The survey summarizes the views of AmCham Taipei member companies on Taiwan's business climate and environment. While most companies were profitable in 2014 and have a positive 5-year outlook, they also face ongoing issues like inconsistent regulations, bureaucracy, outdated laws, and a lack of transparency. The top impacts on business are inconsistent regulatory interpretation and changes in local demand. Support exists for trade agreements but political obstacles remain. Regulatory reform is needed to strengthen Taiwan's competitiveness and attractiveness for foreign investment.
AmCham Taipei 2016 Business Climate Survey - Full results Jan 19Gordon Stewart
- The survey found that 67% of companies were profitable in 2015, similar to previous years. However, forecasts for 2016 show a slight expected decline in revenues and profits.
- Investment levels are expected to remain unchanged or decrease slightly in 2016 after recovering in past years.
- Optimism in the 5-year business outlook dropped sharply from 60% to 47%, tracking a decline in Taiwan's GDP growth and raising concerns.
- The top issues impacting businesses are outdated laws, inconsistent regulations, declining domestic demand, bureaucracy, and lack of notice on legal changes.
Taiwan Business Climate Survey Jan. 2011 - FULL REPORTGordon Stewart
The survey summarizes the responses of 117 business leaders from AmCham Taipei on Taiwan's business climate and investment environment. Key findings include:
- Business leaders expressed optimism about their future in Taiwan, with most planning to increase investment in 2011. However, Taiwan is not a high priority globally for their companies.
- While progress was noted in some areas, respondents saw room for improvement in reducing government bureaucracy, personal taxation, increasing labor flexibility, and R&D incentives.
- Changes in local demand had the greatest impact, but taxation, inconsistent regulations, and outdated laws also negatively impacted businesses.
- Recruiting talent and rigid laws were issues, though Taiwan was seen as safe and easy
Delivering more value to the business through
performance measurement and improved decision
support is the top priority for the finance function
through 2020. Among senior finance professionals
participating in the 2014 EY Global Insurance CFO
Survey, 71% indicated that “being a better business
partner” ranked among their top three priorities,
with 35% placing this as number one.
Based on our review of financial data, our discussions with law firm leaders, and other economic data available to us, we project that 2015 revenue for the law firm industry will likely rise in the six percent range, and PPEP in the five percent range. We also project expenses to rise in 2015 more so than in 2014, due to lawyer, staff and technology-related expenses. We believe transactional work will continue to drive growth, and litigation demand is likely to remain flat, placing continued pressure on firms with a strong dependence on litigation.
We expect that behind the 2015 industry profit growth
noted above, there will be firms significantly outperforming and lagging the industry average, based on their practice
mix, brand, focus on client service delivery, and approach
to innovation.
This document summarizes key findings from Grant Thornton's annual review of corporate governance practices among FTSE 350 companies. Some of the main findings include:
- Compliance with the UK Corporate Governance Code declined slightly, with 57% of FTSE 350 companies fully complying compared to 61% last year. However, the quality of explanations for non-compliance improved.
- While 96% of companies produced a strategic report as required, the quality varied and there was no significant reduction in length of front-end reporting as intended by the regulations. Only 50% fully applied the Strategic Report Regulations.
- Reporting on corporate culture and values is in early stages, with just over half of companies making a passing reference but
This document summarizes the results of the 2019 Taiwan Business Climate Survey conducted amongst over 200 key business leaders in Taiwan. The survey found that profitability levels are at their lowest in 9 years, with forecasts for 2019 revenues, profits, and investment declining or flat compared to previous years. Employment growth is also forecast to slow. Issues such as governmental bureaucracy, differences from international standards, protectionism, and inadequate laws continue to negatively impact businesses. Survey respondents see Taiwanese workers as hardworking but lacking creativity and initiative. The outlook for the next 5 years is sluggish, with less than half of respondents optimistic. In summary, the survey finds Taiwan's business climate deteriorating, with recurring issues still not adequately addressed.
This document summarizes key findings from a study on CEO turnover in 2015 among the world's 2,500 largest public companies. Some key points:
- CEO turnover reached a record high of 16.6% in 2015, up from 14.3% in 2014, driven by increased M&A activity and forced turnovers. However, the rate of planned successions remained stable.
- Industries facing the most disruption like telecom and energy saw higher rates of outsider CEO appointments. Outsider appointments allow companies to bring in new skills and perspectives during times of change.
- Only 10 of the 359 new CEOs appointed in 2015 were women, the lowest percentage since 2011. However, forces are expected
As the nation’s leading business law firm for entrepreneurs, emerging growth companies and venture capitalists (VCs), we are frequently asked, “what’s market in an IPO?” As we
did in 2013, we analyzed the 60 venture-backed companies incorporated in the United States that were involved in IPOs on U.S. stock exchanges during 2015, reviewing their IPO prospectuses and corporate governance documents. This report outlines what we learned, “by the numbers,” in the following key areas: JOBS Act accommodations, directors and independence, board committees, board policies, stock plans, key metrics and non-GAAP financial measures, and defensive measures.
AmCham Taipei 2016 Business Climate Survey - Full results Jan 19Gordon Stewart
- The survey found that 67% of companies were profitable in 2015, similar to previous years. However, forecasts for 2016 show a slight expected decline in revenues and profits.
- Investment levels are expected to remain unchanged or decrease slightly in 2016 after recovering in past years.
- Optimism in the 5-year business outlook dropped sharply from 60% to 47%, tracking a decline in Taiwan's GDP growth and raising concerns.
- The top issues impacting businesses are outdated laws, inconsistent regulations, declining domestic demand, bureaucracy, and lack of notice on legal changes.
Taiwan Business Climate Survey Jan. 2011 - FULL REPORTGordon Stewart
The survey summarizes the responses of 117 business leaders from AmCham Taipei on Taiwan's business climate and investment environment. Key findings include:
- Business leaders expressed optimism about their future in Taiwan, with most planning to increase investment in 2011. However, Taiwan is not a high priority globally for their companies.
- While progress was noted in some areas, respondents saw room for improvement in reducing government bureaucracy, personal taxation, increasing labor flexibility, and R&D incentives.
- Changes in local demand had the greatest impact, but taxation, inconsistent regulations, and outdated laws also negatively impacted businesses.
- Recruiting talent and rigid laws were issues, though Taiwan was seen as safe and easy
Delivering more value to the business through
performance measurement and improved decision
support is the top priority for the finance function
through 2020. Among senior finance professionals
participating in the 2014 EY Global Insurance CFO
Survey, 71% indicated that “being a better business
partner” ranked among their top three priorities,
with 35% placing this as number one.
Based on our review of financial data, our discussions with law firm leaders, and other economic data available to us, we project that 2015 revenue for the law firm industry will likely rise in the six percent range, and PPEP in the five percent range. We also project expenses to rise in 2015 more so than in 2014, due to lawyer, staff and technology-related expenses. We believe transactional work will continue to drive growth, and litigation demand is likely to remain flat, placing continued pressure on firms with a strong dependence on litigation.
We expect that behind the 2015 industry profit growth
noted above, there will be firms significantly outperforming and lagging the industry average, based on their practice
mix, brand, focus on client service delivery, and approach
to innovation.
This document summarizes key findings from Grant Thornton's annual review of corporate governance practices among FTSE 350 companies. Some of the main findings include:
- Compliance with the UK Corporate Governance Code declined slightly, with 57% of FTSE 350 companies fully complying compared to 61% last year. However, the quality of explanations for non-compliance improved.
- While 96% of companies produced a strategic report as required, the quality varied and there was no significant reduction in length of front-end reporting as intended by the regulations. Only 50% fully applied the Strategic Report Regulations.
- Reporting on corporate culture and values is in early stages, with just over half of companies making a passing reference but
This document summarizes the results of the 2019 Taiwan Business Climate Survey conducted amongst over 200 key business leaders in Taiwan. The survey found that profitability levels are at their lowest in 9 years, with forecasts for 2019 revenues, profits, and investment declining or flat compared to previous years. Employment growth is also forecast to slow. Issues such as governmental bureaucracy, differences from international standards, protectionism, and inadequate laws continue to negatively impact businesses. Survey respondents see Taiwanese workers as hardworking but lacking creativity and initiative. The outlook for the next 5 years is sluggish, with less than half of respondents optimistic. In summary, the survey finds Taiwan's business climate deteriorating, with recurring issues still not adequately addressed.
