Table of Contents

1a. Are you more or less optimistic about the Chinese economy compared to last quarter?	1
1b. Rate your optimism about the Chinese economy on a scale from 0-100, with 0 being the least optimistic and 100 being 
the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? REVERSE SCALE & WEIGHTED BY NUMBER 
OF RESPONDENTS (Higher number = greater weighted importance)	6
3. What are the top three external concerns facing your corporation? - Other specified	7
4. What are the top three internal, company-specific concerns your corporation faces? (rank # 1, #2, #3)	8
4. What are the top three internal, company-specific concerns your corporation faces? REVERSE SCALE & WEIGHTED
BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)	9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	10
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months for:   [Unweighted - Sorted]	12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months?  [All Companies - Windsorized - Revenue Weighted - Sorted]	13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months?  [All Companies - Windsorized - Employee Weighted - Sorted]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months?  [Public Companies - Windsorized – Revenue Weighted]	15
6a. Has your company been affected by the cost or availability of credit?	16
6b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	17
6b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	18
6c. Increased cost of credit - How many basis points increase since summer 2007?	19
6a. Has your company been affected by the cost or availability of credit? - by - Credit Rating	20
6b. In what ways has your company been affected by the credit market turmoil? - by – Credit Rating	21
6c. Increased cost of credit: How many basis points increase? - by - Credit Rating	22
7. In what ways do you feel that the current global financial crisis has affected your company? (Check all that apply)	23
7. In what ways do you feel that the current global financial crisis has affected your company? - Other specified	24
8. What is the effect of Chinese Central Bank's reducing one-year loan rate three times in less than two months? 
(Check all that apply)	25
9a & 9b. Assets and Credit	26
9c. If you have used a bank line of credit this year, have you used the funds to: (Check all that apply)	27
9c. If you have used a bank line of credit this year, have you used the funds to: Other specified	28
9d. Compared to 2007, is your firm using more or less of the following funding sources?	29
9d. Compared to 2007, is your firm using more or less of the following funding sources? Other specified	30
9e. Where does your firm hold most of its cash? (Check the vehicles where your firm keeps the largest balance and 
second largest balance)	31
9e. Where does your firm hold most of its cash? (Check the vehicles where your firm keeps the largest balance and 
second largest balance) - Other specified	32
10a. Do you think the central government's recent RMB 4-trillion investment package will help sustain economic 
growth in China for the next year?	34
10b. If the answer is Yes, what are the areas that you think the new measures will be most effective? (multiple choice)	35
10b. Do you think the central government's recent RMB 4-trillion investment package will help sustain economic growth 
in China for the next year? - Yes - Other effective measure specified	36
11a & 11b. Effect of capital/credit markets on the ability to pursue attractive investment projects.	37
11c. When external capital is limited, are your corporate investments  (check one or two choices)	38
11c. When external capital is limited, are your corporate investments - Funded by other specified	39
12a. The Chinese economy grew at an annualized rate of 9.9% in the first 9 months of 2008. At what rate do you think 
the Chinese economy will grow in 2009?	41
12b. How do you rate your company's long term growth prospects, on a scale of 1 to 10? (10 is highest)	42
13a. Have you initiated any cost reduction measures?	43
13b. If yes, what are the measures have you implemented?	44
Industry	46
Industry (Other specified)	47
Sales Revenue	48
Weighted Sales Revenue (Millions)	49
Number of Employees	50
Weighted Number of Employees	51
Headquarters China	52
Headquarters China (Other Specified)	53
Ownership	54
Foreign Sales	55
Does your firm have one or more foreign subsidiaries?	56
Does your firm pay a dividend?	57
Will your firm have positive net income in fiscal 2008?	58
What is your company's credit rating?	59

1

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

1a. Are you more or less optimistic about the Chinese economy compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	10	5.8 %	± 3.5 %
	2=No change	27	15.8 %	± 5.4 %
	1=Less optimistic	134	78.4 %	± 6.3 %
	Total	171	100.0 %

	Mean = 1.3
	SD = 0.6

	Missing Cases = 4 
	Response Percent = 97.7 %

2

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

1b. Rate your optimism about the Chinese economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 0

	Maximum = 100

	Mean = 58.57

	Median = 60

	Variance (Unbiased) = 290.01

	Standard Deviation (Unbiased) = 17.03

	Standard Error Of The Mean  = 1.34

	95 Percent Confidence Interval Around The Mean = 55.95 - 61.20

	99 Percent Confidence Interval Around The Mean = 55.13 - 62.02

Quartiles

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases = 162 
Missing Cases = 13 
Response Percent = 92.6%

3

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	15	8.9 %	± 4.2 %
	2=No change	44	26.0 %	± 6.5 %
	1=Less optimistic	110	65.1 %	± 7.2 %
	Total	169	100.0 %

