Table of Contents

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?	1
1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the
least optimistic and 100 being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your 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
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the
next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:
[Unweighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[GDP Weighted - Winsorized]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Revenue (not GDP) Weighted - Sorted]	13
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Employee (not GDP) Weighted - Sorted]	14
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue (not GDP) Weighted]	15
Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:	16
(Excludes Don't Know) Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past
three years:	17
Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have
these firms used the debt proceed:	18
Q5b.  Other uses of debt proceeds:	19
Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	20
(Excludes Don't Know) Q5c. Will the debt burden of these firms limit their ability to pursue future investment opportunities?	21
Q5d.  Do these firms have the correct mix between floating and fixed rate debt?	22
Q5e.   Why do these firms have too little floating debt?	23
Q5e.  Why do these firms have too much floating debt?	24

(China only) Within China, have anti-corruption efforts helped the competitiveness of firms in your industry?	25
(China only) Have the anti-corruption efforts affected the amount of risk firms in your industry are willing to take on?	26
(Japan only) How does the introduction of Japan's Corporate Governance Code affect...	27
(Japan only) Which provision of the Code has the most influence on management of your firm?  Please indicate the provision and describe freely the influence or the problem of the provision.	28
Return on assets (ROA=operating earnings/assets)  (Winsorized)	29
Manufacturing capacity utilized  (Winsorized)	30
Industry	31
Industry (Other specified)	32
Sales Revenue	33
Sales Revenue (Millions)	34
Number of Employees	35
Where are you personally located?	37
If your company headquarters is in another country, please indicate which country.	39
Ownership	41
Foreign Sales	42
In what region of the world are most of your foreign sales?	43
What is your company's credit rating? 	44

(Not asked in Japan)
Your job title (e.g., CFO, Asst. Treasurer, etc):	47
Other job title:	48
What is the probability that you will be a CEO in 5 years?	49
What is the probability that you will be a CEO in 5 years? - Descriptive Summary	50
Do your current job tasks adequately prepare you to be a CEO at some point in the future?	51
Besides current job tasks, what skills must the CFO of your company develop to become a CEO?	52

 1 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	55	29.1 %	± 6.5 %
	0=No change	63	33.3 %	± 6.7 %
	-1=Less optimistic	71	37.6 %	± 6.9 %
	Total	188	100.0 %

	Mean = -0.1
	SD = 0.8

	Missing Cases = 4
	Response Percent = 98.1 %

2 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 5

	Maximum = 100

	Mean = 58.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 20.1

	95 Percent Confidence Interval Around The Mean = 55.4 - 61.8

4 Groups

	 1 = 50
	 2 = 60
	 3 = 75

Valid Cases =153
Missing Cases =39
Response Percent = 79.6%

3 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

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

	 	Number	Percent	95% CI
	1=More optimistic	67	35.6 %	± 6.8 %
	0=No change	55	29.2 %	± 6.5 %
	-1=Less optimistic	67	35.3 %	± 6.8 %
	Total	189	100.0 %

	Mean = 0.0
	SD = 0.8

	Missing Cases = 3
	Response Percent = 98.4 %

4 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

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 = 10

	Maximum = 100

	Mean = 60.8

	Median = 60

	Standard Deviation (Unbiased Estimate) = 20.2

	95 Percent Confidence Interval Around The Mean = 57.6 - 64.0

4 Groups

	 1 = 50
	 2 = 60
	 3 = 80

Valid Cases =152
Missing Cases =40
Response Percent = 79.2%

5 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

	 	Number	Percent	95% CI
	Economic uncertainty	92	48.4 %	± 7.2 %
	Weak demand for your products/services	59	31.3 %	± 6.7 %
	Government policies	58	30.9 %	± 6.6 %
	Currency risk	50	26.3 %	± 6.3 %
	Difficulty attracting / retaining qualified employees	45	23.6 %	± 6.1 %
	Employee productivity	44	23.0 %	± 6.1 %
	Access to capital	39	20.6 %	± 5.8 %
	Employee morale	33	17.4 %	± 5.5 %
	Regulatory requirements	32	16.7 %	± 5.4 %
	Rising wages and salaries	31	16.3 %	± 5.3 %
	Rising input or commodity costs	27	14.4 %	± 5.1 %
	Cost of borrowing	26	13.9 %	± 5.0 %
	Corporate tax code	26	13.7 %	± 4.9 %
	Geopolitical / health crises	16	8.3 %	± 4.0 %
	Inflation	15	7.7 %	± 3.8 %
	Cost of benefits	13	6.8 %	± 3.6 %
	Deflation	8	4.2 %	± 2.9 %
	Data security	8	4.2 %	± 2.9 %
	Other	14	7.6 %	± 3.8 %
	Total	634

	Number of Cases = 189
	Number of Responses = 634
	Average Number Of Responses Per Case = 3.4
	Number Of Cases With At Least One Response = 189
	Response Percent = 100.0 %

6 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? - Other specified

China	Agr, Forestry, Fishing	创新	
China	Mining/Construction	订单和销量	
China	Transp, Public Util	产能过剩	
Japan	Manufacturing	顧客製品の不祥事	
Japan	Retail/Wholesale	商品企画力の強化	
OtherAsia	Energy	Education	
OtherAsia	Services, Consulting	Increased competition	
OtherAsia	Transp, Public Util	clients credit risk	