This document summarizes key findings from a study on CEO turnover in 2015 among the world's 2,500 largest public companies. Some key points:
- CEO turnover reached a record high of 16.6% in 2015, up from 14.3% in 2014, driven by increased M&A activity and forced turnovers. However, the rate of planned successions remained stable.
- Industries facing the most disruption like telecom and energy saw higher rates of outsider CEO appointments. Outsider appointments allow companies to bring in new skills and perspectives during times of change.
- Only 10 of the 359 new CEOs appointed in 2015 were women, the lowest percentage since 2011. However, forces are expected
As the nation’s leading business law firm for entrepreneurs, emerging growth companies and venture capitalists (VCs), we are frequently asked, “what’s market in an IPO?” As we
did in 2013, we analyzed the 60 venture-backed companies incorporated in the United States that were involved in IPOs on U.S. stock exchanges during 2015, reviewing their IPO prospectuses and corporate governance documents. This report outlines what we learned, “by the numbers,” in the following key areas: JOBS Act accommodations, directors and independence, board committees, board policies, stock plans, key metrics and non-GAAP financial measures, and defensive measures.
The survey found that mid-market companies are moderating their spending and investments compared to six months ago, despite remaining confident in the economy. Hiring and capital spending growth have slowed, though companies expect better results in the coming year than the previous year. Voluntary employee attrition is also increasing as the labor market strengthens. While pursuing organic growth strategies over partnerships, companies report focusing internally on aspects like technology, customers, and productivity to fuel future expansion. Uncertain economic conditions remain the top challenge to company growth according to the survey.
The document analyzes the financial health of Qlik Technologies, Inc. by comparing its financial ratios and performance metrics to competitors and industry averages. Qlik has strong liquidity with current ratios above 2, indicating it can easily pay short-term debts. While return on assets is lower than competitors and the industry average, Qlik has high gross margins and its stock has outperformed others in recent months. The analysis finds that Qlik is financially stable but could improve returns by better utilizing capital.
Boundless Opportunity June 2014 Whitepaper from Regus. Regus
For the third consecutive year, the global study found that exporting businesses reported healthier revenue and profit growth compared to domestically focused businesses. Setting up a physical presence in target markets helps exporting companies maintain and grow their customer base. Four-fifths of businesses reported that customer churn can be more easily reduced if a firm is physically near customers and clients. Almost the same proportion believed physical presence improves customer satisfaction and solving customer problems, contributing to improved retention rates. The top benefits governments can provide to help businesses export include advice on legal/regulatory matters, introductions to local business associations, and advice on taxation.
Valuation Insights: Second Quarter 2017Duff & Phelps
This document summarizes key topics from Duff & Phelps' Valuation Insights newsletter, including:
1) A study of over 3,000 fairness opinions filed with the SEC which found that fairness opinions generally provide a useful valuation range for boards, with narrower ranges for larger deals.
2) An article discussing the evolving standards and best practices for valuing fund interests, noting increased focus on transparency and robust valuation processes.
3) A report on global financial regulation which surveyed professionals on the impact and priorities of regulation as well as compliance budgets.
4) Duff & Phelps' acquisition of a leading Asian transfer pricing advisory firm.
This document provides an overview and analysis of a potential leveraged buyout of Cooper-Standard Holdings Inc. by a financial sponsor. Key details include:
- An offer price of $66.8 per share, representing a 20% premium over the current share price of $55.7.
- Total transaction value of $1.615 billion, to be financed with $114 million in cash, a $907 million term loan, $302 million in subordinated debt, and $487 million from the sponsor's equity.
- Projected IRR returns for the sponsor of 15.5-36.5% depending on the EBITDA exit multiple used in 2017-2019.
The document summarizes key macro trends impacting the Australian legal market in 2016 and beyond. It finds that the pace of change is increasing for growth of digital technologies, growth of boutique/specialist firms, growth of new law models, and supply of legal graduates. Meanwhile, the pace is slowing for the entry of global firms into Australia and shifting of work in-house. Overall, the legal market faces challenges from increased competition and disruption driven by new technologies and business models.
1) Companies are focusing on innovation-based growth strategies to respond to business volatility and global competition. This impacts financial planning and analysis (FP&A) organizations, which must support innovation through transformation.
2) FP&A organizations need to integrate enterprise performance management (EPM) processes, improve core FP&A processes like planning and reporting, and develop business intelligence and information delivery capabilities.
3) These changes will help FP&A elevate the company's EPM capability and support innovation-based decision making, while improving efficiency to maintain service levels with flat budgets.
Credit Suisse Fall 2015 Pitch Competitionjontripp17
The document discusses Credit Suisse seeking an anchor investment for its private equity fund. It recommends purchasing ABM Industries as a platform company to build upon through acquisitions. The recommendation analyzes ABM's industry exposure, growth strategy, margin expansion opportunities, management team, and potential exit opportunities for investors.
The document discusses improving the success rate of mergers and acquisitions (M&A) for technology companies. It states that while most focus is placed on financial and legal due diligence, M&A deals often fail due to unaddressed strategic, business, operations, and integration issues. The author recommends expanding due diligence to include independent reviews of these other factors, and improving post-merger integration planning and management, in order to better assess risks and create longer-term value. Bonocore Technology Partners provides consulting services to assist with strategic assessments, integration program management, and lessons learned workshops for improving M&A success.
The purpose of this research was to find out the auditor independence challenges faced by external
auditors in auditing accounts of large companies in Zimbabwe. Many stakeholders of large firms are
demanding credible, reliable and accurate audited financial statements and were suspecting that some external
auditors were biased and less independent to the day to day operations of the executive management to meet
corporate governance standards
This outsourcing report looks at the trends driving, and barriers to, outsourcing adoption in 45 economies across the globe.
Why and what functions are businesses outsourcing? What is preventing businesses from outsourcing? And how can these obstacles be overcome?
Michele Jones presents a professional portfolio to demonstrate her knowledge gained through her studies at Southern New Hampshire University. The portfolio contains three artifacts: 1) preparation of financial statements for Chester Inc. including ratio, horizontal, and vertical analysis comparing Chester to competitors, 2) a sample audit program for Newham Company including a business risk analysis, and 3) preparation of two tax memos providing tax advice. The analysis of Chester Inc.'s financial statements identified several variances that require further investigation to improve performance and liquidity issues. The capstone program helped Jones develop accounting tools and apply fair opinions to improve her certification pursuit.
Analysis on the Performance of Technology Companies with Z-score ModeljournalBEEI
Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local
technology sector.
In the fifth annual Millennial Survey, Deloitte uncovers what tomorrow’s leaders think of business today. With two-thirds of Millennials expressing a desire to leave their organization by 2020, businesses must adjust how they nurture loyalty among these young leaders. http://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
This document provides a summary and analysis of Chester Inc.'s financial performance over the last three years. Key points include:
- Ratios such as current, quick, and cash flow coverage ratios have declined, indicating weaker liquidity. Inventory levels have risen sharply.
- Profitability ratios like return on assets and equity are positive but below competitors. Net profit margins have decreased.
- Efficiency ratios show inventory and receivables turnover declining, suggesting issues with inventory management and slower collection of debts.
- Expanding internationally would require Chester to adopt International Financial Reporting Standards for financial reporting.
This document summarizes a study on how private equity investors create value when exiting investments in North American companies from 2011-2012. Some key findings are:
1) Private equity continues to outperform public markets due to strategic and operational improvements, which accounted for 50% of returns.
2) From 2010-2012, EBITDA growth from portfolio companies accounted for 70% of private equity returns, driven increasingly by organic revenue growth.
3) Private equity firms have shifted focus from cost cutting to growth strategies like expanding into new markets and products.
The document summarizes the key findings of the 2017 CFO Sentiment Study conducted by The CFO Alliance. Over 500 organizations participated in the study. Key findings include that 74% of CFOs viewed the economy as strong, 65% expected higher revenue, and 58% expected higher earnings in 2017. CFOs will focus on organic growth and increasing customer spend to drive growth and profitability. Factors impacting this include expanding customer relationships, marketing execution, talent, and efficiency.
Informe PwC: Encuesta Mundial de Innovación 2013PwC España
Informe basado en la Encuesta Mundial de Innovación realizada por PwC en todo el mundo a 1757 ejecutivs de empresas de más de 25 países en todo el mundo.
