英国的高成长企业：从比较英国企业的分析得出的经验【外文翻译】.doc

1、外文翻译 原文 High growth firms in the UK: lessons from an analysis of comparative UK performance （ November 2008） Material Source: economics. Author: Berr. Analysis of 100 UK and 100 US high growth firms Data and Methodology In order to examine whether the drivers of growth identified by the literature a

2、re also important in driving high growth, this section examines the characteristics of high growth firms. The differences between the characteristics of UK and US high growth firms are highlighted. This section draws on findings from three sources, namely: 1. BERR analysis: A sample of 100 UK and 10

3、0 US high growth firms are examined. These firms are the top 100 firms on the 2007 Inc 5000 and 2007 Fast Track lists. The Fast Track and Fast Track Tech lists were dovetailed and the top 100 taken as the UK sample. Further information about the Fast Track and Inc lists can be found in section 3.3 a

4、nd in Box 1. Research was conducted to identify key characteristics about each of the firms and their founders, based on the factors which were identified in section 4.1: Sectoral composition and location Education, skills and experience of the founder Number of founders Gender of founders Use of fi

5、nance Networks and relationships Management style Innovation 2. Kingston University research BERR commissioned Kingston University (2008) to undertake a comparative study investigating the drivers of high growth firms. The study is based on interviews with owners of 21 UK and 18 US high growth firms

6、. The businesses were identified using the Dun and Bradstreet and FAME databases. The two databases were searched, using the criteria listed below, to identify a sampling frame from which UK and US sample businesses could be drawn. Letters were sent to named potential respondents believed to be owne

7、rs, partners or directors. Selected firms were screened in a telephone call to ensure the selection criteria were met. Sample businesses each satisfied the following criteria: Independence businesses were not part of, or owned by, large companies; Growth performance businesses had achieved 60% or hi

8、gher real turnover growth over the previous three years (met the OECD definition of high growth). As such relative measures of growth are easier for smaller firms to achieve, steps were taken to include larger, small and medium-sized businesses within the sample Employment size The businesses employ

9、ed 3-250 people Business sector businesses operating in the following sectors (information technology, financial services, business and professional services, electronics, engineering and architecture) Location businesses located in South East England and within the I- 128 highway around Boston, Mas

10、sachusetts Business age businesses were at least three years old to meet the sales growth criteria. The UK businesses ranged from 3 to 17 years old, averaging 7 years. The US businesses ranged from 4 to 47 years old, averaging 17 years. 3. Oxford University research The third source that this sectio

11、n draws on is research commissioned by BERR and undertaken by academics at Oxford University (Rogers and Helmers 2008). examining the intellectual property activity of high growth firms, including the top 100 Inc and Fast Track firms. This research can be found in Annex 2 of this report. When materi

12、al is drawn from the Kingston University or Oxford University research this is clearly stated. Otherwise the analysis presented is drawn from BERR research. The sample of UK and US high growth firms: Distribution of firm size and age The firms identified in both countries are young with over half es

13、tablished in or after the year 2002. The US firms tend to be smaller than their UK counterparts at the beginning of the assessment period (in terms of turnover). This is largely due to differences in the inclusion criteria between the Inc and Fast Track (see Box 1). However, by the end of the assess

14、ment period, the US firms are larger than the UK firms both in terms of turnover and employee numbers. This is because the top 100 US firms have higher average growth rates than the top 100 UK firms (as there are approximately 5 times more US firms for each growth level). Sectoral composition The li

15、terature suggests that high growth firms exist in all sectors of the economy but are more heavily concentrated in dynamic sectors and this is observed in our UK and US samples. Table 6 shows that the sectoral composition of the UK and US samples are broadly similar, although firms are more heavily c

16、oncentrated in IT services, health and business services in the US sample and more heavily concentrated in the telecommunications, media and retail sectors in the UK sample. One striking difference between the two countries is the importance of Government services in the US which accounts for 10% of

17、 the high growth firms. This sector is absent from the UK sample, although this is a little misleading as a number of the UK firms have won government contracts. While supplying the government has undoubtedly contributed to the success of these UK firms, government contracts only form part of the fi

18、rms business and as such the firms are not classified as belonging to the government services sector. Of the seven US government services sector firms, five operate within the area of defence. The scale of defence spending in the US was over nine times that of the UK in 2007, amounting to over $500b