7 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

China	Agr, Forestry, Fishing	创新不够，未来发展不可持续	
China	Bank/Fin/Insur/Real Est	业务转型和竞争加剧	
China	Bank/Fin/Insur/Real Est	同业竞争，资金风险	
China	Bank/Fin/Insur/Real Est	公司现金流动性风险和财务危机风险	
China	Bank/Fin/Insur/Real Est	因企业文化带来的骨干员工流失	
China	Bank/Fin/Insur/Real Est	国家调控	
China	Bank/Fin/Insur/Real Est	毛利率收窄	
China	Bank/Fin/Insur/Real Est	流动性资金短缺	
China	Bank/Fin/Insur/Real Est	收入下滑	
China	Bank/Fin/Insur/Real Est	经济下行导致的需求减少，资产价格的攀升，人工-
成本的增加，尤其担心整体经济进入滞胀	
			
China	Bank/Fin/Insur/Real Est	经济环境，人民币汇率。	
China	Bank/Fin/Insur/Real Est	监管	
China	Bank/Fin/Insur/Real Est	监管	
China	Bank/Fin/Insur/Real Est	财务风险	
China	Bank/Fin/Insur/Real Est	违约风险	
China	Bank/Fin/Insur/Real Est	股市行情的不景气	
China	Communication/Media	传统产业收益急剧下降，新型产业难以找到核实-
的并购标的。	
			
China	Communication/Media	兼并重组	
China	Energy	亏损扩大，成本提高	
China	Energy	固定成不太高，产品没有市场	
China	Energy	国家宏观调控	
China	Energy	成本	
China	Energy	成本管控	
China	Energy	打破垄断	
China	Energy	经济继续下行，电价进一步下调影响公司盈利水平。	
China	Energy	生产工艺如何优化才能达到真正的的降成本。	
China	Energy	煤炭需求随季节波动的继续下行	
China	Energy	行业整合	
China	Energy	还是债务	
China	Healthcare/Pharm	传统盈利模式破碎，盈利模式重构的痛苦，国内市-
场增长无望，只能谋求走出去！	
			
China	Healthcare/Pharm	经济下行或结构性衷退	
China	Healthcare/Pharm	Tightened government regulations and policies	
China	Manufacturing	产品市场占有率下降，销售额增速减少。	
China	Manufacturing	市场环境影响	
China	Manufacturing	原材料价格上涨	
China	Manufacturing	原材料成本大幅波动和人力成本上升	
China	Manufacturing	全球贸易保护政策加剧	
China	Manufacturing	债务违约，订单不确定。	
China	Manufacturing	汇率的风险，使公司进口商口成本升高。	
China	Manufacturing	技术、产品、工艺、品质等创新的需求，与人才缺-
乏之间的矛盾。	
			
China	Manufacturing	技术更新	
China	Manufacturing	新三版上市	
China	Manufacturing	石油价格下跌，原材料涨价，运费上涨，熟练员工不-
好招聘	
			
China	Manufacturing	石油价格下跌，原材料涨价，运费涨价，缺乏熟练
术人员影响订单按时交货	
			
China	Manufacturing	订单数量下跌, 美国新总统的政策不明朗,
美国加息对亚太经济的不确定因素....等	
			
China	Manufacturing	资金	
China	Manufacturing	项目难找，工价下滑，需求下滑	

China	Manufacturing	公司与竞争对手的差距继续拉大，导致订单减少2-
、战略无法较好的得到落实3、核心竞争力无法
别，内部管理机制僵化，绩效考核形式化
失公平，挫伤员工积极性，领导在一些日常
作中不能以身作则，对公司高层	

			
			
China	Mining/Construction	创新成果转化	
China	Mining/Construction	内控制度的落实	
China	Mining/Construction	全球经济环境	
China	Mining/Construction	清洁能源	
China	Mining/Construction	资金短缺	
China	Mining/Construction	黄金的避险职能受到挑战	
China	Pub Admin	企业改革	
China	Pub Admin	政策风险	
China	Retail/Wholesale	业务发展的不确定性	
China	Retail/Wholesale	产品定位和结构化调整	
China	Retail/Wholesale	没有盈利项目，资金链断裂	
China	Retail/Wholesale	无更专业人员和自主经营在市场经济中立足	
China	Retail/Wholesale	政策的变化	
China	Retail/Wholesale	资金紧张，库存增加	
China	Retail/Wholesale	exchange rate	
China	Services, Consulting	业务不确定性	
China	Services, Consulting	业务量	
China	Services, Consulting	大环境变差	
China	Services, Consulting	市场变化	
China	Services, Consulting	市场经济的不确定性而导致公司经营的不稳定性	
China	Services, Consulting	市场萎缩	
China	Services, Consulting	市场认同度	
China	Services, Consulting	服务质量风险	
China	Services, Consulting	暂没	
China	Services, Consulting	房租成本上升	
China	Services, Consulting	战略	
China	Services, Consulting	新的有能力的员工	
China	Services, Consulting	竞争	
China	Services, Consulting	资金短缺	
China	Services, Consulting	China slowdown, and political uncertainty in Hong Kong continue to
delay the public spending	
			
China	Services, Consulting	The continuous depreciation of CNY	
			
China	Tech [Soft/Hard/Bio]	市场订单和客户获取的难度比预期增大，运营资金-
的平稳供给和融资方式的多元化受到挑战。	
			
China	Tech [Soft/Hard/Bio]	公司流动资金稳定性	
China	Tech [Soft/Hard/Bio]	新产品开发中的不确定性，包括客户需求变化、开
进度、人才保留等	
			
China	Tech [Soft/Hard/Bio]	行业竞争加剧	
China	Tech [Soft/Hard/Bio]	Election of an unqualified U.S. President	
China	Transp, Public Util	人民币汇率下跌风险	
China	Transp, Public Util	企业改革	
China	Transp, Public Util	市场开拓艰难	
China	Transp, Public Util	并购风险和整合	
China	Transp, Public Util	油价上涨，人民币贬值	
China	Transp, Public Util	战略定位	
China	Transp, Public Util	无	
China	Transp, Public Util	竞争加剧	
China	Transp, Public Util	经济景气度	
China	Unspecified Industry	市场经济风险	

China	Unspecified Industry	国企改革时间，内容，效率及效果	
China	Unspecified Industry	研发遇到的意想不到的问题和挑战	
China	Unspecified Industry	Diminishing demand for our service	
India	Bank/Fin/Insur/Real Est	Regulatory delays	
India	Communication/Media	new players in the market	
India	Manufacturing	Demonetisation of currency	
India	Manufacturing	Demonetization of Rs.500 and Rs. 1000 currency notes is likely to cause
a decrease in demand.	
			