Social Gaming for the Next Billion GamersAnuj R KHANNA
Star Arcade is an independent social games publisher that aims to bring gaming to the next billion gamers in developing markets. They develop free-to-download, multi-platform mobile games that can be played across devices, operating systems, and networks. Star Arcade sees an opportunity to engage gamers in emerging markets who may not be able to afford expensive devices or consistent high-speed internet access. Their games are designed for social interaction and competition to provide an engaging gaming experience on mobile phones, which are many consumers' first online device.
Pangaea providing access to geoscientific data using apache lucene javaLucidworks (Archived)
PANGAEA is a data system that provides access to geoscientific data using Apache Lucene Java. It hosts over 1 million data sets containing over 8 billion data items related to fields like sediments, water, corals, atmosphere, and ice. Lucene is used to index metadata and full text for fast search and retrieval of data sets. Lucene also enables geographic search and works as a key-value store for lookups of data sets related to publications. The speaker developed Lucene's search capabilities and maintains its text analysis API.
El documento detalla los precios y cursos ofrecidos por el centro Windcat en Els Prats para actividades acuáticas como windsurf, stand up paddle, kayak, catamarán y hidroavión durante el verano de 2011. Se especifican los costos horarios y por paquete de alquiler de equipamiento, así como los precios y detalles de los cursos de iniciación y perfeccionamiento para cada deporte para personas mayores y menores de 12 años.
The survey found that mid-market companies are moderating their spending and investments compared to six months ago, despite remaining confident in the economy. Hiring and capital spending growth have slowed, though companies expect better results in the coming year than the previous year. Voluntary employee attrition is also increasing as the labor market strengthens. While pursuing organic growth strategies over partnerships, companies report focusing internally on aspects like technology, customers, and productivity to fuel future expansion. Uncertain economic conditions remain the top challenge to company growth according to the survey.
The document analyzes the financial health of Qlik Technologies, Inc. by comparing its financial ratios and performance metrics to competitors and industry averages. Qlik has strong liquidity with current ratios above 2, indicating it can easily pay short-term debts. While return on assets is lower than competitors and the industry average, Qlik has high gross margins and its stock has outperformed others in recent months. The analysis finds that Qlik is financially stable but could improve returns by better utilizing capital.
Boundless Opportunity June 2014 Whitepaper from Regus. Regus
For the third consecutive year, the global study found that exporting businesses reported healthier revenue and profit growth compared to domestically focused businesses. Setting up a physical presence in target markets helps exporting companies maintain and grow their customer base. Four-fifths of businesses reported that customer churn can be more easily reduced if a firm is physically near customers and clients. Almost the same proportion believed physical presence improves customer satisfaction and solving customer problems, contributing to improved retention rates. The top benefits governments can provide to help businesses export include advice on legal/regulatory matters, introductions to local business associations, and advice on taxation.
Valuation Insights: Second Quarter 2017Duff & Phelps
This document summarizes key topics from Duff & Phelps' Valuation Insights newsletter, including:
1) A study of over 3,000 fairness opinions filed with the SEC which found that fairness opinions generally provide a useful valuation range for boards, with narrower ranges for larger deals.
2) An article discussing the evolving standards and best practices for valuing fund interests, noting increased focus on transparency and robust valuation processes.
3) A report on global financial regulation which surveyed professionals on the impact and priorities of regulation as well as compliance budgets.
4) Duff & Phelps' acquisition of a leading Asian transfer pricing advisory firm.
This document provides an overview and analysis of a potential leveraged buyout of Cooper-Standard Holdings Inc. by a financial sponsor. Key details include:
- An offer price of $66.8 per share, representing a 20% premium over the current share price of $55.7.
- Total transaction value of $1.615 billion, to be financed with $114 million in cash, a $907 million term loan, $302 million in subordinated debt, and $487 million from the sponsor's equity.
- Projected IRR returns for the sponsor of 15.5-36.5% depending on the EBITDA exit multiple used in 2017-2019.
The document summarizes key macro trends impacting the Australian legal market in 2016 and beyond. It finds that the pace of change is increasing for growth of digital technologies, growth of boutique/specialist firms, growth of new law models, and supply of legal graduates. Meanwhile, the pace is slowing for the entry of global firms into Australia and shifting of work in-house. Overall, the legal market faces challenges from increased competition and disruption driven by new technologies and business models.
1) Companies are focusing on innovation-based growth strategies to respond to business volatility and global competition. This impacts financial planning and analysis (FP&A) organizations, which must support innovation through transformation.
2) FP&A organizations need to integrate enterprise performance management (EPM) processes, improve core FP&A processes like planning and reporting, and develop business intelligence and information delivery capabilities.
3) These changes will help FP&A elevate the company's EPM capability and support innovation-based decision making, while improving efficiency to maintain service levels with flat budgets.
Credit Suisse Fall 2015 Pitch Competitionjontripp17
The document discusses Credit Suisse seeking an anchor investment for its private equity fund. It recommends purchasing ABM Industries as a platform company to build upon through acquisitions. The recommendation analyzes ABM's industry exposure, growth strategy, margin expansion opportunities, management team, and potential exit opportunities for investors.
The document discusses improving the success rate of mergers and acquisitions (M&A) for technology companies. It states that while most focus is placed on financial and legal due diligence, M&A deals often fail due to unaddressed strategic, business, operations, and integration issues. The author recommends expanding due diligence to include independent reviews of these other factors, and improving post-merger integration planning and management, in order to better assess risks and create longer-term value. Bonocore Technology Partners provides consulting services to assist with strategic assessments, integration program management, and lessons learned workshops for improving M&A success.
The purpose of this research was to find out the auditor independence challenges faced by external
auditors in auditing accounts of large companies in Zimbabwe. Many stakeholders of large firms are
demanding credible, reliable and accurate audited financial statements and were suspecting that some external
auditors were biased and less independent to the day to day operations of the executive management to meet
corporate governance standards
This outsourcing report looks at the trends driving, and barriers to, outsourcing adoption in 45 economies across the globe.
Why and what functions are businesses outsourcing? What is preventing businesses from outsourcing? And how can these obstacles be overcome?
Michele Jones presents a professional portfolio to demonstrate her knowledge gained through her studies at Southern New Hampshire University. The portfolio contains three artifacts: 1) preparation of financial statements for Chester Inc. including ratio, horizontal, and vertical analysis comparing Chester to competitors, 2) a sample audit program for Newham Company including a business risk analysis, and 3) preparation of two tax memos providing tax advice. The analysis of Chester Inc.'s financial statements identified several variances that require further investigation to improve performance and liquidity issues. The capstone program helped Jones develop accounting tools and apply fair opinions to improve her certification pursuit.
Analysis on the Performance of Technology Companies with Z-score ModeljournalBEEI
Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local
technology sector.
In the fifth annual Millennial Survey, Deloitte uncovers what tomorrow’s leaders think of business today. With two-thirds of Millennials expressing a desire to leave their organization by 2020, businesses must adjust how they nurture loyalty among these young leaders. http://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
This document provides a summary and analysis of Chester Inc.'s financial performance over the last three years. Key points include:
- Ratios such as current, quick, and cash flow coverage ratios have declined, indicating weaker liquidity. Inventory levels have risen sharply.
- Profitability ratios like return on assets and equity are positive but below competitors. Net profit margins have decreased.
- Efficiency ratios show inventory and receivables turnover declining, suggesting issues with inventory management and slower collection of debts.
- Expanding internationally would require Chester to adopt International Financial Reporting Standards for financial reporting.
This document summarizes a study on how private equity investors create value when exiting investments in North American companies from 2011-2012. Some key findings are:
1) Private equity continues to outperform public markets due to strategic and operational improvements, which accounted for 50% of returns.
2) From 2010-2012, EBITDA growth from portfolio companies accounted for 70% of private equity returns, driven increasingly by organic revenue growth.
3) Private equity firms have shifted focus from cost cutting to growth strategies like expanding into new markets and products.
The document summarizes the key findings of the 2017 CFO Sentiment Study conducted by The CFO Alliance. Over 500 organizations participated in the study. Key findings include that 74% of CFOs viewed the economy as strong, 65% expected higher revenue, and 58% expected higher earnings in 2017. CFOs will focus on organic growth and increasing customer spend to drive growth and profitability. Factors impacting this include expanding customer relationships, marketing execution, talent, and efficiency.
