ON THE EQUIVALENCE OF NET PRESENT VALUE AND MARKET VALUE ADDED AS MEASURES OF A PROJECT'S ECONOMIC WORTH

The metric Economic Value Added, or EVA, has recently become quite popular for analyzing company balance sheets, determining executive compensation packages and even project selection. The analysis entails comparing net after-tax operating profit against the allocated cost of capital for a given period. This paper shows, in general, that Market Value Added (MVA), which is the present value of a series of EVA values, is economically equivalent to the traditional NPV measure of worth for evaluating an after-tax cash flow profile of a project if the cost of capital is used for discounting. Additionally, insight is provided into the rationale behind EVA analysis through an interpretation of its capital and income allocation procedure for investment projects.     

TECHNICAL NOTE: THE FORMULA APPROXIMATION FOR THE OPTIMAL CYCLE TIME OF THE NET PRESENT VALUE

This article proposes the best bounds for e^?x ?l+x subject to some constraints. With these bounds for e^?x ?l+x, the better bounds for the optimal cycle time can be developed such that the bisection algorithm locates the optimal cycle time more accurately. Finally, an example is given to illustrate all results obtained by this article.     

国内沥青市场的现状及预测

从沥青产量、价格及进口等方面分析了１９９７年我国沥青市场的状况,并对１９９８年沥青市场进行了预测。     

国内外织造技术的现状和展望

织造技术已有几千年历史。我国浙江出土的绢丝织物和苎麻织物至今已有4700多年。长沙马王堆汉墓出土的200多种丝麻纺织品中，有一件素纱禅衣重量仅49克，足见2000多年以前我国纺织工艺技术已经达到很高水平。     

THE EFFECT OF TECHNOLOGICAL IMPROVEMENT ON CAPACITY EXPANSION FOR UNCERTAIN EXPONENTIAL DEMAND WITH LEAD TIMES

We formulate a model of capacity expansion that is relevant to a service provider for whom the cost of capacity shortages would be considerable but difficult to quantify exactly. Due to demand uncertainty and a lead time for adding capacity, not all shortages are avoidable. In addition, technological innovations will reduce the cost of adding capacity but may not be completely predictable. Analytical expressions for the infinite horizon expansion cost and shortages are optimized numerically. Sensitivity analyses allow us to determine the impact of technological change on the optimal timing and sizes of capacity expansions to account for economies of scale, the time value of money and penalties for insufficient capacity.     

东亚地区石化业的现状与趋势

叙述东亚地区石化生产能力的扩充、石化产品供需的平衡、市场竞争的加剧以及产品盈利的前景。分别介绍新加坡、印尼、泰国、韩国和中国台湾省石化业的现状与趋势。     

DETERMINATION OF ECONOMIC VALUE ADDED FOR A PROPOSED INVESTMENT IN NEW MANUFACTURING

This paper discusses a measure for estimating the wealth creation potential of capital investments in manufacturing. The measure, called “Economic Value Added,” has recently become popular in the United States and can be derived from an after-tax analysis of cash flows generated by a capital investment. A proposed investment in manufacturing capacity is analyzed to illustrate the after-tax cash flow calculations required to determine its EVA potential.     

AGENCY CONFLICT AND CORPORATE STRATEGY: THE EFFECT OF DIVESTMENT ON CORPORATE VALUE

Among the various stakeholders of a firm, senior managers are the most likely targets for private and public political pressures. Other stakeholder groups are less visible and may be perceived as less influential in corporate strategy formulation and implementation. In some situations, consequently, senior executives may adopt corporate strategies in response to political pressures even if these strategies may be costly to shareholders. In this study, a special case is examined: the effect of divestment of South African business units on firm value. Using data from 1984 through 1990, we examine the impact that announcements of divestments have upon the stock return behavior of publicly traded firms. Our results indicate that significant and negative excess returns accrue to shares of companies announcing divestments of South African operations. These results are supportive of the premise that noneconomic pressures may influence managerial strategies rather than value-enhancement goals. © 1997 by John Wiley & Sons, Ltd.     

氯醇法与共氧化法生产环氧丙烷的分析比较

氯醇法与共氧化法是生产环氧丙烷的两种主要方法。文章对两种方法的工艺过程、产品用途、市场需求、环境影响及技术经济等方面进行了比较。     

THE QUALITY OF INFORMATION AND INCENTIVES FOR EFFORT*

We study the relationship between the precision of information about the performance of an agent in a market, and the incentives this agent has for exerting effort to produce high quality. We show that this relationship can be nonmonotonic. There exists an efficient plausible equilibrium that induces a threshold beyond which any further improvement in the precision of information weakens the agent's incentive to produce high quality. Accordingly, both very accurate and very inaccurate signals about the agent's performance may destroy its incentive to exert effort. A few applications of this result are discussed.     