India	Manufacturing	Impact of demonetisation; uncertainty of GST rollout	
India	Manufacturing	usa election result	
India	Mining/Construction	Demonetisation in India  and also  the real estate regulatory  act in
India	
			
India	Retail/Wholesale	Economic uncertainty enhanced probably by demonetisation decision
taken by the Government.	
			
India	Services, Consulting	Demonetisation of Indian currency notes.	
India	Tech [Soft/Hard/Bio]	Changing business environment due to continuous innovation in the
world due to adaption of new tech	
			
India	Tech [Soft/Hard/Bio]	Demonitization of higher denomination INR resulting in lower spend	
India	Tech [Soft/Hard/Bio]	election in USA .	
Japan	Manufacturing	グローバル経営の進化および、従業員の生産性	
Japan	Manufacturing	地政学的リスク。欧米のコストの高さ。	
Japan	Manufacturing	原油価格の変動、保護貿易主義の台頭	
Japan	Other	デジタル技術革命による既存製品需要に対する影響	
Japan	Other	経済の不確実性	
Japan	Retail/Wholesale	労働力不足　　ＡＩ・ＩＴの活用	
Japan	Retail/Wholesale	米国利上げによる新興国からの資本流出。トラン	
		政権誕生による保護主義の浸透	
Japan	Services, Consulting	既存事業の売上減少／離職率の増加	
Japan	Transp, Public Util	売り上げの増加に伴う要員不足	
OtherAsia	Communication/Media	Lack suitable skilled talent in market place.	
OtherAsia	Energy	无	
OtherAsia	Energy	Cant develop the learning attitude.	
OtherAsia	Manufacturing	Economic downturn	
OtherAsia	Mining/Construction	Competitive pricing & lack of demand	
OtherAsia	Mining/Construction	working capital cost	
OtherAsia	Other	Do analyzing of new oppotunity in facility management.	
OtherAsia	Other	layoff in some of the industry, such as Oil and Gas, Banking and
manufacturing affecting consumerism	
			
OtherAsia	Other	The rate of unemployed is increasing daily.	
OtherAsia	Retail/Wholesale	Donald Trump and strong USD	
OtherAsia	Retail/Wholesale	forex exchange, US president change and BREXIT.	
OtherAsia	Retail/Wholesale	Marketing online, company collapses - excess products on	
OtherAsia	Retail/Wholesale	New US leader..currency fluctuations.	
OtherAsia	Retail/Wholesale	Operation Risk Control	
OtherAsia	Services, Consulting	Impact on the war on drugs, implementation of k-12	
OtherAsia	Services, Consulting	local politics	
OtherAsia	Services, Consulting	Trump and Brexit	
OtherAsia	Services, Consulting	uncertainty about USA policies and directions under the regime of
Trump and the slowdown of economy	
			
OtherAsia	Tech [Soft/Hard/Bio]	Economic uncertainty	
OtherAsia	Transp, Public Util	Economic uncertainty	
OtherAsia	Unspecified Industry	Evolving and growing compliance	
OtherAsia	Unspecified Industry	uncertainties created by Trump	

10 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?   [Unweighted - Winsorized] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue	10.1	19.9	7.1 - 13.1	5	-32.5	57.5	152

Capital spending	6.9	18.0	4.0 - 9.7	3	-40.5	58.9	162

Wages/Salaries	6.9	8.9	5.5 - 8.3	5	-21.5	38.4	138

Research and development spending	6.5	9.8	4.9 - 8.2	3	-17.2	31.5	146

Technology spending	6.3	8.6	4.9 - 7.7	5	-20	39.1	148

Number of domestic full-time employees	4.2	14.4	1.9 - 6.5	2	-40	58.2	149

Health care costs	3.9	6.0	2.9 - 4.9	2	-10	22.1	142

Earnings	3.4	14.6	1.1 - 5.6	4.5	-28.2	35.1	166

Marketing/advertising spending	2.2	7.3	1.0 - 3.4	0	-16.5	22.3	142

Prices of your products	2.2	7.7	0.9 - 3.4	0	-17.8	23.8	157

11 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016

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

(N=192)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.8	128	22	7	157
Wages/Salaries	0.5	81.5%	14.0%	4.5%	100.0%

	0.7	108	30	4	142
Technology spending	0.5	76.1%	21.1%	2.8%	100.0%

	0.6	95	41	6	142
Research and development spending	0.6	66.9%	28.9%	4.2%	100.0%

	0.6	86	48	4	138
Health care costs	0.5	62.3%	34.8%	2.9%	100.0%

	0.5	122	9	35	166
Revenue	0.8	73.5%	5.4%	21.1%	100.0%

	0.5	97	32	23	152
Capital spending	0.7	63.8%	21.1%	15.1%	100.0%

	0.4	107	12	43	162
Earnings	0.9	66.0%	7.4%	26.5%	100.0%

	0.4	85	32	31	148
Number of domestic full-time employees	0.8	57.4%	21.6%	20.9%	100.0%