Informe PwC: Encuesta Mundial de Innovación 2013PwC España
Informe basado en la Encuesta Mundial de Innovación realizada por PwC en todo el mundo a 1757 ejecutivs de empresas de más de 25 países en todo el mundo.
Social Gaming for the Next Billion GamersAnuj R KHANNA
Star Arcade is an independent social games publisher that aims to bring gaming to the next billion gamers in developing markets. They develop free-to-download, multi-platform mobile games that can be played across devices, operating systems, and networks. Star Arcade sees an opportunity to engage gamers in emerging markets who may not be able to afford expensive devices or consistent high-speed internet access. Their games are designed for social interaction and competition to provide an engaging gaming experience on mobile phones, which are many consumers' first online device.
Pangaea providing access to geoscientific data using apache lucene javaLucidworks (Archived)
PANGAEA is a data system that provides access to geoscientific data using Apache Lucene Java. It hosts over 1 million data sets containing over 8 billion data items related to fields like sediments, water, corals, atmosphere, and ice. Lucene is used to index metadata and full text for fast search and retrieval of data sets. Lucene also enables geographic search and works as a key-value store for lookups of data sets related to publications. The speaker developed Lucene's search capabilities and maintains its text analysis API.
El documento detalla los precios y cursos ofrecidos por el centro Windcat en Els Prats para actividades acuáticas como windsurf, stand up paddle, kayak, catamarán y hidroavión durante el verano de 2011. Se especifican los costos horarios y por paquete de alquiler de equipamiento, así como los precios y detalles de los cursos de iniciación y perfeccionamiento para cada deporte para personas mayores y menores de 12 años.
1) Carvalho Hosken e Odebrecht Realizações Imobiliárias se uniram para criar um novo bairro sustentável chamado Ilha Pura na Barra da Tijuca.
2) Ilha Pura será o primeiro bairro da América Latina a receber o Certificado de Sustentabilidade LEED ND, com diversas soluções sustentáveis.
3) O bairro contará com parques, lagos, ciclovias e edifícios de alto padrão como o condomínio Saint Michel, inspirado no Mosteiro de Mont Saint-
The document summarizes the story of two 19-year-old Cambodian girls who were trafficked to Shanghai, China and forced into multiple marriages. After fleeing abusive in-laws, they sought help from the Cambodian consulate in China but received little assistance. They were forced to sleep on the streets and beg for food. Their families had to take on debt to pay for their flights home due to the consulate refusing to fund their repatriation. Rights groups criticize the lack of support provided to trafficking victims from Cambodian embassies abroad.
The Power of E-Mail Marketing - Constant Contact at ExhibitCraftExhibit Craft
Today, more than ever before, business success is measured by the strength of the relationships each business builds.
You'll learn how to build those relationships using easy, inexpensive and
highly effective email marketing! We will explore the basics of what e-mail marketing is, why it works so well, how it easily integrates with social networking sites, and how to use it in your business planning and marketing strategy to achieve special goals.
This seminar was presented by Wendi Caplan-Carroll of Constant Contact at ExhibitCraft in Wayne, NJ.
Cinefex - Журнал о спецэффектах в кино (номер 20)columb77
Cinefex - легендарное 128-полосное издание с 30-летней историей (издано более ста двадцати номеров) о передовых технологиях производства визуальных киноэффектов (комбинированные съемки, макеты, грим) и компьютерной графики, применяемых при съемках блокбастеров. Любителям и профессионалам, наконец, откроется возможность раз в два месяца узнавать все о работе ведущих голливудских компаний по разработке спецэффектов. Читателей также ждут оригинальные статьи, посвященные отечественному кино и созданию визуальных эффектов в российском кинопроизводстве.
Vim liquid is a dish washing brand launched by Hindustan Lever in 1993. It has since grown to become the market leader with 60% share of the Rs. 400 crore branded dish wash market through innovations like a 'Stain Cutter' formulation. HLL plans to grow Vim's turnover to Rs. 260 crore in 2022 by focusing on the flagship Vim Bar brand, which accounts for over three-fourths of sales. Vim liquid has slower growth as it targets urban areas with over 10 lakh population. The overall dish wash market size is estimated at Rs. 1,000 crore.
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2. Table of Contents
Chairman’s Message
Executive Summary – Key takeaways
Detailed Findings – Financial Measures
Mergers & Acquisitions (M&A)
Impacts
Human Resources
Trade Agreements
Quality of Life
About the Sample
Contacts
Table of Contents
4. At the Five-Year Mark, Time for Serious Reflection
Message from 2015 AmCham Chairman Thomas Fann
During the past several months, AmCham Taipei conducted its
fifth annual Business Climate Survey, inviting the 422 voting
representatives from our member companies (generally the
CEOs) to answer a series of questions about the business
environment in an online questionnaire.
I would like to express the Chamber’s appreciation to
Gordon Stewart of Independent Marketing & Research for his
professional guidance in conducting the survey and analyzing
the data.
Thanks are also due to the 245 member executives who took
the time to complete the survey.
5. The high 58% response rate, which reflects members’
recognition of the importance of this exercise, has produced a
solid quantity of data.
It is now possible to track AmCham leaders’ view of the
business environment over a five-year time span. Overall, the
results of the five surveys have been quite consistent. On the
one hand, AmCham companies regard Taiwan as a good place
to do business, characterized by an industrious and well-
educated work force (although some respondents are
reporting a shortage of suitable new personnel). Nearly all
companies are profitable and are continuing to increase
investment and expand employment. The executives are
especially positive about the quality of life in Taiwan,
describing this society as a safe and friendly environment in
which to live and work.
6. But on the other hand, the 2015 survey reflects widespread
frustration over certain chronic problems that have remained
over the past five years without any substantial improvement –
and in some cases have been worsening. Among the
continuing chief points of dissatisfaction cited are inconsistent
regulatory interpretations, excessive bureaucracy, outdated
laws and regulations, inconsistent application of the rule of
law, differences between local and internationally accepted
standards, insufficient notice before regulatory changes are
introduced, and lack of transparency. With regard to
inconsistent regulatory interpretations, for example, 21% of
the respondents say it has an “extreme impact” on their
business while another 39% say it has a “significant impact.”
7. AmCham company leaders hope that the government – both
the executive and legislative branches – will pay increased
attention to these shortcomings in the interest of enhancing
Taiwan’s international competitiveness, with favorable
consequences for employment and overall prosperity. Other
countries, notably Taiwan’s chief trade rival South Korea, are
benefiting from participation in numerous free trade
agreements. Since that path has been difficult for Taiwan to
follow for political reasons, this country must find other ways
to bolster its attractiveness to foreign partners for trade and
investment. Regulatory reform should be at the top of the list.
8. During the past year, the Chamber has been encouraged by
indications that the government has been reviewing the
regulatory process with an eye to bringing Taiwan’s procedures
in line with standard international practices. The direction is
positive, but so far few major revisions have actually been put
in place. The pace will need to be accelerated to enhance
Taiwan’s chances for eventual inclusion in the Trans-Pacific
Partnership. But whether or not TPP membership materializes,
liberalization would improve Taiwan’s ability to compete
effectively in global markets. We hope that we may look
forward to the vigorous adoption of economic reform
initiatives in the coming year, including implementation of the
Free Economic Pilot Zone plan, to further strengthen Taiwan’s
future economic outlook.
Thomas Fann - 2015 AmCham Taipei Chairman
10. Key points
Financial metrics stable
Hiring is up, with more to come
Support for TPP entry and
bilateral agreements which will
assist Taiwan
China-Taiwan governmental
relationship
“Inconsistent regulatory
interpretation”
Adverse Changes in local
demand
“Governmental Bureaucracy”
“Inadequate/Out-dated laws”
“Inconsistent application of the
Rule of Law”
“Domestic political turmoil”
12. Executive Summary - Key Takeaways
More than half (54%) of all
our member companies
increased their employment
numbers either significantly
or slightly, during 2014.
This was more than they
projected at this time last
year.
The great news is they plan
to hire still more in 2015.
13. Executive Summary - Key Takeaways
There is very strong
support for Taiwan’s entry
into the TPP.
Along with support for:
China-Taiwan Services
Trade Pact; ECFA; TIFA;
and the establishment of a
USA-Taiwan BIA.
15. 2014: A Relatively Good and Stable
Year for Business
The majority (69%) of our business leaders
experienced either a “relatively” or “very
profitable” year in 2014. A very similar result to
last year’s.