论石油化工联产品成本的产量分配法和变现净值法

对石油化工联产品成本分配的产量法和变现净值法进行了系统地分析和比较完善的理论证明,指出了该两种方法各自的特点。     

渣油轻质化组合工艺的技术经济评估

对渣油加工工艺的技术经济进行了分析比较,指出利用现有装置进行优化组合,是一条节省投资、获取效益最佳化的有效途径。以重油催化裂化装置为主体核心,将重油催化裂化与延迟焦化、溶剂脱沥青等工艺组合,发展相应的配套技术,使重油催化裂化装置能适应质量较差的进料并为其提供更多的原料,为企业获取较好的经济效益。     

THE IDENTIFICATION OF TARGET FIRMS AND FUNCTIONAL AREAS FOR STRATEGIC BENCHMARKING

In recent years there has been an increased emphasis on quality, Total Quality Management (TQM), and re-engineering. The practice of benchmarking is inherent to the success of any of these. Despite its obvious strategic implications, benchmarking has received little theoretical or analytical attention in the literature. Moreover, studies show that many firms are unsure about how to implement the benchmarking process. A critical aspect of benchmarking is the identification of who to benchmark against and what functional areas to benchmark. In this paper we show that Data Envelopment Analysis (DEA) can provide a structured methodology which, when used in conjunction with expert/managerial insight, can be a useful toot for providing necessary analytic support for the managerial practice of benchmarking. DEA uses multiple input and multiple output measures to assess efficiency. In this paper we first use DEA analysis to identify a subset of efficient firms which could be targeted for benchmarking. In a second stage, a constrained least absolute value (goal programming) method is used to ascertain input elasticities for the designated efficient firms in order to pinpoint important specific areas for benchmarking comparisons. We use macro-level data from the computer industry to illustrate this application of DEA and constrained least absolute value regression to benchmarking.     

NATIONAL TELEVISION AND THE MARKET FOR LOCAL PRODUCTS: THE CASE OF BEER*

Information technology lowers the cost of distributing information to dispersed consumers. Because national firms reap larger benefits from new media than firms serving only local consumers, media innovations may reduce the market for local products. This paper considers the effect of television on the market for local beer. Using market‐level data on television penetration, local breweries and brewery production from 1945–1960, results show that increases in television penetration are associated with fewer local breweries and less local beer production. The results indicate that the industrial organization of media markets can affect the structure of markets for local products.     

ON THE VALUE OF A LARGE CUSTOMER BASE IN MARKETS WITH SWITCHING COSTS*

It is usually acknowledged that firms benefit from a large customer base in markets with switching costs. However, Klemperer [1995] argues that this may not be true if an increase in the size of a firm's customer base induces fierce price competition, making the firm worse off. This paper shows that such an outcome can be obtained under standard assumptions, such as homogeneous goods and uniformly distributed switching costs. In the model, firms have very limited incentives to fight for market shares, and the notion that switching costs make markets less competitive is stronger than previously shown.     

INFLATION AND DEBT INDEXATION: THE EQUIVALENCE OF TWO ALTERNATIVE SCHEMES FOR THE CASE OF PERIODIC PAYMENTS

The presence of inflation has induced the financial institutions to implement procedures devised to protect the real values of their loans. Two of such procedures, the floating rate scheme and the monetary correction mechanism, tend to lead to very different streams of payments. However, whenever the floating rate scheme follows the rule of strict adherence to the Fisher equation, the two procedures are financially equivalent.     

企业间互供石脑油价格研究

企业间互供石脑油受计划经济、相关产品价格、石脑油质量标准及供货时间的影响,供需双方存在许多矛盾,关键在于石脑油价格。根据定价原则确定企业间互供石脑油的价格。尽快制定石脑油质量标准,调节７０＾＃汽油消费税,使石脑油与７０＾＃汽油价格差别趋于合理化,才能真正发挥集团优势。     

PLANNING IN AMBIGUOUS CONTEXTS: THE DILEMMA OF MEETING NEEDS FOR COMMITMENT AND DEMANDS FOR LEGITIMACY

This paper argues that ambiguity of context manifested in pressures for legitimacy and commitment affect planning processes. Ambiguity arises from multiple conflicting constituencies and the lack of direct control over resources. Using nonprofit and entrepreneurial organizations as examples of organizations facing ambiguous contexts, we examine their planning practices to develop an understanding of the relationship between commitment, legitimacy, and planning. From this analysis, we articulate a managerial dilemma: the need to use informality and vagueness to gain commitment from diverse interests, and the need to demonstrate formalization of managerial practices to acquire legitimacy from critical resource suppliers. Using elements of this dilemma, we present a new planning framework for organizations in ambiguous contexts that recognizes planning as a strategy for resource acquisition rather than a strategy for resource allocation.