Research notes and communications strategic planning as competitive advantage

Since 1970, over forty empirical studies have examined the performance consequences of formal strategic planning. This line of research has drawn heavy criticism from reviewers on methodological grounds, and has produced confusing, apparently contradictory results. This article reevaluates the planning-performance relationship from a resource perspective, arguing that strategic planning does not satisfy the criteria for sustainable competitive advantage– although it may produce economic value, it is easily imitated and may be substitutable. The article suggests that previous studies produced inconsistent results because they did not account for the dissemination of strategic planning over time, or for industry differences in strategic planning factor markets. An empirical test in two industries finds that formal strategic planning and financial performance are unrelated in a ‘planning equilibrium’ industry, but positively related in an industry with strategic planning factor market imperfections.     

各向加权异性有限元法在不可压粘性流动计算中的应用

本文利用各向异性张力有限单元，考虑到其独特的性质，提出了一种各向加权异性的算法，即在不同方向采用不同连续性的插值函数，然后再在原连续性较弱的方向以连续性较强的插值函数计算，最后把两次计算的结果加权处理。这种方法可以适应两个方向连续性要求不同或相同的各种情况，即克服了一般各向异性张力有限单元的局限性，又大大减少了存贮量和计算量。     

短模型上的明渠非恒定流试验

水工整体模型试验中,明渠非恒定流至今大多被简化为恒定流,而效果有时并不理想。本文指出,只要设置固定式曲线尾门,并有必要的动态量测设备,便可模拟原型非恒定流;即使模型偏短,也能得出比恒定流试验更接近原型的成果。在同一模型上,既做恒定流试验,又进行必要的非恒定流试验,二者相辅相成,必将有助于试验水平的提高。作为例证,本文介绍了泄洪调度导致航道水面波动的一项试验成果,并以岩基冲刷、通航水流条件、围堰过水、河床冲淤等研究课题为例,讨论了采用“短模型非恒定流试验方式”的必要性与可行性。     

泥沙起动条件及机理的非线性研究

 分析了单颗粒、均匀沙及非均匀沙的起动现象及其机理，认为泥沙的起动属于突变论研究的范畴。从泥沙起动所遵循起动条件的力学规律出发，导出泥沙起动条件方程。在此基础上，利用尖点突变性质对各种泥沙起动现象及机理进行了描述和说明。     

EFFECT OF STREAMLINE CURVATURE AND SOME OTHER CONDITIONS ON THE TURBULENT STRUCTURES IN THE OTHER REGION OF AN OBSTACLE

ＥＦＦＥＣＴＯＦＳＴＲＥＡＭＬＩＮＥＣＵＲＶＡＴＵＲＥＡＮＤＳＯＭＥＯＴＨＥＲＣＯＮＤＩＴＩＯＮＳＯＮＴＨＥＴＵＲＢＵＬＥＮＴＳＴＲＵＣＴＵＲＥＳＩＮＴＨＥＯＴＨＥＲＲＥＧＩＯＮＯＦＡＮＯＢＳＴＡＣＬＥＬｉｕＳｈｉ－ｈｅ（ＷｕｈａｎＵｎｉｖｅｒｓｉｔ...     

AN EXPERIMENTAL AND NUMERICAL INVESTIGATION OF THE STARTING FLOW OF A UNIFORMLY ACCELERATING CIRCULAR CYLIINDER

The starting flow around a uniformly accelerated circular cylinder is investigatedby flow visualization techncque and solving N-S equations numerically in detail.The results ofthe starting flow are similar with those of the impulsively started one.At lower Re_α,numbers the“phenomenon a”is revealed;the“phenomenon β”appears at higher Re_α numbers,but withonly one secondary vortex.At the early stage of the starting vortex formation,the flow islaminar;at the later stage,the flow transforms into turbulent flow.The velocity distribution inthe flow field is measured with the multiwires installment.The calculational results are comparedwith the results of experiment,and both are in agreement with each other.     

NUMERICAL MODEL FOR DYNAMIC SIMULATION OF TRAFFIC FLOW

ＮＵＭＥＲＩＣＡＬＭＯＤＥＬＦＯＲＤＹＮＡＭＩＣＳＩＭＵＬＡＴＩＯＮＯＦＴＲＡＦＦＩＣＦＬＯＷＷｕＺｈｅｎｇ；ＺｅｎｇＬｉ－ｎｏｎｇ（ＤｅｐａｒｔｍｅｎｔＡｐｐｌｉｅｄＭｅｃｈａｎｉｃｓ，ＦｕｄａｎＵｎｉｖｅｒｓｉｔｙ，Ｓｈａｇｈａｉ２００４３３，Ｐ...     

The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

基于更新理论的产品保修策略模型

产品价格的确定不仅取决于生产成本 ,还应包涵服务成本。非价格竞争下 ,产品保修是售后服务的主要内容。本文运用更新报酬理论 ,建立了产品保修策略模型。模型表明 :在消费转型时代 ,只有引入产品的差异性、降低生产成本、提高产品质量、延长产品寿命、制订合适的保修策略 ,才能保障合理的厂商利润 ,有效刺激需求。     

Value of Multinationality: Internalization, Managerial Self-interest, and Managerial Compensation

In this paper, we examine the impact of managerial self-interest on the value of multinationality. Since agency theory also suggests that a divergence between the interests of managers and shareholders can be aligned by effective managerial incentive, we also examine the effect of managerial compensation on the value of multinationality. Our results show that for high- Q (Tobin's Q > 1 ) firms, investors do not associate the spending of free cash flow on multinationality with the problem of overinvestments. For high- Q firms, it is also found that the value of multinationality can be enhanced by effective managerial incentives. For low- Q firms (Tobin's Q < 1 ), it is found that the concern of managerial self-interest overwhelms the benefits of internalization, making multinationality a value-decreasing event. For low- Q firms, managerial compensation is also ineffective in promoting value-enhancing foreign direct investments.