16.
17. 2015: More Of the same
The majority of our business leaders are
forecasting, and expect, 2015 to be very similar
to 2014, in terms of Revenue and Profits.
18.
19. Short-term investment : Stabilizing
Investment levels are likely to remain
unchanged or to increase slightly, in 2015 after
recovering during 2013 and improving in 2014.
20.
21. Unfortunately, or realistically…
…Taiwan is generally viewed as “Not a high priority”
back at the global head office. Perhaps this also
inhibits greater investment.
We said in previous years that Taiwan needs to
better position and market itself to try and gain
some more global attention. Changes to: personal
taxation rates; improvements to direct foreign
investment rules and incentives; research &
development incentives; and lowering bureaucratic
barriers, may go a long way here.
23. Looking forward five years…
A majority (60%) are either “optimistic” (18%) or
“slightly optimistic” (42%) about their five-year
business outlook in Taiwan. The optimists
generally outweigh the pessimists by about four
to one. This has been a fairly consistent outlook
over recent years.
24. How would you describe your 5-year business outlook for Taiwan?
25. Merger & Acquisition (M&A) Activity
As economic indicators go, merger and
acquisition activity has long been a sign of a
maturing equity market and as general indicator
of economic activity. From our survey over the
last 5 years, Taiwan appears to have a relatively
low level of M&A activity.
26. Still not much happening in M&A
Over the past five years, around 10% of our
companies engaged in merger and acquisition
(M&A) activity of a Taiwanese entity each year.
This year, as in previous years, some tried and
failed (3%), and some considered M&A but
didn’t pursue it (21%). However, for the vast
majority of business leaders (68%), M&A simply
isn’t on their radar in any given year.
27.
28. However, still one-in-five interested in
M&A for 2015
It seems that in any given year, there are
approximately twice as many who claim they
would “definitely” or “possibly” consider M&A in
the next 12 months (19%), compared to those
who actually get an opportunity to pursue M&A.
30. But when it happens there are sound
business reasons for M&A
While only a few companies did attempt the
M&A route in the past 12 months, their reasons
for doing so, as in previous years, show sound
business logic such as: To gain synergies (by
reducing costs and improving profits), increase
local market access, and enlarge their customer
base.
These, as they have been over the past 5 years,
are the major drivers behind M&A.
31. Top Objectives of M&A
0% 2% 4% 6% 8% 10% 12% 14% 16%
To eliminate competition
To acquire key supplier(s)
To improve IPO possibility
To acquire business license in a restricted…
To acquire key local brand(s)
To acquire management team
To gain access to Mainland market
To gain taxation advantages
A defensive move to counter competitor(s)
To acquire capacity
To acquire technology
To enlarge customer base
To gain greater local market access
Ability to gain synergies (reduce costs -…
Primary Objective Secondary Objective Tertiary Objective
32. Finding an appropriate Target was the
single major challenge to M&A in 2014
Followed by negotiating its valuation, and
obtaining government approvals.
We note that inconsistency in interpretation of,
and a lack of transparency in, government
regulations, list prominently in the challenges
standing in the way of mergers and acquisitions.
33. Major Challenges for M&A (2014)
Negotiating the letter of intent
Obtaining permission for target to be sold
Language issues
Transparency of regulations
Post-deal restructuring
Conducting due diligence
Financial issues
Inconsistent regulatory interpretations
Cultural issues
Obtaining government approvals
Negotiation of valuation gap
Finding an appropriate target
Major Challenge Second Third
34. What impacts their business?
“Inconsistent regulatory interpretation” this year
has topped the list of greatest negative impacts
on our members’ businesses, followed by
“Changes in local demand”.
Other consistent (negative) impacts are:
– Governmental Bureaucracy
– Inadequate/Out-dated laws
– Inconsistent application of the Rule of Law
35. Which of the following impacts your operation in Taiwan,
and how much of an impact do they have? 2015 Ranking
2015 2014 2013 2012 2011 Issue
1 2 2 2 3 Inconsistent regulatory interpretation
2 3 1 1 1 Changes in local demand
3 1 3 4 2 Governmental Bureaucracy
4 5 4 6 5 Inadequate/Out-dated laws
5 4 New in 2014 Inconsistent application of the Rule of Law
6 9 5 3 4 Ability to recruit appropriate new personnel
7 7 New in 2014
Differences between local and internationally accepted
standards
8 6 6 New in 2013
Insufficient notice before changes before changes to
regulations or laws are introduced
9 8 9 10 10 Lack of transparency
10 13 New in 2014 Political turmoil in Taiwan
36. Which of the following impacts your operation in Taiwan, and how
much of an impact do they have? 2015 Ranking Continued.
*Combined in 2011
2015 2014 2013 2012 2011 Issue
11 16 13 7 8 China-Taiwan government relations
12 14 15 11 16 Customs & Trade regulations
13 10 8 8 9 Changes in employment expenses
14 15 11 9 6* Corporate Taxation levels
15 11 12 12 12 Domestic protectionism
16 12 7 5 7 Currency Exchange rate fluctuations
17 17 10 New in 2013 Government reform/restructuring
18 18 18 22 6* Personal Taxation levels
19 24 19 17 22 Corruption
20 23 22 16 19 USA - Taiwan government relations
37. Which of the following impacts your operation in Taiwan, and how
much of an impact do they have? 2015 Ranking Continued.
2015 2014 2013 2012 2011 Issue
21 22 17 14 28 Direct flights to/from Mainland
22 20 16 21 18 Changes in overseas demand
23 21 14 15 15 Intellectual Property Rights infringements
24 30 28 18 14 The Economic Cooperation Framework Agreement (ECFA)
25 19 New in 2014 Changes in Energy costs
26 27 21 20 24 Changes in Tariffs
27 25 25 19 17 Changes in Transport costs
28 26 27 26 25 Government procurement procedures
29 31 20 23 23 Financial Industry reform
30 29 26 27 21
Inadequate Infrastructure (Power, Water,
Telecommunications, Transport, etc.)
38. Which of the following impacts your operation in Taiwan, and how
much of an impact do they have? 2015 Ranking Continued.
2015 2014 2013 2012 2011 Issue
31 32 24 25 26 Changes in Raw Material costs
32 28 23 24
New in
2012
Changes in Financing costs
33 35 29 28 27 EU - Taiwan government relations
34 33 New in 2014 Ability of PRC personnel to travel to Taiwan
35 34 30 29 29 Illegal imports
36 36
New in 2014
Ability of PRC personnel to work in Taiwan
37 37 Ability to secure credit, locally
38 38 Ability to raise capital, locally
39 39 Access to Private Equity financing
39. What impacts their business?
Other Direct Quotations
“Energy costs are
way too high” “Media sensationalism and
government fear of media”
“Lack of marketing sophistication, knowledge,
and talent by companies operating in Taiwan”
40. Progress (and the lack of it) in Taiwan
When we view the issues that have made progress
over the period 2008-2014 some good strides
have been to help business – especially in
connection with China. There has also been some
progress, in the past, on Taiwan–USA relations,
and intellectual property rights enforcement .
However, the only item which has consistently
been perceived as progressing has been “Direct
flights to and from the Mainland”. Sadly, no other
issue has made consistent progress over this time
horizon.
41. Progress (and the lack of it) in Taiwan
What is worse, is that many issues have either
regressed or stagnated when indeed they need
to progress as they have a significant impact on
business and the economy. Recently, “political
turmoil” has regressed the most. The perception
is that domestic protectionism, personal taxation
imposts, government procurement procedures
and energy costs have also worsened in the most
recent 3 year period between 2012-15.
NB. Red indicates significant regress. Green indicates significant
progress.
