差异化产品供应链横向并购的决策机制与效应分析

An Analysis of Decision-making Mechanism and Effect of Supply Chain in Horizontal Merger and Acquisition of Differentiated Products

通过构建差异化产品供应链横向并购模型,本文对不同决策机制下的横向并购模式进行分析比较,讨论了各主体变化情况及差异化程度的影响。结论表明:当参与并购的两条供应链均分散决策时,保留原有两个销售商继续合作使并购方获利,产品差异化程度与并购效应成反比;当参与并购的供应链一条为分散决策另一条为集中决策时,无论是否保留外部销售商都能使并购方获利,但保留外部销售商时,产品差异化程度与并购效应成反比,而由内部销售商同时销售两种产品时,产品差异化程度与并购效应成正比;当参与并购的供应链均集中决策时,对并购方有利,产品差异化程度与并购效应成反比。

Based on the supply chain model in horizontal M＆A of differentiated products , not only the horizontal M＆A integration modes under different decision -making mechanisms are analyzed, but also every entity′s changes and the in-fluence of the degree of product differentiation on them are discussed .The results show that： the original two retailers re-tained during supply chain integration is beneficial to the M＆A party when the two supply chains involved in M＆A make decentralized decision -making, and the M＆A effect will become stronger with the difference in degree of reduction .No matter whether the external retailers retain , supply chain integration is beneficial to the M＆A party when the one supply chain involved in M＆A makes decentralized decision -making but another one makes centralized decision -making;however, the M＆A effect will become stronger with the difference in degree of reduction when external retailers retain and the M＆A effect will become weaker with the difference in degree of reduction when internal retailers sell both of the two products.The M＆A party is able to obtain profit when the two supply chains involved in M＆A make centralized decision-making, and the M＆A effect will become stronger with the difference in degree of reduction .Moreover, the M＆A par-ty will obtain more profit when vertical integration completed before horizontal M＆A .