Le rapport Ernst & Young

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• Publié par: L_Calixte
• Publié le: 28 août 2013
• Nombre de lectures: 4 452
• Langue: English
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T he power of three
T ogether, governments, entrepreneurs and
corporations can spur growth across the G20
The EY G20 Entrepreneurship Barometer 2013
Country profles
Argentina
Australia
Brazil
Canada
China
• France
Germany
India
Indonesia
Italy
Japan
Mexico
Russia
Saudi Arabia
South Africa
South Korea
Turkey
United Kingdom
United States
European UnionFrance at a glance
Franck Sebag
Marc LhermittePartner, VC & IPO Leader,
FraMaLux, EY Partner, Advisory, EY
France starts hearing the call of its entrepreneurs
although major obstacles remain
Key facts
Overall Barometer ranking Quartile 2
Population 66 million
GNI per capita (PPP) US$36,460
GDP growth 0.0 %
Exports as % GDP 27.0%
Source: The World Bank, 2012
France has plenty of potential as a source of innovative and competitive new ventures, but has
struggled to convert this into solid support for its entrepreneurs. This is an unfortunate reality
for a country of this size and at this level of development (it is the ffth largest economy in the
world in terms of GDP). An important part of the problem appears to be the lack of a cultural
foundation for entrepreneurship. In this area, France’s entrepreneurs were much more negative
than their G20 peers, according to the EY G20 Entrepreneurship Barometer 2013.
Beyond this cultural aspect, the level of taxation is perhaps With this in mind, signifcant reforms to the higher education and
the clearest obstacle, both in terms of its direct effects on research sectors over recent years have been welcome, although
entrepreneurs, and as a symbol of the country’s relative unease results will take some time to feed through. Similarly, on the tax
with private enterprise. Business taxes are above the average front, there has been signifcant progress with the introduction of
for mature economies. And although the Government’s attempt tax credits that subsidize the cost of R&D and, more recently, of
to introduce a 75% tax rate on wages above €1m has yet to be labor.
clearly defned and implemented, it has sent an unfortunate signal
The Government has also recently moved entrepreneurship
1about the country’s support for entrepreneurship.
up its agenda, in response particularly to pressure from the
2On the other hand, France has clear strengths too. It scores “pigeon movement,” a group of disgruntled entrepreneurs. In
very highly in the education and training pillar of the EY G20 January 2013, the Government started a consultation process,
Entrepreneurship Barometer 2013, due to its strong levels of which by midyear had resulted in 14 new measures to boost
public investment here. Spending on research and development entrepreneurship, showing just how much progress can be made
(R&D) is also high, although these inputs aren’t necessarily relatively quickly. All these moves are a step in the right direction
matched by the outputs. This is perhaps clearest in relation to towards unlocking France’s undoubted entrepreneurial potential.
R&D, where France underperforms in terms of the number of
patents fled.
1 “French taxes: Another absurdity,” The Economist website, economist.com, accessed 15 July 2013.
2 “‘Pigeon’ Entrepreneurs Take Hollande Tax Protest to Web,” Bloomberg Businessweek website,
businessweek.com, accessed 13 July 2013.
2 | The power of three The power of three | 3Mature G20 economies average:
entrepreneurship culture
Overall score: France
Labour related taxes (% of profits) Regulation and culture scores
60
50
Entrepreneurship culture
pillar score
40
30 G20 average
23.9Regulation pillar score
20
100 1 2 3 4 5 6 7 8
0France
Mature G20 countries
*annotate for 2012
Entrepreneurship cultureImproved access to new funding sources
Microfinance Innovation and research culture35%
Family and friends 35% Celebration of self-made wealth
Angels 35%
Entrepreneurship as a career choice
Public aid 41%
Attitude to risk
Crowdfunding 57%
Fear of failure
Entrepreneurship culture
0 2 4 6 8 10
France
G20 average
Time to start a business
140
120
100
Entrepreneurship culture 80
60
Innovation and research culture
40
G20 average
22
Celebration of self-made wealth 20
0
Entrepreneurship as a career choice
Attitude to risk
Fear of failure
0 2 4 6 8 10
*annotate 2010-2012 average
France
Mature G20 economies average
24%
Make your voice heard
Public spending on education and training as a % of GDP
7Join the debate SWOT analysis
6
Tweet #G20ey G20 average
5 4.8
Strengths
4ey.com/G20ey
• France tops our education rankings due largely to high 3
levels of public spending.
