【安永】2024年第一季度全球CEO前景调查报告_20页_4mb

2024 CEO Outlook Summary: Balancing Transformation Priorities

Core Content

The EY CEO Outlook Pulse Survey (April 2024) provides insights into how global CEOs are navigating the dual challenges of immediate profitability and long-term sustainability. The report emphasizes the strategic importance of AI transformation, ESG (Environmental, Social, and Governance) goals, and M&A activity as key priorities in the current economic and geopolitical climate.

Main Strategic Priorities

Short-Term (Next 12 Months)

• Investing in technology, including AI, to improve growth and productivity: 47% of CEOs
• Enhancing data management and cybersecurity: 45%
• Managing end-to-end costs: 38%

Long-Term (Next Three Years)

• Decarbonizing business model and operations and achieving net zero: 43%
• Protecting and enhancing revenue growth: 41%
• Investing in digital innovation and technology infrastructure: 34%
• Cost optimization: 14%

Key Findings

• AI Transformation: CEOs are prioritizing AI as a key driver for productivity and growth in the short term. However, they are also aware of the need to leverage AI for long-term revenue opportunities.
• Sustainability as a Priority: Over 54% of CEOs now see sustainability as a higher priority than 12 months ago, while only 28% of institutional investors share this view. This discrepancy may lead to short-term financial focus at the expense of long-term sustainability goals.
• M&A Momentum: The M&A market is showing signs of rebound in 2024, with a 36% increase in deal volume compared to the same period in 2023. CEOs are more interested in acquiring technology and innovative startups, while institutional investors expect a stable or accelerated deal environment.
• Geopolitical and Economic Uncertainty: Despite a more positive outlook, CEOs and investors are increasingly concerned about geopolitical risks and the uncertainty of the election supercycle. This is especially evident in the Americas, where 81% of CEOs are confident about revenue growth, compared to 29% in Europe.
• Greenwashing Concerns: Both CEOs and institutional investors note that companies are "green-hushing" to avoid accusations of greenwashing, indicating a lack of transparency in sustainability efforts.
• Collaboration and Policy Support: There is a strong call for greater collaboration between CEOs, investors, and governments to drive sustainability and support the transition to a net-zero future. CEOs and investors agree that government policy is crucial in this effort, with 78% of institutional investors supporting coordinated global action on climate change.

M&A Trends

• M&A Activity: In Q1 2024, US$796 billion in M&A deals were announced, a 36% increase from Q1 2023.
• Mega Deals: The surge in M&A was largely driven by mega-deals over $10 billion, with 16 such deals in the quarter, the highest since 3Q 2021.
• Divestitures: There is a sharp increase in intentions to divest assets, with CEOs looking to refocus on core operations or raise capital.
• Investor Sentiment: 61% of institutional investors expect a stable deal environment, while 34% anticipate an acceleration of deals.

Policy and Infrastructure

• Government Infrastructure Spending: CEOs and investors agree that infrastructure investment is critical for economic growth and sustainability. The focus is on:
  • Renewable energy infrastructure
  • Water and climate resilience infrastructure
• Incentives Over Penalties: Both CEOs and investors favor incentives over penalties to drive sustainability progress.
• Role of Government: Governments are seen as key in setting regulatory frameworks, offering subsidies and tax relief, and supporting green technology development.

Conclusion

CEOs and institutional investors are aligned on the importance of sustainability, but there is a misalignment in urgency and prioritization. While CEOs are more proactive in addressing sustainability, investors remain cautious and focused on short-term returns. The M&A landscape is showing positive momentum, with a strong focus on technology and divestitures. To achieve long-term goals, collaboration across all stakeholders is essential, particularly in policy-making and infrastructure investment.