摘要
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 .
出处
《商业研究》
CSSCI
北大核心
2014年第3期159-168,共10页
Commercial Research
基金
华侨大学中央高校基本科研业务费资助项目
项目编号:12SKGC-QT11
关键词
差异化产品
供应链
横向并购
决策机制
并购效应
differentiated products
supply chain
horizontal M&amp
A
decision-making mechanism
M&amp
A effect