19、n54. In addition, in recent years US pending on defence has been rising at a higher rate than in the UK. The increase in US defence spending between 2006 and 2007 amounted to 60% of the entire 2007 UK defence spending. Once the scale of this sector is put into context it is not surprising that chang

20、es in technologies and priorities in the area of defence create large opportunities for US high growth firms. Customers served The high growth firms which attract the most publicity are large consumer facing organisations such as Google. However, analysis of the 100 UK and 100 US high growth firms s

21、hows that for both countries the majority of the firms are business to business (B2B) facing. This is more pronounced in the UK sample where 69% of firms were B2B versus 62% of the US firms. More of the US firms are Business to Government facing, as already discussed. Location High growth firms are

22、found in all regions of the UK and across the US. Of the UK sample 57% of firms are located in London or the South East. Figure 8 shows the distribution of high growth firms across the UK scaled by regional GVA in order to make a more meaningful comparison. Even after controlling for differences in

23、the sizes of the regional economies, the map shows that the performance of London and the South East greatly exceeds that of other regions (London and the South East regions account for 33% of the UKs GVA but 57% of the UKs high growth firms). In the US, 20% of high growth firms are located in Calif

24、ornia with the remaining 80% fairly evenly spread across 29 states. Age of founders In both countries the highest numbers of entrepreneurs are found in the 30 to 34 age group at the time of founding the business. However this is more pronounced in the UK where there are fewer younger founders (under

25、 the age of 25) and founders in their 40s. The age profile of the US entrepreneurs was much more evenly spread by comparison, with a greater number of founders in their 20s and 40s. In both countries there were few founders over the age 50. Education, skills and experience of entrepreneurs In both c

26、ountries the founders of the high growth firms are highly educated. However, the entrepreneurs behind the US firms are more highly educated than their UK counterparts with 72 of the 100 US founding individuals or teams having at least one person with a degree qualification compared to 54 for the UK.

27、 Similarly, 29 of the UK firms have one or more founders with a masters level degree (including MBA qualifications) compared to 39 in US. By way of comparison, 24% of the overall UK population hold degree level qualifications and 7% hold post degree level qualifications. Number of firms with founder

28、s who have previously owned a Business The US entrepreneurs were also more likely to have previously owned a business, with 49% of founders previously owning a business, compared to 34% of UK founders. However, 66% of the UK firms had at least one founder who had previously been a director of a comp

29、any. Therefore in both countries the entrepreneurs were highly skilled in business management. Indeed many of the founders were found to be serial entrepreneurs having previously founded successful businesses before selling them and starting a new venture. This was particularly noticeable in the US

30、sample and may go some way to explaining the lower use of venture capital among the US firms. Founders who had previously founded a business were less likely to use venture capital, presumably due to access to large personal finance. Number of founders and management style Of the Inc and Fast Track

31、firms, it was found that US firms were most likely to have been founded by one individual, whereas in the UK firms were most likely to be set up by two individuals. For both countries around 20% of firms were set up by teams of three or more individuals. This finding is surprising in two ways. First

32、ly the literature suggests growth is associated with firms founded by teams rather than individuals. However the majority of firms in the US sample (which consists of firms with higher growth rates than the UK sample) are founded by individuals. Secondly, there is no obvious reason why we would expe

33、ct such a stark difference between the two countries. Gender In both the UK and US samples, women entrepreneurs are behind only a small proportion of firms. In the UK only 2% of firms were founded by women only and 5% founded by mixed teams. In the US 3% were entirely female founded and 3% by mixed

34、teams. By comparison 54% of all businesses in the UK are entirely male led, while 46% are lead by mixed teams, with 13% of all businesses majority-led by women。 Owners motivations The research carried out on the Inc and Fast Track high growth firms does not allow an analysis of the owners motivation

35、s or aspirations for growth. However, the qualitative research carried out by Kingston University did examine the growth ambitions of the 21 UK and 18 US firms. This research found that US owners were more likely to have growth plans at start up than the UK firms. However, several of the UK owners a

