pronged public­private strategy involving logistic and material support from the CEA, technical collaboration with the Italian Olivetti group, funding from Eureka, Esprit and ANVAR and investments from three risk­capital companies.
Fællesskabets innovationskapacitet afhænger i stor udstrækning af mulighederne for at finansiere innovationen.
This pilot project was set up at the request of the European Parliament and ECU 9 million as set aside for it in the 1995 Community budget.
Ekstern finansiering er ofte nødvendig i for bindelse med udvikling, industrialisering og markedsføring, når der forventes en kraftig stigning i omsætningen eller ved etablering af en virksomhed.
The initiative widens the cov­erage of banks providing loans to include enterprises which would not otherwise have found sources of financing for their development.
Eksterne investorer spiller i øvrigt ofte en rolle, som er mere vidtgående end blot at tilføre kapital.
Silmag expects the shares of its financial panners to be issued progressively on the stock market, particularly Nasdaq.
De kan yde værdifuld bistand til nystartede virksomheder i forbindelse med management og kontakter, især internationale.
Accord­ing to its management, Silmag is, in fact, better known in financial circles in the USA than in Europe. Most of its customers are US­based.
Men finansieringen er del problem, som virksomhederne uanset størrelse i alle unionslande og inden for næsten alle sektorer hyppigst anfører som hindring for innovation. tion.
A solid core of technical exper­tise has grown up there around the comput­ing sector; Europe does not yet possess enough investors able to follow up a compa­ny's growth potential over several years.
Innovationens uberegnelige aspekter bevirker. at finansieringen støder på fundamentale van-
The Growth and environment initiative is geared to enterprises investing in measures with beneficial effects for the environment (e.g. energy savings).
1 ) De Europæiske Pensionsfonde havde ved udgangen af 1993 en samlet aktiv beholdning på I 100 mia. ECU.
These problems are slowly but surely being recognized, and steps are being taken at national level to remedy them. Several pilot
Udviklingen i risikovillig kapital i Europa vidner om denne situation.
Π The lack of an electronics sector stock market specializing in growth or high­tech enterprise securities, similar to Nasdaq in the USA.
De seneste 10 års udvikling har været kolossal (på 8 år er der sket en firedobling af kapitalen, som i 1994 beløb sig til 40 mia. ECU, ca. 20 mia. ECU er investeret i godt 15 000 virksomheder).
This market enables dynamic firms to be recapitalized and offers venture capital com­panies an investment exit mechanism, thus constantly replenishing the flow of funds to this type of firm.
Sideløbende hermed har man imidlertid kunnet notere en foruroligende nedgang (i relative tal) i investeringerne i højteknologi (34 % af investeringerne i 1985, 16% i 1992, under 10% i 1994 til trods for en stigende tendens).
Despite the recent launch of several competing projects, European firms do not yet have access to equivalent services.
Situationen kan sammenlignes med opstartsi n vesterin gerne (25% af de investerede midler i 1985 mod kun 6% i 1994, selv om der i den seneste hvoraf hovedparten var koncentreret i Det Forenede Kongerige. Nederlandene og Irland.
Despite the forthcoming entry into force of the Directive on financial services, there are still many obstacles preventing such a market from functioning harmoniously (no pan­European
Endelig er den geografiske fordeling af den risikovillige kapital stadig skæv, hvor Det Forenede Kongerige indtager en førerposition (over halvdelen af de investerede midler) og i mindre omfang Frankrig og Nederlandene.
The Commission recently confirmed its support for the efforts being made to set up a capital market for growth enterprises in Europe.
I de andre lande er risikovillig kapital stadig på udviklingsstadiet.
Much remains to be done in this area in Europe, at both national and Community level.
Silmag, der i 1991 blev oprettet af forskere på den franske atomenergikommissions (CEA) elektroniske og instrumentationsteknologiske laboratorium (LETI) har store finansielle behov, der skal opfyldes: det har investeret 40 mio. francs i produktionen af den nye generation af læsehoveder og forventer at skulle afsætte yderligere 100 mio. til anskaffelse af maskiner og udstyr.
Industrial defence related research in the USA is 100% funded, as are certain basic research programmes involving industry. The share of public funding in the financing of research is very heavy in sectors such as aerospace (63.6% in 1991), electronics (30.3%) and the car industry (16.9%).3One should note however a tendency to a decrease in public expenditure.
Silmag skal ligeledes vedligeholde sin portefølje på 30 internationale patenter og skaffe betydelig driftskapital, bl.a. til etablering af lagre af råmaterialer (silicium).
This trend is translated both in terms of research budget and in an increased concentration of budgetary efforts as well in a search for an improved efficiency regarding the impact in terms of innovation.
For indeværende regnskabsår forventer selskabet af få en omsætning på 50 mio. francs.
The debate is not finished, but, if this tendency was confirmed, it could have strategic implications in the area of technological innovation.
Risikovillig kapital er naturligvis kun en af de former, som virksomhederne har adgang til, naide skal finansiere innovation.