42. What progress has been made in the past 3 years?
Worst to Best ranking
2012-
14
2011-
13
2010-
12
2009-
11
2008-
10
1 1
Political turmoil in Taiwan
2 6 7 3 5
Domestic protectionism
3 12 10 7 25
Personal Taxation levels
4 16 8 8 8
Government procurement procedures
5 8
Changes in Energy costs
6 2 3 12 10
Governmental Bureaucracy
7 7
Consistency of the application of the Rule of Law (i.e., well-
established and clearly written rules, regulations, and legal
principles)
8 26
Access to Private Equity financing
9 30 20 26 26 Corporate Taxation levels
10 5 6 1 2 Changes in Employment expenses
43. What progress has been made in the past 3 years?
Worst to Best ranking
2012-
14
2011-
13
2010-
12
2009-
11
2008-
10
11 11 12 10 3 Revision of inadequate/Out-dated laws
12 15 14 5 6 Changes in Raw Material costs
13 19 9 9 7 Changes in Financing costs
14 22 Ability to raise capital, locally
15 32 19 18 15 Changes in Tariffs
16 9
Sufficiency of notice before changes to regulations or laws are
introduced
17 4 2 2 1 Consistency of regulatory interpretations
18 29 17 11 9 Illegal imports
19 14 11 6 11 Changes in Transport costs
20 13 16 19 14 Governmental reform/restructuring
44. What progress has been made in the past 3 years?
Worst to Best ranking
2012-
14
2011-
13
2010-
12
2009-
11
2008-
10
21 3 1 4 4 Ability to Recruit Appropriate New Personnel
22 17 21 25 18 Corruption
23 10 5 20 19 Changes in Local Demand
24 25 22 16 17 Customs and trade regulations
25 18 18 15 12 Transparency
26 20 Ability to secure credit, locally
27 23 13 13 13 Financial Industry Reform
28 21 15 17 24 Changes in Overseas Demand
29 28
Differences between local and Internationally accepted
standards
30 31 24 24 23 EU - Taiwan government relations
45. What progress has been made in the past 3 years?
Worst to Best ranking
2012-
14
2011-
13
2010-
12
2009-
11
2008-
10
31 36 27 27 28 The Economic Cooperation Framework Agreement (ECFA)
32 24 4 14 16 Management of Currency Exchange rate fluctuations
33 33 25 22 22 Intellectual Property rights enforcement
34 35 Ability of PRC personnel to work in Taiwan
35 34 26 21 20 USA - Taiwan government relations
36 27 23 23 21
Infrastructure (Power, Water, Telecommunications, Transport,
etc.)
37 38 28 28 27 China - Taiwan government relations
38 37 Ability of PRC personnel to travel to Taiwan
39 39 29 29 29 Direct flights to/from the Mainland
46. The major worries confronting
business
A slowdown in consumption within Taiwan’s
domestic economy is, unsurprisingly, the
greatest worry for our business leaders. Whilst
also concerned about the Global economy, there
is a newly identified concern surrounding the
uncertainty in Taiwan’s policy towards China.
Lack of suitable human resources and the
increase in political unrest within Taiwan, in
2013 and 2014, round out the top five concerns.
47. What are the major risks facing your entity in the coming
years?
48. How could governments help?
The survey asked: What are the main things the
Taiwanese and the USA governments could do in
the next 12 months to help business?
For the Taiwan government the top issues are the
recurring themes of: Reduce Political Turmoil,
Simplify Government Bureaucracy, Resolve
Inadequate/Out-dated laws, Remove differences
between local & internationally accepted
standards, and Reduce Personal Taxation.
49. Main things Taiwan Government Could do to Help.
(Ranked in order)Issue 2015 2014 2013 2012 2011
Reduce Political Turmoil in Taiwan 1 1
Simplify Government Bureaucracy 2 2 1 1 1
Resolve Inadequate/Out-dated laws 3 7
Remove differences between local &
internationally accepted standards
4 5
Reduce Personal Taxation 5 6 3 3 2
Devise plan to stimulate local demand 6 3
Consistent application of the Rule of Law 7 4
Provide sufficient notice before changes to
regulations or laws are introduced.
8 8
Reduce domestic protectionism 9 11
Broaden ECFA 10 9 10 7 7
Reduce Employment expenses 11 24
Negotiate and sign a Bilateral Investment
Agreement with the USA
12 14 16 19
Liberalize the Labour market 13 23 5 5 10
50. Other things Taiwan Government Could do to Help.
(in 2015 rank order)
Increase Direct Foreign Investment incentives 14
Improve Research & Development incentives 15
Reduce Corruption 16
Finalize policy regarding the China-Taiwan Services Trade Pact 17
Negotiate and sign more bilateral trade deals with other (non-US) countries 18
Pass Free Economic Pilot Zones (FEPZ) legislation 19
Reduce Corporate Taxation further 20
Maintain reasonable and stable Energy costs 21
Improve Government procurement procedures 22
Tighten enforcement of Intellectual Property rights 23
Reduce Tariffs 24
Improve Inadequate Infrastructure (Power, Water, Telecommunications, Transport, etc.) 25
Implement Financial Industry Reform 26
Educate civil servants on international regulatory best-practices 27
Allow PRC personnel to work in Taiwan 28
51. Other things Taiwan Government Could do to Help.
(in 2015 rank order)
Manage Currency Exchange rate fluctuations 29
Devise plan to stimulate Overseas Demand 30
Allow PRC personnel to travel to Taiwan 31
Introduce stronger Corporate Governance rules 32
Tighten enforcement of illegal imports 33
Conduct more regular follow-up meetings TIFA items with the USA 34
Improve Training Incentives 35
Lower Financing costs 36
Improve ability to secure credit, locally 37
Improve access to Private Equity financing 38
Tighten enforcement of Trade Secrets Protection 39
Reduce Transport costs 40
Improve ability to raise capital, locally 41
Solve Agricultural disputes with the USA 42
Open up the tertiary education market to foreign players 43
52. How could the Taiwan government
help? Additional suggestions…
“Encourage more foreign investment to induce more
domestic demand and economic growth in Taiwan”
“Top 1 - Allow PRC travelers to connect at TPE for 3rd
country”
“Restructure real estate taxes”
“Address real estate market imbalances”
53. “Reform Industrial Zoning to allow for more of it. Currently
many SME companies use loopholes to build on
agricultural land. There is no political will to reform this
zoning restriction for light industry because everyone is
focused only on tourism development Zoning in Taiwan for
light industrial real estate for rent or purchase is far and
few between. Government sponsored industrial parks are
logistically too far from city centers resulting in commuting
and recruiting problems. One example includes the Hsin
Chu Science Park which forced the government to spend
Billions on infrastructure for Highways, and HSR so human
capital can access these faraway industrial parks. General
Land Zoning reforms and central planning must take place
through national leadership not seen since Chiang Ching
Kuo. ”
54. “Taipei needs another International School for foreign
families to attend. TAS and TES are full and unaffordable
for many families”
“Well educated in some areas and bad in others.
Advertising and brand design are very very low quality
educations compared to the UK/EU standard (which is
higher than the USA standard).”
“Government (extremely) lacks capability and
accountability on solving crisis such as Ding Sing toxic oil
issue without strict ‘law enforcement‘ and agility to punish
the crime and fix the problem.”
55. “Taiwan needs a more fully-developed risk analysis market.
In our firm, we are unable to develop a more effective
practice without experienced personnel, external
competition, etc. Particularly lacking in Taiwan is non-
financial due diligence/forensic investigations and
political/country risk. Greater availability of these services
would give our clients greater peace of mind in doing
business in Taiwan (and Taiwan companies expanding
elsewhere in Asia), and the greater availability of trained
talent in this area would help us more fully develop our
own advisory service line.”
56. Main things USA Government Could do to Help.
(Ranked in order)
Issue 2015 2104
Assist Taiwan to prepare for accession to TPP 1
Negotiate and sign a Bilateral Investment Agreement with Taiwan 2 1
Conduct more regular follow-up of TIFA items with Taiwan 3 2
Send more senior US Government officials to visit Taiwan 4 5
Reduce Corporate Taxation 5 3
Reduce Personal Taxation 6 4
Repeal or reevaluate the Foreign Account Tax Compliance Act
(FACTA)
7
Negotiate and finalize an Extradition Treaty with Taiwan 8 6
Resolve Agricultural disputes with Taiwan 9
57. How could USA government help?
Additional suggestions…
“1. Continue the financial industry regulatory reform 2. Provide
incentive to bring talented personnel and investment to Taiwan
in financial sector 3. Continue to build a transparent and
consistent regulatory environment”
“Stop talking about Pork and other ag products -- focus on
higher value exports, such as services. Constant irritation on
meat imports damages the American ‘brand’ and our business
suffers.”
“Assist [Taiwan] to build updated Governance of Food Safety
and Sanitation”
58. Taiwan Government Incentives
For the second time we asked our members if
they had taken advantage of any incentives
provided by the various levels of government in
Taiwan. The answer was that the majority had
not.
