Dupont-Nash从业战略识别准则和Palepu-Little假设检验

Dupont-Nash Identification Criteria for Business Strategies and Palepu-Little Hypothesis Verification

本文将系统的数理建模方法首次引入战略管理领域并与财务分析结合,建立基于不对称效用函数并含有Dupont体系财务参数的Nash均衡模型,发现通过Nash均衡解和绩效相等约束条件导出从业战略的基本性质、检验Palepu-Little识别假设的路径,以M.Porter的差异化战略定义为前提,初次从数理模型导出几个从业战略的性质定理和Dupont-Nash战略识别准则。理论推演显示:成本领先战略是内生的;纯成本领先战略的基本特性是具有对纯差异化战略的成本优势、生产率优势和价格优势;纯差异化战略具有单位产品利润优势;而混合战略则具有除价格以外的全部优势,澄清了战略领域的某些错误观念。通过数理推演和数据检验首次给出了Palepu-Little假设Dupont-Nash战略识别准则不等价且与Porter学说相矛盾的证明。最后引入定量描述战略取向强度的指标(纯战略极化比),实证分析表明二者识别结果相近。以上结论为新兴的Dupont战略识别方法和从业战略研究奠定了初步数理基础,对从业战略大量实证研究结论的评价、理论解释和概括,以及进一步理论和实证研究提供了依据。

This paper introduces systematic modeling into the strategic managemem field for the first time. The goal of this paper is to conduct a mathematical test for Palepu-Little hypotheses （i.e. there are higher operating profit ratio in differentiation firm and higher asset turnover ratio in cost-leadership firm） applied in identification of businass strategies and demonstration for Dupont identification criteria. This kind of study has never been done before. According to the theories of monopolistic competition and product differentiation, this paper adopts Michael Porter＇s definition of differentiation strategy and generalizes his theory of ＂differentiation premium＂ as premises. Based on the assumptions, the paper proposes three propositions about uniqueness of differentiation products： （1） decreasing price elasticity of demand as its uniqueness is increased, （2） higher price elasticity of demand of differentiation product thatx others, and （3） higher cross-price elasticity of differentiation product to others than that of others to differentiation product. By generalizing Porter＇s premium condition proposition, this study establishes a Dupont-Nash equilibrium model with financial parameters of Dupont system based on the asymmetric utility function, gives inverse demand function using first order condition of utility maximization, discovers approach to derive basic property of business strategies, and verifies Palepu-Little hypotheses by Nash equilibrium condition and iso-performance constraint condition~ The results imply several major property theorems, their inferences and Dupont-Nash identification criteria for business strategies. First, there are the possibility theorem of cost leadership strategy, and the theorems of identification indexs which are unit product profit and asset productivity. It is proved that cost leadership strategy is endogenous, and the key characteristics of pure cost leadership strategy are lower cost and price. The strategy also has higher asset productivity than that of pure differentiation. The key characteristics of pure differentiation strategy has higher unit product profit than that of pure cost leadership. Moreover, combination strategy （i.e. low-cost differentiation strategy） possesses both dominant positions except low price. The result reveals that Palepu-Little hypotheses and Dupont-Nash criteria are unequivalence （giving the condition for the equivalence） , Palepu-Little hypotheses contradict Porter＇s doctrine. Lastly, the paper introduces an index--orientation polarization ratio to describe quantitatively strategic orientation polarization. Simple data analysis indicates that the identification results of strategic group from Palepu-Little hypotheses and Dupont-Nash criteria are nearly the same. The former may be used as an approximate indicator for strategy identification. In summary, this paper gives a mathematical proof for some important theories of Porter and related researches （e.g. business strategy types, propobility for cost leadership and the difference in efficiency between two types of strategies） for the first time. Our findings are very different from classical doctrine of business strategy and some new conclusions （e.g. the low-price characteristics of cost leadership different from that of Porter＇s ideas, the identification index set different from that of Palepu- Little）. The research conclusion clarifies the current wrong ideas in competitive strategy fields and provides theoretical standards to explain, evaluate and generalize the present abundant empirical studies. More importantly, this study provides future research directions in both academic and practical fields.