Beating a wife, would contradict hadiths of the Holy Prophet who repeatedly said: do not beat believing women!. It would also contradict the Holy Prophet's instructions about anger which (unless it is caused by injustice) he explained to originate from Satan and which he described as "a living coal on one's heart". One should not act upon ones anger, lest one would do things one would regret later. When you are angry when you are standing, sit down, the Holy Prophet said. And when you are still angry when you are sitting, then lie down. Interpreting this verse as allowing a husband to beat his wife, surely contradicts these rulings on anger.
Furthermore, Allah says in the Holy Qur'an that one must meet bad behaviour with something that is better, not with something that is worse, in order to turn a hostile situation into a friendly one:
"Nor can goodness and Evil be equal. Repel (Evil) with what is better: Then will he between whom and thee was hatred become as it were thy friend and intimate!" (Holy Qur'an 41:13)