59. Has your company participated in, or taken advantage of, any
of the Taiwan government's business incentives?
Yes 15% Yes 10%
No 73% No 71%
Don't know 12% Don't know 19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015
60. Taiwan Government Incentives
Of those who had, the most popular incentives
were:
– Tax Incentives for R&D
– Low Interest Loans
– Government Participation in Investment
– Free Trade Zone Incentives
– Indirect Tax Incentives for Science Parks, Export
Processing Zones, Bonded Factories, and Bonded
Warehouses
It should be noted that in some cases, multiple
incentives were utilized.
61. Full Time Equivalent Employees(FTEE)
As noted last year, our members hired more
staff and they were forecasting an intention to
continue hiring into this year. In reality, they
surpassed their forecast and hired more.
Even more pleasing is the fact that they are
forecasting more hiring into 2015.
62. During 2014…
• 55% (versus 43% in 2013) of AmCham companies
increased their Full Time Equivalent Employee
(FTEE) numbers either significantly or slightly.
• 32% (39% in 2013) maintained their numbers of
FTEE
• And only 13% (2103 = 17%) decreased their
numbers either slightly or significantly 1.3%(less
than 1%)
• Medium- sized (50+FTEE) and very large
(2000+FTEE) companies, were more likely to have
increased their workforces, in 2014
64. Hiring occurred across a broad range of
industries…
…However, the top 10 that
increased their headcount the
most during 2014 were:
1) Legal Services
2) Medical Devices
3) Banking Services
4) Manufacturing – General
5) Human Resource Consulting
6) Food and/or Non-Alcoholic
Beverages
7) Consumer Packaged Goods
8) Insurance
9) Travel and Leisure
10) Logistics & Distribution
65. And hiring is planned to continue to
increase into 2015
• The majority (49%) of our members plan to increase
their headcount during 2015
• 42%, will maintain their 2014 levels.
• Only 7% anticipate reducing their headcounts
slightly
• And less than 3% are either unsure or plan to reduce
significantly (1.6%)
• Medium- sized (50+FTEE) and very large (2000+FTEE)
companies, are more likely to be planning to
increase their workforces, in 2015.
66. Industries with hiring intentions for 2015
A slightly different mix of business are planning to increase
their headcounts during 2015. The top 10 industries include:
1. Banking Services
2. Medical Devices
3. Legal Services
4. Human Resource Consulting
5. Insurance
6. Accommodation and Food Services
7. Travel & Leisure
8. Securities, Mutual Funds, Asset Management
9. Chemicals
10. Real Estate and Rental and Leasing.
67. Human Resources – Remain a big issue
Deficiencies in the quantity and quality of
available human resources are one of the
highest risk factors seen as confronting
businesses in the future.
We asked our corporate leaders to give us their
impressions of the quality of available human
capital in Taiwan. First the positives…
68. Taiwanese Human Resources are seen
as …
…Hard-working, very trustworthy, extremely
well-educated, very loyal, easy to develop or
train, highly productive, generally show a high
degree of emotional intelligence quotient (EQ),
and generally well-rounded. A very positive
profile of the workforce.
Understandably, no major changes where seen
in this year’s survey compared to the past three
years.
69. Perception of Human Capital in Taiwan – Positive Net Scores
0 50 100 150
Good English skills
Easy to retain
Well-rounded
Show a high degree of EQ
Highly productive
Extremely well educated
Easy to develop/train
Very loyal
Very trustworthy
Hard working
70. However…
They are not perceived as easy to recruit, nor of
being of ‘World-class’ standard; do not display a
great deal of creativity, nor initiative, and are
perceived as not being innovative.
71. Perception of Human Capital in Taiwan – Negative Net Scores
-30 -25 -20 -15 -10 -5 0
Innovative
Show a great deal of initiative
Show a good deal of creativity
Of 'World class' standard
Easy to recruit
72. Trans Pacific Partnership (TPP)
The TPP is s a free-trade agreement currently being
negotiated by 12 nations (US, Australia, New Zealand,
Japan, Singapore, Malaysia, Brunei, Vietnam, Chile,
Canada, Mexico and Peru). The aims of TPP are to
eliminate, or at least substantially reduce, barriers to
trade and investment and to create 'gold standards' to
deal with economic issues such as intellectual
property. Taiwan’s potential membership to this group
prompted the most spontaneous commentary amongst
our business leaders. See “Additional comments”
Trans Pacific Partnership (TPP)
73. TPP - Business leaders are sure that …
• Taiwan is capable of meeting the high
standards required for membership into the
Trans Pacific Partnership (TPP) with more than
2 out of 3 agreeing that Taiwan is.
• Whilst only around one in three (36%) are
convinced that Taiwan will be accepted as a
member of the TPP, nonetheless, a resounding
majority (83%) of leaders believe that Taiwan
should continue to pursue membership with
only 3% suggesting that it shouldn’t.
74. Is Taiwan capable of meeting the high standards required for
membership into the TPP?
Yes! 65% Yes! 68%
No! 13%
No! 12%
Don't know?
23%
Don't know?
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015
75. Will Taiwan be accepted as a member?
Yes! 40% Yes! 36%
No! 21%
No! 19%
Don't know?
39%
Don't know?
45%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015
77. TPP – Additional comments …
“Taiwan needs to bring its regulatory environment to close
to TPP standards to be considered”
“Taiwan has a long way to go to meet the standards, and
to be accepted given its political status.”
“Need for government to support local manufacturing
industry to increase their competitiveness”
“Becoming a member is the most important issue for
Taiwan's future both economically and politically”
78. “USA should stop forcing its IP standards on other markets”
“TPP is a crowbar for USA special interests and hurts
Taiwan”
“China will not allow it”
“China seems to try and block Taiwan by pressuring others”
“The 12 nations will see China's thinking.”
“[Taiwan’s entry will] probably be blocked by China”
“This is a political play by China to limit Taiwan acceptance
as a member”
79. “Likely to be dependent on 1. If China 'allows' it and 2. If
the US supports Taiwan.”
“China will try to prevent it and has a high chance to
succeeding at pressuring other countries to reject Taiwan's
bid. Nevertheless, Taiwan must not sacrifice its sovereignty
for empty promises of Chinese support.”
“All depends on willingness of political leaders in Taiwan to
make change happen”
“Not able to see the political resolve to make necessary
regulatory reform. Only see empty rhetoric from both Blue
and Green camps”
80. China-Taiwan Services Trade Pact
In June, 2013 China and Taiwan signed a services
trade agreement with the intent to open areas
such as financial services, retail and travel, to
greater levels of cross-strait investment. We
asked our business leaders what they thought
about it and who they believed would gain (or
lose) from it. There has been little change in the
results over the past two years.
81. China-Taiwan Services Trade Pact
• 60% of our members think that this will help
Taiwan
• Even more (70%) think it might advantage China
slightly more than Taiwan, with some believing it
would actually hurt Taiwan (22%).
• Few (3%) believed it would hurt China with some
believing it may hurt the USA (11%)
• However, the majority were of the belief that it
would not hurt the USA (48%).
88. China-Taiwan Services Trade Pact –
Additional comments…
“Taiwan should move slowly with China while embracing
agreements with other countries.”
“Taiwan would be beneficial economically but might be
detrimental on a political and societal level given the
implications.”
“This should not be the priority for Taiwan to pursue
international trade agreements.”
“The economic impact for all sides is marginal. China's
interests are political, and Taiwan (and by extension, the
US) will be severely hurt politically by the agreement.”
89. “The US needs to stop perceiving Taiwan as a bargaining
chip in their geopolitical tussle with China in Asia. This will
lead to a bifurcation of opinions in both the US and Taiwan
on the nature of Taiwan's long-term relationship goals
with China, and eventual gridlock in policy. The US should
consider Taiwan as a ‘Trojan horse’ strategy to influence
the Chinese political system.”
90. ECFA…Business leaders are (still)
bullish on ECFA
The Economic Cooperation Framework
Agreement (ECFA), is generally perceived has
having a positive effect on Taiwan as a whole,
and positive for our members businesses. The
effect on the U.S.A., is more neutral with
many seeming unsure what, if any, impact it
has, or will have, on the U.S.A.
91.
92.