	Mean = 1.4
	SD = 0.7

	Missing Cases = 6 
	Response Percent = 96.6 %

4

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 0

	Maximum = 100

	Mean = 62.23

	Median = 60

	Variance (Unbiased) = 350.15

	Standard Deviation (Unbiased) = 18.71

	Standard Error Of The Mean  = 1.48

	95 Percent Confidence Interval Around The Mean = 59.32 - 65.14

	99 Percent Confidence Interval Around The Mean = 58.41 - 66.05

Quartiles

	 1 = 50
	 2 = 60
	 3 = 80

Valid Cases = 159 
Missing Cases = 16 
Response Percent = 90.9%

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

(N=175)

	Mean & SD	1st	2nd	3rd	Total	
	1.4	98	25	18	141
Consumer demand	0.7	56.0%	14.3%	10.3%	80.6%

	1.8	13	11	8	32
Housing market fallout	0.8	7.4%	6.3%	4.6%	18.3%

	2.1	13	26	20	59
Credit markets/interest rates	0.7	7.4%	14.9%	11.4%	33.7%

	2.1	6	23	11	40
Cost of non-fuel commodities	0.6	3.4%	13.1%	6.3%	22.9%

	2.1	9	14	14	37
Cost of fuel	0.8	5.1%	8.0%	8.0%	21.1%

	2.2	9	16	19	44
Foreign competition	0.8	5.1%	9.1%	10.9%	25.1%

	2.3	1	6	4	11
Environmental regulation	0.6	0.6%	3.4%	2.3%	6.3%

	2.3	9	27	29	65
Volatility of the foreign currencies	0.7	5.1%	15.4%	16.6%	37.1%

	2.3	3	10	11	24
Trade policies and trade agreements	0.7	1.7%	5.7%	6.3%	13.7%

	2.4	4	8	13	25
Financial regulation	0.8	2.3%	4.6%	7.4%	14.3%

	2.4	6	4	17	27
Other:	0.8	3.4%	2.3%	9.7%	15.4%

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

3. What are the top three external concerns facing your corporation? REVERSE SCALE & WEIGHTED BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)

	Mean	SD	Total

Consumer demand	2.10	1.18	172

Credit markets/interest rates	0.65	1.00	172

Volatility of the foreign currencies	0.64	0.93	172

Foreign competition	0.45	0.87	172

Cost of non-fuel commodities	0.44	0.85	172

Housing market fallout	0.40	0.91	172

Cost of fuel	0.40	0.85	172

Other:	0.25	0.67	172

Financial regulation	0.24	0.65	172

Trade policies and trade agreements	0.23	0.63	172

Environmental regulation	0.11	0.45	172

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

3. What are the top three external concerns facing your corporation? - Other specified

财政经费的减少	
降价	
劳动成本	
美国资金压力	
人力成本	
人力成本上升	
人力资源流失	
市场竞争加激	
替代商品	
相关行业的监管法规	
医疗市场竞争	
移动运营商政策	
increased Human Resouce cost	
Material supply and subcontracting	
Min. wages & labor law	

8

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

4. What are the top three internal, company-specific concerns your corporation faces? (rank #1, #2, #3)

(N=175)

	Mean & SD	1st	2nd	3rd	Total	
	1.8	24	16	15	55
Balance sheet weakness	0.8	13.7%	9.1%	8.6%	31.4%

	1.9	37	38	23	98
Attracting and retaining qualified employees	0.8	21.1%	21.7%	13.1%	56.0%

	1.9	40	32	27	99
Ability to forecast results	0.8	22.9%	18.3%	15.4%	56.6%

	2.0	2	2	2	6
Data security	0.9	1.1%	1.1%	1.1%	3.4%

Maintaining morale/productivity during	2.0	34	52	38	124
economic downturn	0.8	19.4%	29.7%	21.7%	70.9%

	2.1	28	16	32	76
Supply chain risk	0.9	16.0%	9.1%	18.3%	43.4%

	2.1	2	5	3	10
Protection of intellectual property	0.7	1.1%	2.9%	1.7%	5.7%

	2.3	3	9	10	22
Managing IT systems	0.7	1.7%	5.1%	5.7%	12.6%

	2.7	2	1	14	17
Other:	0.7	1.1%	0.6%	8.0%	9.7%

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

4. What are the top three internal, company-specific concerns your corporation faces? REVERSE SCALE & WEIGHTED BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)