	0.4	71	57	18	146
Marketing/advertising spending	0.7	48.6%	39.0%	12.3%	100.0%

	0.3	72	49	28	149
Prices of your products	0.8	48.3%	32.9%	18.8%	100.0%

12 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?   [GDP Weighted - Winsorized] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue	7.3	19.7	4.3 - 10.3	5	-32.5	57.5	143

Capital spending	6.8	19.6	3.5 - 10.0	3	-40.5	58.9	151

Technology spending	6.7	9.8	5.0 - 8.3	5	-20	39.1	123

Wages/Salaries	6.7	8.5	5.3 - 8.1	5	-21.5	38.4	133

Research and development spending	5.1	9.3	3.5 - 6.7	3	-17.2	31.5	137

Health care costs	3.9	5.8	2.9 - 5.0	2	-10	22.1	137

Number of domestic full-time employees	2.7	13.9	0.3 - 5.0	2	-40	58.2	132

Earnings	2.1	15.1	-0.3 - 4.5	3	-28.2	35.1	161

Marketing/advertising spending	1.7	7.6	0.4 - 3.0	0	-16.5	22.3	132

Prices of your products	1.3	7.3	0.0 - 2.5	0	-17.8	23.8	149

13 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue (not GDP) Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue	6.3	16.4	3.5 - 9.0	5	-32.5	57.5	125

Technology spending	5.3	6.5	4.2 - 6.5	5	-20	39.1	122

Earnings	4.9	13.0	2.7 - 7.1	5	-28.2	35.1	139

Research and development spending	4.4	7.5	3.1 - 5.7	2	-17.2	31.5	124

Capital spending	3.2	15.6	0.5 - 6.0	5	-40.5	58.9	112

Marketing/advertising spending	1.9	5.4	1.0 - 2.9	0.3	-16.5	22.3	135

Prices of your products	1.2	7.3	-0.1 - 2.5	0	-17.8	23.8	125

14 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee (not GDP) Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Wages/Salaries	6.8	9.5	5.2 - 8.5	4	-21.5	38.4	122

Number of domestic full-time employees	6.0	16.5	3.1 - 8.9	2	-40	58.2	127

Health care costs	2.7	5.1	1.7 - 3.7	1.5	-10	22.1	110

15 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue (not GDP) Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	5.6	11.6	3.0 - 8.3	5	-25	30

Revenue	1.0	10.9	-1.5 - 3.5	3	-25	50

16 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

	Has their borrowing exposed these firms to greater
	financial risk?	Number	Percent	95% CI
	Less financial risk than normal	16	8.7 %	± 4.0 %
	About normal financial risk	71	37.3 %	± 6.9 %
	More financial risk than normal	74	38.9 %	± 6.9 %
	Don't know	29	15.2 %	± 5.1 %
	Total	190	100.0 %

	Missing Cases = 2
	Response Percent = 98.8 %

17 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 (Excludes Don't Know) Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

	Has their borrowing exposed these firms to greater
	financial risk?	Number	Percent	95% CI
	Less financial risk than normal	16	10.2 %	± 4.0 %
	About normal financial risk	71	43.9 %	± 6.9 %
	More financial risk than normal	74	45.8 %	± 7.0 %
	Total	161	100.0 %

	Missing Cases = 31
	Response Percent = 83.9 %

18 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

	How have these firms used the debt proceeds?	Number	Percent	95% CI
	For ‘real’ activities like hiring, capital spending, or acquisitions	107	55.9 %	± 7.1 %
	Don't Know	48	25.0 %	± 6.2 %
	To build up a cash reserve	22	11.7 %	± 4.6 %
	For ‘financial’ activities like paying dividends or share repurchases	22	11.3 %	± 4.5 %
	Other	14	7.3 %	± 3.7 %
	Issued debt to avoid repatriating foreign profits	7	3.7 %	± 2.7 %
	Total	221

	Number of Cases = 192
	Number of Responses = 221
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response = 190
	Response Percent = 99.2 %

19 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Q5b.  Other uses of debt proceeds:

China	Mining/Construction	成本支出	
China	Retail/Wholesale	跨行业投资	
China	Transp, Public Util	企业初创期的公司业务快速增长	
India	Manufacturing	working capital and operations	
India	Mining/Construction	meeting interest cost, funding losses	
Japan	Retail/Wholesale	格付け維持の側面	
Japan	Services, Consulting	設備投資	
OtherAsia	Communication/Media	financing operational expenses and cost of sales	
OtherAsia	Services, Consulting	expand business	

20 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

	Will the debt burden of these firms limit their ability
	to pursue future investment opportunities?	Number	Percent	95% CI
	No	46	24.1 %	± 6.1 %
	Yes, will limit investment moderately	81	42.4 %	± 7.1 %
	Yes, will limit investment significantly	27	14.4 %	± 5.0 %
	Don't know	36	19.1 %	± 5.6 %
	Total	190	100.0 %

	Missing Cases = 2
	Response Percent = 99.2 %

21 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 (Excludes Don't Know) Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

	Will the debt burden of these firms limit their ability
	to pursue future investment opportunities?	Number	Percent	95% CI
	No	46	29.8 %	± 6.1 %
	Yes, will limit investment moderately	81	52.4 %	± 7.1 %
	Yes, will limit investment significantly	27	17.8 %	± 5.0 %
	Total	154	100.0 %

	Missing Cases = 38
	Response Percent = 80.3 %

22 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Q5d.  Do these firms have the correct mix between floating and fixed rate debt?

	Do these firms have the correct mix between floating
	and fixed rate debt?	Number	Percent	95% CI
	Too little floating/too much fixed	19	10.3 %	± 4.3 %
	Correct floating vs. fixed mix.	52	28.0 %	± 6.3 %
	Too much floating/too little fixed (why too much floating?	17	9.3 %	± 4.1 %
	Don't know	97	52.4 %	± 7.1 %
	Total	184	100.0 %

	Missing Cases = 8
	Response Percent = 96.0 %

23 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Q5e.   Why do these firms have too little floating debt?