Public funds devoted to innovation include expenditure on education and vocational train ing, innovation assistance to SMEs, infrastructure building and research.
Ser man på resultaterne af de undersøgelser, der har været foretaget i de små og mellemstore virksom heder, er de europæiske virksomheders mulig heder for finansiering af innovation generelt utilstrækkelige.Dette skyldes bl.a.:
The available statistics primarily cover public funds allocated to research. Budgets are dwindling, and the future is being mortgaged as a result of cutbacks in public spending.
Silmag har fået støtte fra både den offentlige og private sektor.
Because less public aid is devoted to research in Europe than in the USA, European industry finds itself at a disadvantage in some sectors.
Det har således opnået logistisk og materiel støtte fra CEA, teknisk bistand fra den italienske gruppe Olivetti, finansiering gennem EUREKA, ESPRIT og ANVAR samt kapital, som tre ventureselskaber har investeret.
Firms in the USA receive three times the total volume of research funding provided in the EU, and twice the average amount. A figure provides a good illustration: the US federal government has injected into industrial research about ECU 100 billion more than the total of Community funds (second and third framework programmes, Structural Funds) and the budget ary credits of the 12 Member States paid to companies within the 1987-93 period.1
D Den langsigtede opsparing, som er placeret hos de institutionelle investorer (pensionskasser, pensionsfonde, som er langt mindre udviklet i Europa end i USA) er kun i beskedent omfang rettet mod innovation.
The European tax environment as a whole is not particularly beneficial to innovation.
Det er en udbredt opfattelse, at årsagen hertil er manglende information, manglende likviditet og transparens på markederne samt regler, der i flere lande indebærer overdreven forsigtighed, når kapitalen skal anbringes.
This is reflected in the ways in which companies, natural persons, savings and consumption are taxed.
Silmag har planer om efterhånden af afhænde sine finansielle partneres aktier på børsmarkedet, fortrinsvis NASDAQ-markedet.
These questions, naturally, are primarily matters for Member States.
Ifølge selskabets ledelse er det mere kendt i amerikanske finanskredse end i Europa, ligesom hovedparten afkunderne findes i USA.
However, it is desirable to analyse whether or not the USA and Japan have introduced more suitable mechanisms which ought to be used as sources for inspiration.
Der er her opbygget en solid teknisk ekspertise omkring edb-sektoren, og i Europa er der endnu ikke tilstrækkelig mange investorer, som kan satse på et selskab i flere år ud fra løfter om vækst.
In fact, ways of reducing the burden of tax incentives on real estate, consumption and speculative investments and increasing tax measures favouring intangible investments are being sought in the USA.4 One must therefore reflect upon ways to correct possible disparities so as to avoid penalizing European firms more heavily than their competitors, to draw on the lessons of mutual experience and to examine how to bring about a readjustment of taxation to favour intangible investment in Europe.
D Der findes ikke noget elektronisk børsmarked, som er specialiseret i papirer i vækstorienterede virksomheder eller højteknologivirksomheder i lighed med det amerikanske NASDAQ.
The statistics used are based on OECD data on government financing of R & D which include subsidies (but not fiscal incentives), contracts and public procurement allocated to industry (including defence and aerospace industries).
Markedet giver venture selskaberne mulighed for at gå ud af investeringerne, således at kapital løbende tilføres disse virksomheder.
See 'Saving more and investing better', fourth report to the President and Congress.
D I de fleste lande er de store forretningsbanker meget tilbageholdende med at deltage i finansieringen af innovation.
D countries which opt for low company tax, based on the theory that innovation will blossom in a favourable climate; this approach is systematically applied by the United Kingdom; dom;
Generelt har de vanskeligt ved at vurdere den tekniske risiko, og de har kun meget begrænset berøring med organer, som har specialiceret sig i teknologi og innovation.
D countries which tax companies fairly leniently while using a variety of measures for boosting certain strongly research-oriented sectors; these include Spain, France, Italy, Ireland and Portugal;
Man er i højere grad blevet opmærksom på disse problemer, og på nationalt plan tages der initiativer for at afhjælpe denne situation.
D countries with some of the highest company tax rates in the European Union, but offset by a large number of specific incentives; Belgium is one example. '
Også på fællesskabsplan er der i overensstemmelse med subsidiaritetsprincippet iværksat flere pilotprojekter (f.eks. Edinburgh-faciliteten, som administreres af Den Europæiske Investeringsbank, og som har til formål at reducere SMV'ers omkostninger ved optagelse af banklån.
More basically, given that intangible invest ment has a high employment content (which is highly skilled in most cases), it is more readily affected than tangible investment by constant increases in tax and social security deductions.
Der er blevet iværksat pilotaktioner til fordel for startkapital, risikovillig kapital, finansiering af investeringer i »rene« teknologier (se den indrammede tekst).
This trend, which has had a detrimental effect on employment but also on competitiveness and growth, needs to be reversed.