36、dopted growth plans sometime after start up. 译文 英国的高成 长企业：从比较英国企业的分析得出的经验 2008(11) 资料来源：经济（ 2008） 作者： BERR 4.2 分析 100 家英国高增 长企业和 100 家美国高 增 长企业 数据和方法论 为了探讨在文献那些已经被证实的企业成长动力同样在促进高成长的因素中同等重要，这个部分考察高成长企业的特征。 英国和美国高增长企业两者之间的特性差异是突出的。 本节内容来源于三个资源，即： 1 贝尔分析： 我们对英国的 100家和美国的 100家高增长企业为样本进行检查。这些公司都是 2007年的世

37、界前 500企业和 2007年快 车道名单企业的排名在前 100名的企业。我们将快车道和快速跟踪技术名单进行了筛选，并将前 100位作为英国企业的样本。关于快车道和世界五百强的名单的更进一步信息可以在 3.3章节和表 1中找到。 以在章节 4.1里被确认的因素为基础之上，我们总结了关于每个公司和他们的创始人的主要因素： 行业组成和位置 教育，技术和创始人的经验 创始人的数量 创始人的性别 金融的利用 网络和人际关系 管理类型 革新 2 金斯顿大学的研究 贝尔委托金斯顿大学（ 2008）进行了比较研究调查的高增长公司的驱动力量。这项研究是根据对 21个英国 和 18个美国的高增长企业的拥有着的采

38、访。 我们使用了 “ 邓白氏 ” 和 “ 名誉 ” 两个数据库。通过对这两个数据库的全面搜查，确定了下面列出的标准，确定抽样框内，英国和美国的样本企业可以被表达出来。信件被送往认为是拥有着、合伙人或董事名为潜在的受访者。在选定的公司进行了筛选的电话，以确保标准得到满足的选择。每个样本企业符合下列条件： 独立 -企业不是归大公司所有，或不是它的组成部分； 生长性能 -企业取得了比前三年 60%或更高的实际营业额增长（达到了高增长经合组织的定义）。由于这种相对增长措施为小企业更容易实现的，我们采取了一些改变措施，样本包括了大、小型和中小型的企业 就业人数 企业雇佣了 3-250个人 业务部门 企业

39、在以下领域的工作（信息技术，金融服务，商业及专业服务，电子，工程及建筑） 位置 在东南英格兰和在波士顿、马萨诸塞州高速公路附近的企业 企业年龄 企业至少有三岁，以满足销售增长的标准。英国企业范围从 3至 17岁，平均 7年。美国企业为 4至 47岁，平均 17岁。 3 牛津大学的研究 第三个资源，这个部分是研究借鉴了委托贝尔和牛津大学（罗杰斯和埃尔默斯 2008）学者的研究进行的。研究高增长企业的只是产权活动，包括 前 100强企业和快车通道。 本研究可在本报告附件二查看。 一部分是金斯顿大学或牛津大学的研究得出了这样明确的结果，另外的分析报告是由贝尔研究得出。 英国和美国的高增长公司的抽样调

40、查：企业规模和年龄分布 在这两个国家确定的企业有一般以上是年轻人在 2002年或之后成立。美国企业往往比他们的英国在评估期间（以营业额计算）开始对口较小。这主要是由于纳入标准的前五百强企业和快车通道之间的差异造成的。然而，在评估的期限结束时，美国企业比英国公司无论在营业额及员工人数方面更大。这是因为美国企业 100强比英国企业 100强有 更高的平均增长率（因为对每个增长水平来说大约有5倍多的美国企业） 部门组成 文献表明，高增长企业存在与所有经济部门，但更多地集中在有活力的部门，这是在我们的英国和美国的样本观察中可以看出。表 6显示，英国和美国的样本部门组成大致相同，虽然公司正在更多地集中于

41、他在美国的样本服务、卫生和商业服务，更多的在电信、媒体和英国的零售行业集中样本。 两国之间的一个显著区别是值得注意的美国政府服务，占了美国高增长企业的 10%左右。英国样本是缺少这一部分的，虽然这有点误导一些已经获得政府合约的英国公司数目。然而，在供应政府方 面，无疑是有助于这些英国公司的成功的，政府合约只是公司业务的一部分，因此，这些公司并不属于政府服务部门的分类。 在七个有美国政府服务部门的公司，经营范围包含了五个防区。 2007年，美国国防支出的规模是英国的 9倍，总额超过了 5000亿美元。此外，今年来美国国防悬而未决一直在不断上升，比英国高。美国国防在 2008年至 2007年的开支