93. ECFA’s effect on the U.S.A.
(NB: New question in 2012)
27%
2%
8%
32%
27%
5%
25%
2%
6%
35%
30%
3%
23%
1%
8%
36%
30%
2%
23%
1%
10%
35%
27%
4%
Don't know/can't say
Very Negative Effect
Some Negative Effect
Neither Positive nor Negative
Some Positive Effect
Very Positive Effect
2015
2014
2013
2012
94. TIFA - Business leaders glad to see a
resumption of talks
The resumption of Trade and Investment Framework
Agreement (TIFA) talks in 2013, after a 5 year break,
was a welcome relief.
Taiwan, as a country, is seen as receiving the
greatest advantage resulting from TIFA talks,
followed by the USA, and to then to a lesser extent
our members’ individual businesses.
96. Belief that TIFA talks impact USA
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2015
97. Belief that TIFA talks impact my business
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2015
98. The lack of a Bilateral Investment
Agreement (BIA) with the USA…
Is perceived as negatively impacting Taiwan the
most. The USA and to a lesser extent their
individual businesses, are also believed to be
disadvantaged by the lack of a BIA.
99. Effect on Taiwan of a lack of a Bilateral Investment Agreement
with the U.S.A. (NB: New question in 2012)
20%
7%
11%
40%
22%
16%
6%
13%
44%
22%
24%
6%
17%
34%
19%
27%
7%
14%
32%
20%
Don't know/can't say
Not a disadvantage
Slight Disadvantage
Disadvantage
Major Disadvantage
2015
2014
2013
100. Effect on the U.S.A. of a lack of a Bilateral Investment
Agreement with Taiwan (NB: New question in 2012)
25%
14%
22%
27%
12%
21%
10%
20%
39%
9%
26%
9%
23%
31%
10%
30%
13%
22%
27%
8%
Don't know/can't say
Not a Disadvantage
Slight Disadvantage
Disadvantage
Major Disadvantage
2015
2014
2013
101. Effect on my business of a lack of a Bilateral Investment
Agreement between Taiwan and the U.S.A. (NB: New question in 2012)
22%
25%
22%
23%
8%
20%
21%
22%
28%
9%
27%
18%
20%
25%
9%
27%
20%
16%
25%
12%
Don't know/can't say
Not a Disadvantage
Slight Disadvantage
Disadvantage
Major Disadvantage
2015
2014
2013
2012
102. *Whilst we use the term “Taiwan” it should be remembered that most of our leaders live in the Taipei area and
many of their comments will reflect “living in Taipei”.
And finally…”The Living is Nice, Easy, &
Safe”
When asked about the quality of life in Taiwan*,
corporate leaders strongly agree that Taiwan is a
place where: “Taiwanese people are extremely
nice”; “My family feels safe”; and “Taiwan is an
easy country to live in”.
Understandably, there was no significant change
in the rankings in this year’s survey.
103. The Top Benefits of Living in Taiwan
2015
Ranking
2014
Ranking
2013
Ranking
2012
Ranking
2011
Ranking
Benefits
1 1 1 1 2 Taiwanese people are extremely nice
2 2 2 2 1 My family feels safe in Taiwan
3 3 3 4 3 Taiwan is an easy country to live in
4 4 4 3 4 Taiwan provides quality
Health/Medical/Dental services
5 5 7 6 5 Alternative transportation options
are usable and provide options to
driving my car (i.e., buses, bike lanes,
taxis, trains, sidewalks).
6 7 5 5 6 Taiwan delivers reliable electricity.
7 6 6 7 7 Taiwan provides adequate shopping
opportunities
8 8 9 9 8 Mobile telephone coverage is
excellent
9 9 8 10 10 The Postal service is excellent
104. Living in Taiwan…The not so great
things.
• Given the topicality of food scandals, it is not
surprising that food safety reached the number
one spot this year of the worst things about living
in Taiwan. More typically over the last 5 years we
have seen that:
– Taiwan is not an English-friendly environment
– The quality of the drinking water could be
improved
– Banking and other financial services are seen
as sub-par
105. The Least Appreciated Aspects of Living in Taiwan
#1 =The Worst Aspect
2015 2014
Ranking
2013
Ranking
2012
Ranking
2011
Ranking
Concerns
1 New in 2015 Taiwan provides safe food
2 1 1 1 New in
2012
Taiwan provides an 'English-friendly'
environment for me and my family
3 3 4 6 4 Banking and other financial services are
excellent
4 2 3 3 3 Taiwan provides quality drinking water.
5 4 7 5 4 The library services provided to our
community are current and meet our needs
6 8 9 10 8 The standard of schooling is excellent
7 5 2 2 1 Water runoff from storms is controlled and
minimizes flooding
8 6 6 4 2 Taiwan provides quality youth activities
9 13 8 9 6 Taiwan provides quality Police services
10 7 5 8 7 The sewer system in Taiwan works reliably
107. Who, When, and How.
• The survey was addressed, via email, to the 422 voting
representatives – usually the CEO – among AmCham’s
Corporate Sustaining and Company membership.
• The survey invitation was sent out on October 17, 2014,
and the last response was accepted on November 30,
2014.
• The 30-question survey was conducted online with each
respondent receiving a unique link.
• Certain question choices were randomized - to avoid
bias.
• The survey received a total of 245 responses,
representing a 58% response rate.
108. Industry Classifications
• Our respondents identified their industry
classification based upon the one which best
described their principal business in Taiwan.
• We have reclassified our sample according to the
STANDARD INDUSTRIAL CLASSIFICATION SYSTEM OF
THE REPUBLIC OF CHINA(Rev.9 , 2011) and used the
STATISTICAL YEARBOOK OF THE REPUBLIC OF CHINA
2013, Edited 2014, for the number of businesses.
• Our sample draws from all of the major industrial
classifications in Taiwan.
109. Industry Classifications (Cont’d.)
• Our sample is more skewed towards ‘Manufacturing’,
‘Professional Scientific and technical services’, and the
‘Finance and Insurances’ industries. And it is under-
weighted in the ‘Wholesale and Retail Trade’ industry –
by virtue of the fact there are almost 645,000 of these
businesses registered in Taiwan, representing almost
50% of all business numbers. With these covenants, we
believe the sample to be a fairly good representation of
business in Taiwan and an extremely good sample of
AmCham’s corporate membership.
111. Type of legal entity
• Unsurprisingly, the vast majority of businesses in this
sample are wholly foreign-owned through a
combination of subsidiaries, branch offices and
wholly-owned full companies.
• A few of those surveyed also have R&D centers and
some have regional HQ’s and even global HQ’s,
located in Taiwan. Consequently, the results in the
next chart show multiple responses and total more
than 100%.
112.
113. Time in Taiwan
• In terms of the time that there has been a physical
presence in Taiwan, our sample is split roughly into
four ‘ages’:
– 29% are relatively new to Taiwan with less than 15 years
here
– 25% have been established between 16-25 years
– 20% have been established for 26-35 years
– And those who are well-established (more than 35 years)
at 26%.
114.
115. Number of Full Time Equivalent
Employees (FTEE)
• Our sample covers a wide spectrum of employers -
from the very small to the very large.
– 19% employ less than 20 FTEE
– 23% employ between 21 and 75
– 23% between 76 and 250
– 19% between 251 and 750
– 16 % more than 751 (7% of whom employ more than
2000).
116.
117. Business Focus
• The business leaders surveyed are clearly focused on
Taiwan as the primary goal of over 70% of the
entities is to supply the Taiwan market with goods or
services. This makes their comments and
observations especially pertinent to the Taiwan
government. Those selecting “Other” are looking to
service multiple markets - other than those specified.
118.
119. Statistical Testing for Significance
• When comparing the results against previous years
surveys we performed a Chi-square test for the
comparison of two proportions (from the two
independent samples), expressed as a percentage.
Note that for this Chi-square test Yates' correction for
continuity is applied, and that P-values are two-sided
(or two-tailed). When the calculated P value is less
than 0.05, the conclusion is that the two proportions
are significantly different.
• Throughout the results we have highlighted the
difference between the two proportions (at the 95%
confidence level) via our commentary when we have
detected a significant change.
120. For more details, contact…
• American Chamber of Commerce in Taipei
Suite 706, Worldwide House, 129 MinSheng
East Road, Section 3, Taipei 10596, Taiwan
Tel: +886-2-2718-8226 Fax: +886-2-2718-8182
amcham@amcham.com.tw
OR:
Independent Marketing & Research Limited at:
gordon@independentmarketing.com.au