For nylig har Kommissionen bekræftet, at den støtter bestræbelserne for at etablere et kapitalmarked i Europa for virksomheder i vækst).
This was indicated in the White Paper on growth, competitiveness and employment, which recommends substantial cuts in non-wage costs of about 1 to 2% of gross national product.
D Endelig er SMV'erne underforsynet med kapital.
D Tax systems in Europe tend to favour financing from borrowings rather than from capital.
Dette hænger sammen med, at de nationale skattesystemer begunstiger finansiering med lånte midler på bekostning af finansiering med egne midler, hertil kommer at virksomhedsejere ofte kun modstræbende går med til at overdrage en del af kontrollen med virksomheden og eventuelle finansielle afkast til de partnere, som har indskudt risikovillig kapital.
In order to stimulate self-financing, the Commission has formulated precise recommendations (Commission recommendation of 25 May 1994 concerning the taxation of small and medium-sized enterprises2) which need to be implemented.
Det offentliges bidrag til innovation omfatter i et vist omfang uddannelse, støtte til innovation i SMV'er, etablering af infrastrukturer samt forskning.
Tax systems do not as a general rule encourage investment by individuals in unlisted companies (taxation of reinvested capital gains, small or non-existent tax deductions, etc.).
Man kan af de foreliggende statistik-· ker især aflæse, hvor store midler det offentlige anvender til forskningen.
Moreover, fiscal transparency (i.e. the fact that all capital gains are attributed directly to the investor to avoid double taxation) is not de rigueur in all Member States (still less between them, in the case of transnational investment).
Begrænsningen af de offentlige udgifter medfører tilsvarende budget stramninger, hvilket kan få alvorlige følger for fremtiden.
Expenditure by private persons on education and training is rarely deductible from income tax.
Dette pilotprojekt blev lanceret på foranledning af Europa-Parlamentet, og på Fællesskabets budget for 1995 er der afsat 9 mio. ECU til formålet.
D The tax treatment and accounting of intangible investments are generally less advantageous than the treatment of tangible invest ments.
Midlerne anvendes til finansiering af garantier for lån, som er forbeholdt projekter, der har en gavnlig indvirkning på miljøet.
Three different approaches to company taxation relating to innovation can be identified in the EU Member States:
Inden for visse sektorer er den europæiske industri dårligere stillet end sin nordamerikanske konkurrent, eftersom der i Europa ikke ydes så stor offentlig støtte til forskning.
D Europe has a wide range of risk-capital tax systems, making for complex and costly legal procedures which obstruct transnational invest ment. 3
Man bør således overveje, hvordan disse skæv­heder skal udlignes for at undgå, at europæiske virksomheder stilles så meget dårligere end deres konkurrenter, udnytte tidligere erfaringer og undersøge, hvordan skattesystemerne i Europa kan omlægges til fordel for immate­rielle investeringer.
Generally speaking, undisclosed know-how can bene fit from protection, whether by virtue of commercial secret, or by confidentiality agreements.
Beskatningen er således et vigtigt element i innovationen.
Part of this reluctance is due to the cost of applying for and maintaining patents.2
Skattereglerne har væsentlig ind­flydelse på virksomhedernes adfærd.
Naturally, not all innovations are destined for patenting.
Medlems­staterne har allerede indført flere innovations­fremmende skatteincitamenter.
The use of the patent varies, of course, from one industry to another.
Dog vil det være nødvendigt at foretage sammenligninger mellem disse initiativer og de foranstaltninger, som vore vigtigste konkurrenter (USA og Japan) har truffet for at fastslå, hvilke der kan betraates som de mest hensiatsmæssiae.
It appears to be particularly useful in the chemical and pharmaceutical industries, for example, where the European Union is in a strong position.
USA og Japan benytter sig af, at der ikke er fastsat lofter for den offentlige støtte og koncentrerer støtten inden for de sektorer, de ønsker at fremme.
Patents are used far less often in sectors with a high product-renewal rate, however, particularly now that such rates are constantly accelerating. '
I USA finansieres 100% af den industrielle forskning til militære formål, hvilket også gælder visse grundforsk­ningsprogrammer, som virksomhederne delta­ger i.
This stagnation is also due to the fact that the protection patents offer to innovators is not absolute, and the cost and duration of court proceedings in the event of dispute may be enormous.
Det offentlige finansierer en meget stor del af forskningen inden for sektorer som luft­og rumfart (63,6% i 1991), elektronisk industri (30,3%) og automobilindustrien (16,9 %)2).
Two-thirds of the 170 000 European SMEs which generate inventions do not have access to patents.3Also, many firms are unaware of the profits they could make from granting licences, and many are likewise unaware of or severely underestimate the technol ogy-watch potential stored in patent-office databases.
Det bør imidlertid nævnes, at de offentlige udgifter i USA viser en nedadgående tendens.
Furthermore, and for various reasons, companies do not always make maximum profits from the technologies they develop.