	Mean	SD	Total

Maintaining morale/productivity during economic downturn	1.42	1.10	172

Ability to forecast results	1.23	1.22	172

Attracting and retaining qualified employees	1.22	1.21	172

Supply chain risk	0.86	1.14	172

Balance sheet weakness	0.69	1.12	172

Managing IT systems	0.22	0.62	172

Other:	0.13	0.44	172

Protection of intellectual property	0.11	0.48	172

Data security	0.07	0.40	172

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

费用控制	
国家房地产调控政策	
扩张冲动	
劳动力成本上升	
内部管理	
资金	
资金	
management skill and technic	

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Dividends	7.81	66.96	-11.13 - 26.76	0	-80	380	48

Health care costs	4.35	17.91	0.77 - 7.93	0	-10	150	96

Wages/Salaries	4.16	28.84	-0.74 - 9.07	2	-50	300	133

Technology spending	3.56	12.93	1.05 - 6.07	2	-50	80	102

Cash on the balance sheet	2.29	53.76	-7.17 - 11.75	-2	-90	360	124

Share repurchases	1.42	11.72	-1.25 - 4.09	0	-10	100	74

Productivity (output per hour worked)	0.25	18.95	-3.56 - 4.06	0	-50	100	95

Marketing/advertising spending	0.14	18.48	-3.43 - 3.71	0.05	-80	100	103

Number of domestic employees in accounting/
finance	-0.14	11.02	-2.30 - 2.02	0	-40	80	100

Number of domestic employees overall	-0.22	17.12	-3.41 - 2.97	0	-60	80	111

Capital spending	-1.10	27.24	-6.34 - 4.13	0	-95	100	104

Earnings	-1.38	43.02	-8.81 - 6.04	-2	-70	300	129

Number of foreign/off-shore outsourced
employees	-1.55	13.49	-4.42 - 1.32	0	-70	80	85

Prices of your products	-2.55	12.33	-4.60 - -0.51	-2	-50	80	140

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=175)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.5	63	25	14	102
Technology spending	0.7	61.8%	24.5%	13.7%	100.0%

	0.3	40	48	8	96
Health care costs	0.6	41.7%	50.0%	8.3%	100.0%

	0.3	76	20	37	133
Wages/Salaries	0.9	57.1%	15.0%	27.8%	100.0%

	0.3	52	27	25	104
Marketing/advertising spending	0.8	50.0%	26.0%	24.0%	100.0%

	0.2	49	24	33	106
Capital spending	0.9	46.2%	22.6%	31.1%	100.0%

	0.1	37	30	28	95
Productivity (output per hour worked)	0.8	38.9%	31.6%	29.5%	100.0%

	0.0	4	69	2	75
Share repurchases	0.3	5.3%	92.0%	2.7%	100.0%

Number of domestic employees in	0.0	25	49	26	100
accounting/finance	0.7	25.0%	49.0%	26.0%	100.0%

	-0.1	15	16	18	49
Dividends	0.8	30.6%	32.7%	36.7%	100.0%

Number of foreign/off-shore outsourced	-0.1	8	61	17	86
employees	0.5	9.3%	70.9%	19.8%	100.0%

	-0.2	35	23	53	111
Number of domestic employees overall	0.9	31.5%	20.7%	47.7%	100.0%

	-0.2	44	14	72	130
Earnings	0.9	33.8%	10.8%	55.4%	100.0%

	-0.2	37	21	66	124
Cash on the balance sheet	0.9	29.8%	16.9%	53.2%	100.0%

	-0.3	35	22	83	140
Prices of your products	0.9	25.0%	15.7%	59.3%	100.0%

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Windsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	4.47	24.08	3.04 - 5.91	0	-80	139.10

Technology spending	1.43	5.28	1.15 - 1.71	0	-21.80	28.90

Marketing/advertising spending	1.29	9.70	0.78 - 1.80	1	-36.10	36.36

Share repurchases	0.34	2.71	0.19 - 0.49	0	-10	24.39

Cash on the balance sheet	-0.75	23.39	-1.92 - 0.42	0	-90	107.70

Earnings	-1.02	23.75	-2.16 - 0.12	-1	-70	82.94

Prices of your products	-1.90	10.42	-2.37 - -1.43	-1	-26.70	21.62

Capital spending	-4.03	23.39	-5.26 - -2.80	1	-54.50	52.29

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Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Windsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	2.71	5.93	2.41 - 3.01	0	-10	39.45

Wages/Salaries	2.02	11.68	1.50 - 2.53	3	-50	60.69

Productivity (output per hour worked)	-0.18	10.33	-0.68 - 0.33	0	-36.90	37.39

Number of domestic employees in accounting/finance	-0.81	7.22	-1.17 - -0.45	0	-21.70	21.46

Number of domestic employees overall	-1.37	11.27	-1.90 - -0.84	0	-33.80	33.34

Number of foreign/off-shore outsourced employees	-2.85	8.65	-3.31 - -2.39	0	-28	24.89

15

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Windsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	4.22	14.29	3.01 - 5.44	1	-60	30