China	Bank/Fin/Insur/Real Est	次级债务少，结构性融资产品未使用	
China	Bank/Fin/Insur/Real Est	行业限制，公司性质	
China	Bank/Fin/Insur/Real Est	q q	
China	Communication/Media	国家政策	
China	Energy	融资渠道单一，仅限于四大国有银行融资	
China	Manufacturing	银行债务多	
China	Mining/Construction	中国银行业一般采用固定利率	
China	Retail/Wholesale	议价能力低	
China	Services, Consulting	融资主要来自银行	
China	Tech [Soft/Hard/Bio]	在获取债务方面对资金提供方的谈判话语权较弱，资
方更愿意以一个较高的固定利率来交易。	
			
China	Transp, Public Util	思维僵化	
India	Energy	Limited market choice due to tough lender conditions.	
India	Tech [Soft/Hard/Bio]	As receivables are not credited as per agreed schedule by the customer.	
Japan	Manufacturing	慎重な成長投資経営および、財務体質の強化志向	
OtherAsia	Services, Consulting	based on bank's requirements	
OtherAsia	Services, Consulting	to log-in known cost	

24 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Q5e.  Why do these firms have too much floating debt?

China	Bank/Fin/Insur/Real Est	市场利率变化较大	
China	Bank/Fin/Insur/Real Est	利率不稳定	
China	Bank/Fin/Insur/Real Est	融资难	
China	Energy	国内银行政策	
China	Energy	经营	
China	Healthcare/Pharm	短期应急拆借太多，银行借贷太难	
China	Manufacturing	从银行取得的贷款，利率上浮过多	
China	Manufacturing	应付正常运转	
China	Manufacturing	因为债务的条款约定	
China	Manufacturing	银行倾向于浮动利率	
China	Mining/Construction	利率下浮预期	
China	Mining/Construction	灵活	
China	Services, Consulting	缺少规划	
China	Services, Consulting	过度投资	
China	Unspecified Industry	短期债务，银行转移分险	
Japan	Services, Consulting	金利が安い。景気変動に対応しやすい。借り入
が容易。	
			
OtherAsia	Other	business expansion and refinancing need.	
OtherAsia	Retail/Wholesale	the amount of loan is substantial	

25 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Within China, have anti-corruption efforts helped the competitiveness of firms in your industry?

	 	Number	Percent	95% CI
	Improved competitiveness	19	27.2 %	± 10.0 %
	No change	34	48.2 %	± 11.5 %
	Reduced competitiveness	11	15.8 %	± 8.2 %
	Don't Know	6	8.8 %	± 6.3 %
	Total	71	100.0 %

	Missing Cases = 5
	Response Percent = 93.4 %

 Asked of respondents of China

26 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Have the anti-corruption efforts affected the amount of risk firms in your industry are willing to take on?

	 	Number	Percent	95% CI
	No	21	28.9 %	± 10.3 %
	Yes, now firms are too cautious	32	45.6 %	± 11.4 %
	Yes, but firms still take on the right amount of risk	13	18.4 %	± 8.7 %
	Yes, now firms take on too much risk	4	5.3 %	± 5.0 %
	Don't Know	1	1.8 %	± 2.9 %
	Total	71	100.0 %

	Missing Cases = 5
	Response Percent = 93.4 %

Asked of respondents of China

27 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

How does the introduction of Japan's Corporate Governance Code affect...

(N=39)

		Very				Very	
	Mean & SD	negative	Negative	No effect	Positive	positive	Total
	  	1	2	3	4	5	  	
the Japanese	3.5	0	3	10	23	0	35
economy?	0.7	0.0%	9.1%	27.3%	63.6%	0.0%	100.0%

your	3.3	0	2	19	11	0	32
company?	0.6	0.0%	5.0%	60.0%	35.0%	0.0%	100.0%

 Asked of respondents of Japan

28 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Which provision of the Code has the most influence on management of your firm?  Please indicate the provision and describe freely the influence or the problem of the provision.

Japan	Manufacturing	形骸的な議論と対応。	
Japan	Manufacturing	株主との関係および従業員との関係。　特に前者にお
ては資本施策方針の見直し、また後者においてはグロ
バル人事施策。	

Japan	Manufacturing	日本版コーポレートガバナンスコード導入以前よ-
り、委員会設置会社への移行、外国人社外取締役の
任等のガバナンス強化を行っており、コードの導入
おいて大きな影響はなかった。	

			
Japan	Manufacturing	政策保有株式の削減、安定株主の減少	
Japan	Other	取締役会の活性化	
Japan	Other	投資家との対話の質・量の増加	
Japan	Retail/Wholesale	取締役会の活性化　資本効率の重視　但し、社外
締役の（女性／人数）形式要件を充足することに留
っており、資質・構成など改善の余地は大きい。	

Japan	Retail/Wholesale	特に無し。	
Japan	Services, Consulting	従業員コントロールを増やした。	
Japan	Transp, Public Util	役員報酬に業績インセンティブを導入する予定	

Asked of respondents of Japan

29 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Return on assets (ROA=operating earnings/assets)  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	7.3	8.2	6.0 - 8.5	6	-11.2	26.6	167

% Expected ROA in 2017	8.0	7.3	6.9 - 9.1	7	-7.1	24.5	159

30 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2016	75.8	19.7	68.0 - 83.5	80	32.5	95	25

% of capacity utilization planned for the second
half of 2016	79.0	22.4	70.1 - 87.8	86	27.2	100	25

