效用不对称假设下通用竞争战略约束优化建模——Palepu假设的解析验证

提出差异化和非差异化产品效用不对称假设,并将其嵌入效用函数和Cournot均衡模型,同时引入等绩效约束条件和需求价格弹性约束条件,建立并求解非线性规划模型,导出成本领先战略定理,并进一步导出成本领先战略的成本-效用关系定理、产量关系和价格关系定理.最后,导出了纯战略的财务识别条件和溢价条件,给出了Palepu假设的首次解析证明.研究表明,成本领先战略是内生的,相对于差异化产品,成本领先产品具有相互关联的低成本、低效用特性和高产量、低价格的特性,对差异化产品的价格比低于两种产品的成本比;纯战略识别的充分必要条件是具有较低营业利润率和较高资产周转率的公司为成本领先,相反的公司则是差异化,这与Palepu假设一致.本研究还显示,Porter溢价条件不是差异化战略的充分条件.

Constrained optimization modelling for generic competitive strategies based on asymmetric utility: An analytic test of Palepu assumptions

This paper introduces the assumption of asymmetric utility between differentiated and non-differentiated products,and embeds it in a utility function and Cournot equilibrium model. At the same time,the isoperformance constraint condition and the constraint condition of demand price elasticity are introduced to establish and solve a nonlinear programming model,from which a cost leadership strategy theorem is deduced.Then,theorems regarding the relations between cost-utility,outputs and prices of two pure strategies are given. Further,this paper deduces the financial identification conditions for the two pure strategies,and gives an analytical proof for Palepu assumptions. Finally,a strategic premium theoremis given. The research indicates that cost leadership strategy is endogenous,and that the cost-leaders'' product features lower-cost and lower-utility,higher-output,lower-price relative to the differentiator''s. The results show that the ratio of the cost-leader''s product price to the differentiator''s is lower than the ratio of the cost-leader''s product cost to the differentiator''s. The results also show that the necessary-sufficient conditions of pure strategy identification are that the cost-leader features lower operating-profit-ratio and higher asset-turnover-ratio relative to the differentiator,and that the differentiator features the opposite,asis in accordance with Palepu assumptions. Finally,the results show the Porter premium condition is incorrect.