Cash on the balance sheet	-1.26	20.04	-2.91 - 0.39	1	-90	30

Dividends	0.47	16.20	-1.00 - 1.93	1	-80	20

Share repurchases	0.95	4.12	0.58 - 1.32	0	0	24.39

16

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

6a. Has your company been affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	85	48.9 %	± 7.5 %
	2=Yes, somewhat	69	39.7 %	± 7.3 %
	3=Yes, very much	20	11.5 %	± 4.8 %
	Total	174	100.0 %

	Mean = 1.6
	SD = 0.7

	Missing Cases = 1 
	Response Percent = 99.4 %

17

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

6b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)

	 	Number	Percent	95% CI
	Experienced difficulty initiating or renewing a bank credit
	   line	46	51.7 %	± 10.6 %
	Decreased availability of credit	42	47.2 %	± 10.6 %
	Increased cost of credit	28	31.5 %	± 9.9 %
	Other	5	5.6 %	± 4.9 %
	Total	121

	Number of Cases =89
	Number of Responses =121
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response =72
	Response Percent = 80.9 %

18

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

6b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified

回收账款难度增大	
经销商获取信贷或续约会更困难	
客户萎缩	
银行天天上门要求公司帮他们存款	
影响应收帐款回收	

19

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

6c. Increased cost of credit - How many basis points increase since summer 2007?

	Minimum = 0.70

	Maximum = 300

	Mean = 38.03

	Median = 10

	Variance (Unbiased) = 4618.88

	Standard Deviation (Unbiased) = 67.96

	Standard Error Of The Mean  = 14.17

	95 Percent Confidence Interval Around The Mean = 10.26 - 65.81

	99 Percent Confidence Interval Around The Mean = 1.54 - 74.52

Quartiles

	 1 = 3
	 2 = 10
	 3 = 50

Valid Cases = 23 
Missing Cases = 5 
Response Percent = 82.1%

20

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

6a. Has your company been affected by the cost or availability of credit? - by - Credit Rating

N=142		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		142		96	35	9	2	
		100.0%		67.6%	24.6%	6.3%	1.4%	
								
1=No		65		47	14	4	---	
		46.1%		49.5%	40.0%	44.4%	---	
								
2=Yes, somewhat		59		38	16	4	1	
		41.8%		40.0%	45.7%	44.4%	50.0%	
								
3=Yes, very much		17		10	5	1	1	
		12.1%		10.5%	14.3%	11.1%	50.0%	
								
Mean		1.7		1.6	1.7	1.7	2.5	
SD		0.7		0.7	0.7	0.7	0.7	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

21

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

6b. In what ways has your company been affected by the credit market turmoil? - by - Credit Rating

N=76		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		76		48	21	5	2	
		100.0%		63.2%	27.6%	6.6%	2.6%	
								
Experienced difficulty
initiating or renewing		
38		
22	
13	
2	
1	
a bank credit line		50.0%		45.8%	61.9%	40.0%	50.0%	
								
Decreased		35		24	8	2	1	
availability of credit		46.1%		50.0%	38.1%	40.0%	50.0%	
								
Increased cost of		27		18	5	3	1	
credit		35.5%		37.5%	23.8%	60.0%	50.0%	
								
Other		3		3	---	---	---	
		3.9%		6.3%	---	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

22

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

6c. Increased cost of credit: How many basis points increase? - by - Credit Rating

N=27		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		27		18	5	3	1	
Percent		100.0%		66.7%	18.5%	11.1%	3.7%	
								
How many basis points increase since summer 2007?	
								
N		22		16	4	2	0	
Mean		39.6		43.9	25.0	34.5	---	
SD		69.1		80.4	21.2	27.6	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

23

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

7. In what ways do you feel that the current global financial crisis has affected your company? (Check all that apply)

	 	Number	Percent	95% CI
	Slower payment by buyers	97	55.4 %	± 7.4 %
	Slowdown in export orders	80	45.7 %	± 7.5 %
	No increase in defaults yet, but higher risk of defaults	75	42.9 %	± 7.4 %
	Increased cost of hedging the higher volatility of oil prices,
	   commodities, and the foreign exchange rate	60	34.3 %	± 7.1 %
	The continued plunge of stock markets worldwide makes
	   financing through IPO - both domestic and foreign - harder
	   than ever.	45	25.7 %	± 6.5 %
	Increased rate of defaults by buyers	23	13.1 %	± 5.1 %
	Other (please specify)	18	10.3 %	± 4.6 %
	Total	398

	Number of Cases =175
	Number of Responses =398
	Average Number Of Responses Per Case = 2.3
	Number Of Cases With At Least One Response =167
	Response Percent = 95.4 %