2
• France has boosted its innovation incentives in recent 1
years — with a research tax credit and special status for
0
innovative start-ups.
• It’s much easier to start a business in France than on
average in the G20, in terms of the cost, time and red
Equal weight scores tape involved. The Government plans to develop an
France’s pillar scores compared to mature G20 economies average
e-administration system, to further simplify administrative *annotate 2010-20012 average
8 procedures for companies.
7
6
5
4 Weaknesses
3 Access to venture capital
2 • The vast majority of France’s entrepreneurs still
5 1 feel that the country could do more to encourage
0
entrepreneurship.4
G20 average• Labor costs are high and exert a signifcant drag on
3.03
entrepreneurship.
2• France’s capacity to encourage and fnance the
development of potentially world-leading companies is France 1
Mature G20 economies average weak.
0Source: EY G20 Entrepreneurship Barometer 2013 • Despite some new “born global” companies, international
development of French entrepreneurial businesses
remains limited.
A lot of France’s entrepreneurial potential
*annotate 2009-2011 averageOpportunitiesremains untapped
• The Government is increasingly aware of
French entrepreneurs still have to push against signifcant
entrepreneurship’s importance as a driver of growth and
headwinds in order to succeed, but there are welcome signs of a
employment.
shift in government attitudes. There is a clear willingness to do
• The Government has promised increased stability for more to encourage entrepreneurial dynamism, and promising
entrepreneurs with a fve-year moratorium on changes to moves have been made to encourage innovation in particular.
key business and investment tax rules.Entrepreneurship would really beneft if there were a concerted
effort to bring down France’s high taxes — particularly labor taxes. • Initiatives to connect education, research and industry in
clusters should help France boost the effectiveness of its
R&D.
• World-leading businesses in energy, life sciences,
transportation and aerospace can help stimulate small-
business activity in these sectors.
Threats
• Without much better technology transfer, the potential
commercial benefts of public research will not be realized
as effciently as they could be.
• Signifcant reductions in the tax burden are unlikely due to
fscal weakness and a lack of political will.
• The heavy tax burden faced by entrepreneurs may have
an adverse effect on their drive and risk appetite.
2 | The power of three The power of three | 3
Access to funding
Coordinated support
Tax and regulation
Education and
training
Entrepreneurship
culture
South Africa
US
UK
Indonesia
Saudi Arabia
Canada
South Korea
Japan
India
Turkey
Australia
Germany
Mexico
EU
Australia
Argentina
Canada
Brazil
Italy
Russia
Turkey
Italy
US
China
France
France
Mexico
South Korea
UK
EU
Indonesia
Germany
India
South Africa
Turkey
Saudi Arabia
Japan
Japan
China
Russia
Russia
Argentina
Italy
India
Germany
China
Australia
Argentina Indonesia
Canada
Italy Brazil
South Korea
South Korea
Mexico
Russia
US
Turkey
UK
Mexico
Brazil
Brazil
South Africa
Japan
EU
Germany
Saudi Arabia
South Africa
Argentina
France
France
EU
India
UK
China
Australia
Canada
Indonesia
Saudi Arabia
US
Number of days
% of GDP Taxes as a % of profitsMature G20 economies average:
entrepreneurship culture
Overall score: France
How the government
What to watch for is helping
Public Investment Bank Persistence needed to implement new economic plan
(BPI France)
France’s high levels of taxation are a key obstacle in the development of
entrepreneurship in the country. This is particularly true of labor-related taxes France’s new public investment bank merges
and contributions, which are more than twice as high as the G20 average. a number of existing bodies in two broad
Efforts to address these formed a central plank of an economic program activities: BPI France Financing (formerly
3published by the Government in late 2012.