31 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Industry

	 	Number	Percent	95% CI
	Services, Consulting	34	17.5 %	± 5.4 %
	Manufacturing	30	15.4 %	± 5.2 %
	Retail/Wholesale	25	12.8 %	± 4.8 %
	Energy	16	8.4 %	± 4.0 %
	Banking/Finance/Insurance/Real Estate	14	7.4 %	± 3.7 %
	Transportation & Public Utilities	13	7.0 %	± 3.7 %
	Technology [Software/Hardware/Biotech]	13	6.7 %	± 3.6 %
	Mining/Construction	11	5.6 %	± 3.3 %
	Communication/Media	5	2.5 %	± 2.2 %
	Healthcare/Pharmaceutical	4	2.1 %	± 2.1 %
	Agriculture, Forestry, & Fishing	2	1.3 %	± 1.6 %
	Public Administration	1	0.6 %	± 1.1 %
	Other Industry	24	12.6 %	± 4.7 %
	Total	192	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

32 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Industry (Other specified)

China	化工	
China	化工	
China	水利	
China	Testing and Certification	
Japan	総合商社	
Japan	総合金融サービス業	
Japan	運用会社	
Japan	音楽配信・サービス・ＩＴ	
OtherAsia	dealership	
OtherAsia	Education	
OtherAsia	Education	
OtherAsia	MICE	
OtherAsia	Semi Equipment	
OtherAsia	tourism	

33 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	60	31.5 %	± 6.6 %
	$25-$99 million	42	22.0 %	± 5.9 %
	$100-$499 million	30	16.1 %	± 5.2 %
	$500-$999 million	21	11.2 %	± 4.5 %
	$1-$4.9 billion	11	6.0 %	± 3.4 %
	$5-$9.9 billion	7	3.7 %	± 2.7 %
	More than $10 billion	18	9.5 %	± 4.2 %
	Total	189	100.0 %

	Missing Cases = 3
	Response Percent = 98.5 %

34 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1653.8

	Median = 62

	Variance (Unbiased Estimate) = 11508121.0

	Standard Deviation (Unbiased Estimate) = 3392.4

	Standard Error Of The Mean  = 246.6

	95 Percent Confidence Interval Around The Mean = 1170.4 - 2137.3

	99 Percent Confidence Interval Around The Mean = 1018.7 - 2288.9

	Skewness = 1.9

	Kolmogorov-Smirnov Statistic For Normality = 12.9

Quartiles

	 1 = 25
	 2 = 62
	 3 = 750

Valid Cases =190
Missing Cases =3
Response Percent = 98.5%

35 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	40	25.7 %	± 5.8 %
	100-499	37	23.5 %	± 5.6 %
	500-999	15	9.8 %	± 3.9 %
	1,000-2,499	18	11.3 %	± 4.1 %
	2,500-4,999	9	5.6 %	± 3.0 %
	5,000-9,999	11	6.8 %	± 3.3 %
	Over 10,000	27	17.3 %	± 5.0 %
	Total	157	100.0 %

	Missing Cases = 35
	Response Percent = 81.5 %

36 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3165.9

	Median = 750

	Variance (Unbiased Estimate) = 20097975.3

	Standard Deviation (Unbiased Estimate) = 4483.1

	Standard Error Of The Mean  = 358.3

	95 Percent Confidence Interval Around The Mean = 2463.7 - 3868.2

	99 Percent Confidence Interval Around The Mean = 2243.4 - 4088.5

	Skewness = 1.2

	Kolmogorov-Smirnov Statistic For Normality = 9.7

Quartiles

	 1 = 100
	 2 = 750
	 3 = 3750

Valid Cases =162
Missing Cases =35
Response Percent = 82.1%

37 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Where are you personally located?

	 	Number	Percent	95% CI
	People's Republic of China	61	34.5 %	± 6.7 %
	Kanto	31	17.4 %	± 5.2 %
	Singapore	17	9.9 %	± 4.1 %
	India	12	6.7 %	± 3.4 %
	Australia	11	6.2 %	± 3.3 %
	Malaysia	7	3.7 %	± 2.6 %
	Vietnam	7	3.7 %	± 2.6 %
	Thailand	7	3.7 %	± 2.6 %
	Kinki/Kansai	5	2.7 %	± 2.2 %
	Indonesia	4	2.5 %	± 2.1 %
	Pakistan	4	2.5 %	± 2.1 %
	Philippines	4	2.5 %	± 2.1 %
	Hong Kong	3	1.8 %	± 1.8 %
	Other Asian country	2	1.2 %	± 1.5 %
	Chubu	2	0.9 %	± 1.3 %
	Total	176	100.0 %

	Missing Cases = 16
	Response Percent = 91.9 %

38 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Headquarters Asia (Other Specified)

--- No Response ---

39 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

If your company headquarters is in another country, please indicate which country.

中国	

中国	

中国	

中国	

中国	

中国	

中国香港	

印尼	

北京	

北京	

北京	

哈萨克斯坦	

新疆	

美国	

爱尔兰	

e	

FRANCE	
	
Germany	
	
HUNGRY	
	
India	
	
India	
	
Japan	
	
no	

	

	

40 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

If your company headquarters is in another country, please indicate which country.