24

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

7. In what ways do you feel that the current global financial crisis has affected your company? - Other specified

财政预算单位影响不大	
对中国市场的投资减少	
好事,进口价格便宜了	
合同减少很多	
金融机构放贷条件增多	
客户对美资公司的财务状况产生疑问进而影响销售	
客户公司压缩开支或项目取消，导致业务受影响	
市场萎靡	
下游客户减少订单	
销售规模骤跌	
消费能力不足	
消费能力下降	
暂时无影响	
主要客户丢失了一部分	
Directly impact HQ of US, no directly impact to China	
reduced demand	
Subcontractor needs the guarantee	

25

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

8. What is the effect of Chinese Central Bank's reducing one-year loan rate three times in less than two months? (Check all that apply)

	 	Number	Percent	95% CI
	It reduces our cost of financing.	121	69.1 %	± 6.9 %
	It doesn't make obtaining credit easier, as banks are still
	   cautious in providing loans to SMEs	112	64.0 %	± 7.2 %
	It doesn't make obtaining credit easier, as banks are more
	   cautious in approving loans	57	32.6 %	± 7.0 %
	It makes obtaining credit easier.	17	9.7 %	± 4.4 %
	Total	307

	Number of Cases =175
	Number of Responses =307
	Average Number Of Responses Per Case = 1.8
	Number Of Cases With At Least One Response =173
	Response Percent = 98.9 %

26

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9a & 9b. Assets and Credit

	Mean	SD	95% CI	Median	Minimum	Maximum

9b. How large are your bank lines of credit? TODAY (%
of total assets)	30.14	25.87	25.90 - 34.38	25	0	100

9b. How large are your bank lines of credit? ONE YEAR
AGO (% of total assets)	29.84	26.78	25.23 - 34.44	20	0	100

9a. How much does your firm hold in cash and
marketable securities? ONE YEAR AGO (% of total
assets)	18.38	19.42	15.08 - 21.68	12	0	100

9a. How much does your firm hold in cash and
marketable securities? TODAY (% of total assets)	17.69	19.91	14.43 - 20.96	10	0	100

27

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9c. If you have used a bank line of credit this year, have you used the funds to: (Check all that apply)

	 	Number	Percent	95% CI
	Manage immediate liquidity needs	74	42.3 %	± 7.4 %
	Fund normal day-to-day operations	55	31.4 %	± 7.0 %
	Build cash for the future, as a precaution	34	19.4 %	± 5.9 %
	We have not drawn on any credit lines	32	18.3 %	± 5.8 %
	We do not use bank credit lines	29	16.6 %	± 5.6 %
	Obtain cash now in the case bank restricts future credit
	   access	22	12.6 %	± 5.0 %
	Other (Please specify)	7	4.0 %	± 2.9 %
	Total	253

	Number of Cases =175
	Number of Responses =253
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response =166
	Response Percent = 94.9 %

28

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9c. If you have used a bank line of credit this year, have you used the funds to: Other specified

固定资产投入	
投资	
投资	
投资	
无	
项目投资	
只是为了帮银行宣传	

29

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9d. Compared to 2007, is your firm using more or less of the following funding sources?

(N=175)

	Mean & SD	Less	Same	More	NA	Total
	  	-1	0	+1		  	
	0.4	7	41	37	90	175
Factoring accounts receivable or other assets	0.6	4.0%	23.4%	21.1%	51.4%	100.0%

	0.3	20	31	55	69	175
Commercial paper	0.8	11.4%	17.7%	31.4%	39.4%	100.0%

	0.3	36	42	77	20	175
Short-term debt	0.8	20.6%	24.0%	44.0%	11.4%	100.0%

	0.2	0	10	3	162	175
Other:	0.4	0.0%	5.7%	1.7%	92.6%	100.0%

	0.2	7	44	21	103	175
Asset sales	0.6	4.0%	25.1%	12.0%	58.9%	100.0%

	0.2	8	58	25	84	175
Equity infusions or issuances	0.6	4.6%	33.1%	14.3%	48.0%	100.0%

	0.2	3	43	13	116	175
Credit card balances	0.5	1.7%	24.6%	7.4%	66.3%	100.0%

	0.1	29	58	40	48	175
Bank lines of credit	0.7	16.6%	33.1%	22.9%	27.4%	100.0%

	0.0	17	45	19	94	175
Bank letter of credit	0.7	9.7%	25.7%	10.9%	53.7%	100.0%

	0.0	4	45	3	123	175
Convertible debt	0.4	2.3%	25.7%	1.7%	70.3%	100.0%

	0.0	55	28	52	40	175
Retained earnings/cash	0.9	31.4%	16.0%	29.7%	22.9%	100.0%

	0.0	23	75	18	59	175
Long-term debt	0.6	13.1%	42.9%	10.3%	33.7%	100.0%

30

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9d. Compared to 2007, is your firm using more or less of the following funding sources? Other specified