42、总额比英国增长达 60%。如此，因为在防务领域技术和优先事项的变化而创造了美国的高增长企业的巨大机遇也就一点也不奇怪。 客户服务 高增长企业以吸引最庞大的消费群体来面临组织，如谷歌。不 过，分析英国100家和美国 100家的高增长企业表明，这两国的公司大部分是企业对企业（ B2B）的问题。这问题更明显的显示在英国样本的 69%的企业，相对的是美国公司的 62%的企业。美国公司更多的是企业对政府，前面已经讨论过了。 位置 高增长的公司被发现在英国的所有地区和整个美国。在 57%的英国企业样本分部在伦敦和南方地区。图 8显示了英国各地的高增长企业日内瓦新闻处区域比例分配，以使企业更有意义的比较。即

43、使经过控制区域经济的规模，地图现实，伦敦和英格兰东南部的性能大大超过了其他地区（伦敦和东南地区占 33%的英国内 日瓦新闻处，但占了 57%的英国高增长企业） 在美国， 20的高增长公司位于加利福尼亚州，其余 80相当均匀分布在 29个地区 。 创始人的年龄 在这两个国家的企业家数最多的被发现在 30至 34岁组在成立业务的时间。然而，这在英国更明显的是有较少的年轻创始人（未满 25 岁）和 40 几岁的的创始人。美国企业家的年龄结构是更加均匀散布的比较， 20多岁和 40多岁的创始人较多。在这两个国家有几个超过 50 岁创始人。 教育、技能和企业家的经验 在这两个国家的高增长企业的创办人都受

44、过高等教育。然而，仅次于美国公司的企业家们更比他们高 学历的 100 名英国和美国成立的个人或团队至少有 72人拥有学位资格的人员比较了 54 同行英国。同样，英国公司 29 日有一个或多个学位与硕士学位水平相比，美国 55 至 39 岁（包括 MBA 资格）的创始人。相比之下， 24 英国人口的整体学历和学位持有 7持有学位后学历。 然而，美国的企业家比英国的企业家要受过更高等的教育，体现在 72/100的美国企业个人或团队至少有一个人拥有一个学位资格，相对 54/100的英国企业。相同的，英国企业中的 29家有一个或更多的硕士学历相比，美国有 39个创始人拥有学位（含 MBA资格）。相比之

45、下， 占整个英国人口的 24%的人拥有学位学历，7%的人有研究生学历。 企业的创始人在创立企业之前拥有生意的数目 美国的企业家们也更可能曾经拥有生意，体现在美国企业占 49%的创始人之前拥有生意，而英国部分占 34%。然而 66%的英国公司至少有一名创始人曾是公司的董事。因此，这两个国家的企业家都拥有高度的企业管理技能。事实上，许多的创始人是通过买到他们之前建立的生意来开始一个新的合资企业。这在美国企业样本更为明显，并可能在一定程度上解释了美国企业风险投资的低风险。曾经拥有生意的创始人不太可能利用风险投资，大概就是由于获 得了大量的个人资金。 创始人的数目和管理风格 根据世界五百强和快车通道公

46、司，我们发现在美国公司更有可能是由一个人单独成立，而英国的公司最有可能是由两个人成立。 对于这两个国家的约 20的企业设立是由三个人以上的团队。这一发现令人惊讶的是在两个方面。首先以往的文献表明企业增长更 多的是靠团队而非个人。然而，大多数美国公司样本是由个人成立。其次 ，美国 企业没有 明显的原因能解释这两个国家的差异。 性别 在英国和美国企业样本中，女企业家只占了很小的一部分。在英国，只有 2%的公司是由女性创立，还有 5%的公司是由一个男女混合 的团队创立。在美国，只有 3%的企业是完全由女性创立，以及 3%由男女混合的团队创立。相比之下，在英国 54%的企业完全由男性主导，而 46%的企业是由男主混合团队领导，这其中有 13%的企业主要由女性领导。 拥有者的积极性 研究前世界五百强企业和快车通道企业我们没有确切地证实企业拥有着的积极性和创新性有利于企业的增长。然而，金斯顿大学的确检验了 21家美国和 18家英国公司的雄心壮志。这个研究发现美国企业的拥有者比英国的企业更有可能制定企业的成长计划。但是，一些英国企业的拥有着在开始了计划之后需要一定的时间来适应计划。