USA
	
none	
	
Singapore	
	
UK	

41 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Ownership

	 	Number	Percent	95% CI
	Private	92	50.4 %	± 7.1 %
	Public	57	31.1 %	± 6.5 %
	Government	26	14.5 %	± 4.9 %
	Nonprofit	7	3.9 %	± 2.7 %
	Total	182	100.0 %

	Missing Cases = 10
	Response Percent = 94.7 %

42 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Foreign Sales

	 	Number	Percent	95% CI
	0%	71	38.3 %	± 6.9 %
	1-24%	64	34.5 %	± 6.7 %
	25-50%	22	11.8 %	± 4.6 %
	More than 50%	29	15.3 %	± 5.1 %
	Total	186	100.0 %

	Missing Cases = 6
	Response Percent = 96.9 %

43 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Asia/Pacific Basin	59	61.6 %	± 9.3 %
	US/Canada	18	19.4 %	± 6.8 %
	Europe	14	15.1 %	± 6.2 %
	Africa	4	3.9 %	± 3.3 %
	Latin America	0	0.0 %	± 0.0 %
	Total	95	100.0 %

	Missing Cases = 20
	Response Percent = 82.8 %

44 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	17	14.0 %	14.0 %
	AA+	18	15.4 %	29.4 %
	AA	14	11.7 %	41.1 %
	AA-	8	6.7 %	47.9 %
	A+	7	6.1 %	54.0 %
	A	8	6.3 %	60.3 %
	A-	7	5.9 %	66.2 %
	BBB+	9	7.3 %	73.6 %
	BBB	4	3.7 %	77.3 %
	BBB-	1	0.5 %	77.8 %
	BB+	5	3.8 %	81.6 %
	BB	6	4.9 %	86.5 %
	BB-	1	0.6 %	87.1 %
	B+	2	1.9 %	89.0 %
	B	11	9.2 %	98.1 %
	B-	1	0.5 %	98.7 %
	CCC	0	0.0 %	98.7 %
	CC	2	1.3 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	120	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

45 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

What is your company's credit rating? 

N=120		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		120		74	45	
		100.0%		62.1%	37.9%	
						
AAA		17		11	6	
		14.0%		14.2%	13.6%	
						
AA+		18		14	5	
		15.4%		18.6%	10.3%	
						
AA		14		9	5	
		11.7%		12.4%	10.6%	
						
AA-		8		8	0	
		6.7%		10.9%	0.0%	
				b	a	
						
A+		7		3	4	
		6.1%		4.0%	9.6%	
						
A		8		5	3	
		6.3%		6.4%	6.2%	
						
A-		7		6	1	
		5.9%		8.7%	1.4%	
						
BBB+		9		7	1	
		7.3%		10.0%	3.0%	
						
BBB		4		2	2	
		3.7%		3.0%	4.8%	
						
BBB-		1		1	0	
		0.5%		0.8%	0.0%	
						
BB+		5		3	2	
		3.8%		3.9%	3.6%	
						
BB		6		1	5	
		4.9%		1.0%	11.3%	
				b	a	
						
BB-		1		1	0	
		0.6%		1.0%	0.0%	
						
B+		2		0	2	
		1.9%		0.0%	4.9%	

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

46 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

What is your company's credit rating? 

N=120		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		11		4	7	
		9.2%		5.1%	15.8%	
						
B-		1		0	1	
		0.5%		0.0%	1.4%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		2		0	2	
		1.3%		0.0%	3.6%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

47 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	Other	62	40.9 %
	Controller	37	24.4 %
	CFO	28	18.8 %
	CEO	16	10.6 %
	Treasurer	8	5.4 %
	Total	151	100.0 %

	Missing Cases = 2
	Response Percent = 98.8 %

 Not asked in Japan

48 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Other job title:

GM for Finance & Business Excellence	
Operations Consultant	
Manager	
Deputy CFO	
机电主管	
内控总监	
内控部经理	
内控	
投资部门经理	
财务负责人	
FD	
head management audit	
副总经理	
director	
执行董事	
Managing Director	
Marketing Manager	
财务部长	
资金部主管	
财务经理	
Accountant	
会计主管	
人力资源部总监	
中层	
财务经理	
Division Manager	
员工	
CIA	
Management Adviser	
IT Director	

Not asked in Japan

49 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

What is the probability that you will be a CEO in 5 years?

	 	Number	Percent	95% CI
	0%	45	36.4 %	± 8.0 %
	1-20%	32	25.7 %	± 7.2 %
	21-40%	12	9.2 %	± 4.7 %
	41-60%	22	17.7 %	± 6.2 %
	61-80%	10	8.3 %	± 4.5 %
	81-100%	3	2.7 %	± 2.6 %
	Total	125	100.0 %

	Missing Cases = 13
	Response Percent = 90.8 %

 Not asked in Japan/Only asked of those respondents who are not currently a CEO

50 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

What is the probability that you will be a CEO in 5 years? - Descriptive Summary

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

What is the probability that you will be a CEO in
5 years?	22.9	27.6	18.0 - 27.7	10	0	100	125

Not asked in Japan/Only asked of those respondents who are not currently a CEO

51 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

	 	Number	Percent	95% CI
	No	45	36.1 %	± 8.0 %
	Yes	65	52.1 %	± 8.5 %
	Don't Know	15	11.7 %	± 5.2 %
	Total	125	100.0 %

	Missing Cases = 12
	Response Percent = 90.9 %

Not asked in Japan/Only asked of those respondents who are not currently a CEO

52 

Duke CFO magazine Global Business Outlook survey - Asia & China & Japan - Fourth Quarter, 2016 - Weighted by GDP

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

China	Agr, Forestry, Fishing	人脉	
China	Agr, Forestry, Fishing	行贿	
China	Agr, Forestry, Fishing	能否拉来业务	
China	Bank/Fin/Insur/Real Est	人际关系处理能力	
China	Bank/Fin/Insur/Real Est	介入项目业务中去	
China	Bank/Fin/Insur/Real Est	市场	
China	Bank/Fin/Insur/Real Est	建立客户群	
China	Bank/Fin/Insur/Real Est	创新思维，对经济大势和行业发展有敏锐的洞察力
较强的对外沟通能力个和广大的人脉背景	
			