没有这些内容	
无形资产	

31

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9e. Where does your firm hold most of its cash? (Check the vehicles where your firm keeps the largest balance and second largest balance)

	 	Number	Percent	95% CI
	Commercial bank account	150	85.7 %	± 5.2 %
	Money market funds	21	12.0 %	± 4.9 %
	Other	16	9.1 %	± 4.3 %
	Treasuries	14	8.0 %	± 4.1 %
	Managed externally by money manager	7	4.0 %	± 2.9 %
	Government agency securities (e.g., Fannie Mae)	2	1.1 %	± 1.6 %
	Total	210

	Number of Cases =175
	Number of Responses =210
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response =166
	Response Percent = 94.9 %

32

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9e. Where does your firm hold most of its cash? (Check the vehicles where your firm keeps the largest balance and second largest balance) - Other specified

内部管理	
委托贷款	
无	
自用	
cash pool	
internal cash pool	

33

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

9e. Where does your firm hold most of its cash? - If this has changed since 2007, how?

--- No Response ---

34

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

10a. Do you think the central government's recent RMB 4-trillion investment package will help sustain economic growth in China for the next year?

	 	Number	Percent	95% CI
	Yes, I think the government's new measure will help
	   stimulate the economic growth substantially.	14	8.1 %	± 4.1 %
	Yes, I think the government's new measure will provide the
	   needed cushion in case of a sharp economic downturn,
	   but will not jump start the economy substantially.	125	72.7 %	± 6.8 %
	No, I think the government's new measure will have little
	   effect on the growth of the economy.	15	8.7 %	± 4.2 %
	No, I think the government's plan does not adequately
	   address the current economic challenges	18	10.5 %	± 4.5 %
	Total	172	100.0 %

	Missing Cases = 3 
	Response Percent = 98.3 %

35

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

10b. If the answer is Yes, what are the areas that you think the new measures will be most effective? (multiple choice)

	 	Number	Percent	95% CI
	The VAT (Value-added tax) reform and promised RMB 120
	   bn relief for companies	49	35.8 %	± 8.0 %
	The government spending will help boost demand for the
	   manufacturing sector and help address the issue of
	   capacity abundance.	23	16.8 %	± 6.3 %
	The government spending on housing, medicare and
	   education-the so-called top three burdens of the Chinese
	   people, will help release more consumer spending, as
	   people see the government taking concrete steps to relieve
	   these burdens.	25	18.2 %	± 6.5 %
	The government spending on infrastructure projects, such
	   as building more railway, highway and airports, will
	   improve logistics, one of the bottleneck for the growth of
	   domestic market.	40	29.2 %	± 7.6 %
	Other, please specify	0	0.0 %	± 0.0 %
	Total	137	100.0 %

	Missing Cases = 2 
	Response Percent = 98.6 %

36

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

10. Do you think the central government's recent RMB 4-trillion investment package will help sustain economic growth in China for the next year? - Yes - Other effective measure specified

本题无法多选	
有助于解决就业问题	

37

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

11a & 11b. Effect of capital/credit markets on the ability to pursue attractive investment projects.

(N=175)

			Small	Moderate	Large	
	Mean & SD	No effect	effect	effect	effect	Total
	  	1	2	3	4	  	
11a. When capital markets are operating
normally, how much does your ability to
access external capital limit your ability to	1.9	53	80	24	7	164
pursue attractive investment projects?	0.8	32.3%	48.8%	14.6%	4.3%	100.0%

11b. In the current credit market environment,
how much does your ability to access
external capital limit your ability to pursue	2.2	39	56	53	13	161
attractive investment projects?	0.9	24.2%	34.8%	32.9%	8.1%	100.0%

38

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

11c. When external capital is limited, are your corporate investments  (check one or two choices)

	 	Number	Percent	95% CI
	Funded by near-term cash flows/profits	68	38.9 %	± 7.3 %
	Funded by cash holdings	68	38.9 %	± 7.3 %
	Funded by joint ventures or partnerships	52	29.7 %	± 6.8 %
	Postponed or canceled	48	27.4 %	± 6.7 %
	Funded by other	4	2.3 %	± 2.2 %
	Other	3	1.7 %	± 1.9 %
	Total	243

	Number of Cases =175
	Number of Responses =243
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response =168
	Response Percent = 96.0 %

39

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

11c. When external capital is limited, are your corporate investments - Funded by other specified

股东	
 	
母公司	
 	
母公司	
 	
母公司	
 	
母公司资产注入	

40

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

11c. When external capital is limited, are your corporate investments - Other specified

--- No Response ---

41

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

12a. The Chinese economy grew at an annualized rate of 9.9% in the first 9 months of 2008. At what rate do you think the Chinese economy will grow in 2009?

	Minimum = 2

	Maximum = 15

	Mean = 7.50

	Median = 8

	Variance (Unbiased) = 2.72

	Standard Deviation (Unbiased) = 1.65

	Standard Error Of The Mean  = 0.13

	95 Percent Confidence Interval Around The Mean = 7.24 - 7.76

	99 Percent Confidence Interval Around The Mean = 7.16 - 7.84

Quartiles

	 1 = 6.75
	 2 = 8
	 3 = 8

Valid Cases = 158 
Missing Cases = 17 
Response Percent = 90.3%

42

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

12b. How do you rate your company's long term growth prospects, on a scale of 1 to 10? (10 is highest)

	 	Number	Percent	Cumulative
	1=Very Poor	1	0.6 %	0.6 %
	2=	2	1.2 %	1.7 %
	3=	2	1.2 %	2.9 %
	4=	11	6.4 %	9.3 %
	5=	32	18.6 %	27.9 %
	6=	29	16.9 %	44.8 %
	7=	42	24.4 %	69.2 %
	8=	39	22.7 %	91.9 %
	9=	5	2.9 %	94.8 %
	10=Very Good	9	5.2 %	100.0 %
	Total	172	100.0 %	100.0 %

	Mean = 6.6
	SD = 1.7

	Missing Cases = 3 
	Response Percent = 98.3 %

43

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

13a. Have you initiated any cost reduction measures?

	 	Number	Percent	95% CI
	Yes	105	61.0 %	± 7.3 %
	No, but we have started thinking about implementing cost
	   reduction measures.	61	35.5 %	± 7.1 %
	No, it's still too early to start cutting costs.	6	3.5 %	± 2.7 %
	Total	172	100.0 %

	Missing Cases = 3 
	Response Percent = 98.3 %

44

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

13b. If yes, what are the measures have you implemented?

	 	Number	Percent	95% CI
	Headcount freeze	78	74.3 %	± 8.5 %
	Reduction in T&E costs	69	65.7 %	± 9.2 %
	Delay, reduce or cancel planned investments	59	56.2 %	± 9.7 %
	Reduce planned staff bonus and/or introduce salary freeze	43	41.0 %	± 9.6 %
	Reduction in marketing expenses	42	40.0 %	± 9.5 %
	Headcount reduction	33	31.4 %	± 9.0 %
	Other (Please specify)	5	4.8 %	± 4.1 %
	Total	329

	Number of Cases =105
	Number of Responses =329
	Average Number Of Responses Per Case = 3.1
	Number Of Cases With At Least One Response =104
	Response Percent = 99.0 %

45

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

13a. Have you initiated any cost reduction measures? - Yes - Other specified

--- No Response ---

46

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Industry

	 	Number	Percent	95% CI
	Manufacturing	81	46.6 %	± 7.5 %
	Retail/Wholesale	22	12.6 %	± 5.0 %
	Tech [Software/Biotech]	19	10.9 %	± 4.7 %
	Service/Consulting	15	8.6 %	± 4.2 %
	Other	11	6.3 %	± 3.6 %
	Mining/Construction	7	4.0 %	± 2.9 %
	Transportation/Energy	7	4.0 %	± 2.9 %
	Banking/Finance/Insurance	4	2.3 %	± 2.2 %
	Healthcare/Pharmaceutical	4	2.3 %	± 2.2 %
	Communications/Media	4	2.3 %	± 2.2 %
	Total	174	100.0 %

	Missing Cases = 1 
	Response Percent = 99.4 %

47

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Industry (Other specified)

房地产	
房地产、电力、电子	
化工行业	
教育	
快速消费品生产加工	
贸易和物流	
政府资产管理与投资	
综合	

48

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	64	37.4 %	± 7.2 %
	$25-$99 million	50	29.2 %	± 6.8 %
	$100-$499 million	30	17.5 %	± 5.6 %
	$500-$999 million	19	11.1 %	± 4.7 %
	More than $1 billion	8	4.7 %	± 3.1 %
	Total	171	100.0 %

	Missing Cases = 4 
	Response Percent = 97.7 %

49

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 1100

	Mean = 214.91

	Median = 62

	Variance (Unbiased) = 90598.08

	Standard Deviation (Unbiased) = 301.00

	Standard Error Of The Mean  = 23.02

	95 Percent Confidence Interval Around The Mean = 169.80 - 260.03

	99 Percent Confidence Interval Around The Mean = 155.64 - 274.18

	Skewness = 1.70

	Kolmogorov-Smirnov Statistic For Normality = 4.75

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases = 171 
Missing Cases = 4 
Response Percent = 97.7%

50

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	29	17.6 %	± 5.6 %
	100-499	61	37.0 %	± 7.1 %
	500-999	26	15.8 %	± 5.3 %
	1,000-2,499	24	14.5 %	± 5.2 %
	2,500-4,999	8	4.8 %	± 3.1 %
	5,000-9,999	7	4.2 %	± 2.9 %
	Over 10,000	10	6.1 %	± 3.5 %
	Total	165	100.0 %