China	Bank/Fin/Insur/Real Est	关系	
China	Bank/Fin/Insur/Real Est	关系	
China	Bank/Fin/Insur/Real Est	沟通力	
China	Bank/Fin/Insur/Real Est	战略格局	
China	Bank/Fin/Insur/Real Est	无	
China	Bank/Fin/Insur/Real Est	管理系统熟练掌握，内控机制流畅明确	
China	Bank/Fin/Insur/Real Est	视野	
China	Bank/Fin/Insur/Real Est	视野，决断力	
China	Bank/Fin/Insur/Real Est	难说	
China	Energy	专业技能，管理水平	
China	Energy	复合型人才	
China	Energy	工作能力，人际关系	
China	Energy	开拓市场	
China	Energy	注册会计师	
China	Energy	情商	
China	Energy	政治社交职能	
China	Energy	经营决策能力，与上层沟通能力，发电技术储备	
China	Energy	融资	
China	Energy	背景	
China	Healthcare/Pharm	Business Strategies, Collaboration, Client Relationship and	
		Development	
China	Healthcare/Pharm	stong technical knowhow	
China	Manufacturing	协调，关系	
China	Manufacturing	参与公司的日常经营与管理	
China	Manufacturing	同时要精通经营。	
China	Manufacturing	对生产经营的把控	
China	Manufacturing	市场营销	
China	Manufacturing	战略、集团管控	
China	Manufacturing	懂经营	
China	Manufacturing	思路思想应变人际关系	
China	Manufacturing	研发技术	
China	Manufacturing	管理能力	
China	Manufacturing	统筹思考能力 执行力	
China	Mining/Construction	投资能力，融资能力	
China	Mining/Construction	管理能力	
China	Mining/Construction	经营	
China	Mining/Construction	综合能力	
China	Mining/Construction	熟悉市场运营。	
China	Pub Admin	不清楚	
China	Retail/Wholesale	没有	
China	Retail/Wholesale	没设这个岗位	

China	Retail/Wholesale	政府沟通能力	
China	Retail/Wholesale	靠的是资历	
China	Retail/Wholesale	leadership	
China	Services, Consulting	从事过业务工作	
China	Services, Consulting	宏观判断	
China	Services, Consulting	决断力、承压能力、统筹全局	
China	Services, Consulting	沟通	
China	Services, Consulting	沟通协调	
China	Services, Consulting	股权变更	
China	Services, Consulting	领导力，战略管理能力，市场敏锐度，政治敏锐度	
China	Services, Consulting	Technical and professional recognition and network	
China	Services, Consulting	With shipping industry knowledge or experiences of operation	
China	Tech [Soft/Hard/Bio]	对战略发展制定合理且前瞻性的规划，对现有业务
出色拓展能力。	
			
China	Tech [Soft/Hard/Bio]	公司研发	
China	Tech [Soft/Hard/Bio]	领导力	
China	Transp, Public Util	创新	
China	Transp, Public Util	投资管理	
China	Transp, Public Util	战略决策	
China	Transp, Public Util	战略眼光	
China	Transp, Public Util	符合创业者要求，构建CEO思维模式，增强现代企业
理水平	
			
China	Transp, Public Util	熟悉业务	
China	Transp, Public Util	领导力	
China	Transp, Public Util	领导力，技术整合能力，市场开拓能力	
China	Unspecified Industry	Technical knowledge on testing	
India	Bank/Fin/Insur/Real Est	People skills. Industry specific expertise and networking	
India	Communication/Media	business acumen	
India	Manufacturing	Besides, financial expertise, general managerial skill and technical	
		knowledge	
India	Manufacturing	Commercial Intelligence	
India	Manufacturing	Entrepreneurship qualities, reasonable optimism	
India	Mining/Construction	Ability to strategise,  take risks	
India	Retail/Wholesale	Ability to forecast; advise anticipated scenario outcomes expected from	
		management decision alternatives	
India	Tech [Soft/Hard/Bio]	Being business enabler, Grow revenue and profits above the industry, Tech savvy.	
			
OtherAsia	Energy	技术 项目管理	
OtherAsia	Energy	1. Team evaluations. 2. High light the less privileged and marginalized
labor.	
			
OtherAsia	Manufacturing	Business sense; passion; ambition	
OtherAsia	Manufacturing	Communication and networking	
OtherAsia	Mining/Construction	Business focus	
OtherAsia	Mining/Construction	good network, deep industry & product/ services knowledge (technical
aspect to certain extent), definitely leadership and organisational
development	

OtherAsia	Other	Deeper understanding of technology trends.	
OtherAsia	Other	Management or resources and manpower.To be proactive	
OtherAsia	Other	Marketing, Business Development.	

OtherAsia	Other	strategic thinking	
OtherAsia	Retail/Wholesale	All	
OtherAsia	Retail/Wholesale	Must know how to manage sales and marketing , and business
development.	
			
OtherAsia	Retail/Wholesale	PRODUCT KNOWLEDGE,	
OtherAsia	Services, Consulting	Not applicable	
OtherAsia	Services, Consulting	People leadership, Communication of vision	
OtherAsia	Services, Consulting	Strategic thinking	
OtherAsia	Tech [Soft/Hard/Bio]	Product development	
OtherAsia	Tech [Soft/Hard/Bio]	Understand the full supply chain of the company.	
OtherAsia	Transp, Public Util	Commercial and operational hands on experience	
OtherAsia	Unspecified Industry	bring Sales team to high level of ownership	
OtherAsia	Unspecified Industry	Risk, relationship and continually strategizing.	

Not asked in Japan/Only asked of those respondents who are not currently a CEO