	Missing Cases = 10 
	Response Percent = 94.3 %

51

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1728.48

	Median = 300

	Variance (Unbiased) = 9434092.20

	Standard Deviation (Unbiased) = 3071.50

	Standard Error Of The Mean  = 239.12

	95 Percent Confidence Interval Around The Mean = 1259.82 - 2197.15

	99 Percent Confidence Interval Around The Mean = 1112.76 - 2344.21

	Skewness = 2.52

	Kolmogorov-Smirnov Statistic For Normality = 4.46

Quartiles

	 1 = 300
	 2 = 300
	 3 = 1750

Valid Cases = 165 
Missing Cases = 10 
Response Percent = 94.3%

52

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Headquarters China

	 	Number	Percent	95% CI
	People's Republic of China	121	74.2 %	± 6.9 %
	U.S.	14	8.6 %	± 4.1 %
	Europe	11	6.7 %	± 3.6 %
	Hong Kong	9	5.5 %	± 3.3 %
	Japan	2	1.2 %	± 1.6 %
	Taiwan	2	1.2 %	± 1.6 %
	India	1	0.6 %	± 1.1 %
	Other (please specify)	1	0.6 %	± 1.1 %
	Cambodia	1	0.6 %	± 1.1 %
	Singapore	1	0.6 %	± 1.1 %
	Sri Lanka	0	0.0 %	± 0.0 %
	Indonesia	0	0.0 %	± 0.0 %
	Thailand	0	0.0 %	± 0.0 %
	Korea	0	0.0 %	± 0.0 %
	Laos	0	0.0 %	± 0.0 %
	Malaysia	0	0.0 %	± 0.0 %
	Philippines	0	0.0 %	± 0.0 %
	Total	163	100.0 %

	Missing Cases = 12 
	Response Percent = 93.1 %

53

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Headquarters China (Other Specified)

北京	
法国	
上海	
上海市	
Holding Company is in Hon	

54

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Ownership

	 	Number	Percent	95% CI
	Private	94	57.3 %	± 7.5 %
	Public	38	23.2 %	± 6.2 %
	Government	29	17.7 %	± 5.6 %
	Nonprofit	3	1.8 %	± 1.9 %
	Total	164	100.0 %

	Missing Cases = 11 
	Response Percent = 93.7 %

55

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Foreign Sales

	 	Number	Percent	95% CI
	0%	57	32.9 %	± 7.0 %
	1-24%	54	31.2 %	± 6.9 %
	25-50%	18	10.4 %	± 4.5 %
	More than 50%	44	25.4 %	± 6.5 %
	Total	173	100.0 %

	Missing Cases = 2 
	Response Percent = 98.9 %

56

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Does your firm have one or more foreign subsidiaries?

	 	Number	Percent	95% CI
	Yes	49	29.3 %	± 6.7 %
	No	118	70.7 %	± 7.0 %
	Total	167	100.0 %

	Missing Cases = 8 
	Response Percent = 95.4 %

57

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Does your firm pay a dividend?

	 	Number	Percent	95% CI
	Yes	83	48.5 %	± 7.5 %
	No	69	40.4 %	± 7.3 %
	NA	19	11.1 %	± 4.7 %
	Total	171	100.0 %

	Missing Cases = 4 
	Response Percent = 97.7 %

58

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

Will your firm have positive net income in fiscal 2008?

	 	Number	Percent	95% CI
	Yes	125	73.5 %	± 6.8 %
	No	38	22.4 %	± 6.2 %
	NA	7	4.1 %	± 2.9 %
	Total	170	100.0 %

	Missing Cases = 5 
	Response Percent = 97.1 %

59

Duke CFO Global Business Outlook survey - China - Fourth Quarter, 2008

What is your company's credit rating?

	 	Number	Percent	Cumulative
	AAA	29	20.4 %	20.4 %
	AA+	43	30.3 %	50.7 %
	AA	21	14.8 %	65.5 %
	AA-	3	2.1 %	67.6 %
	A+	22	15.5 %	83.1 %
	A	10	7.0 %	90.1 %
	A-	3	2.1 %	92.3 %
	BBB+	3	2.1 %	94.4 %
	BBB	2	1.4 %	95.8 %
	BBB-	1	0.7 %	96.5 %
	BB+	1	0.7 %	97.2 %
	BB	1	0.7 %	97.9 %
	BB-	1	0.7 %	98.6 %
	B+	0	0.0 %	98.6 %
	B	1	0.7 %	99.3 %
	B-	0	0.0 %	99.3 %
	CCC	1	0.7 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	142	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %