CAJ | 학술논문

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。
통과구건차이화산품공응련횡향병구모형，본문대불동결책궤제하적횡향병구모식진행분석비교，토론료각주체변화정황급차이화정도적영향。결론표명：당삼여병구적량조공응련균분산결책시，보류원유량개소수상계속합작사병구방획리，산품차이화정도여병구효응성반비；당삼여병구적공응련일조위분산결책령일조위집중결책시，무론시부보류외부소수상도능사병구방획리，단보류외부소수상시，산품차이화정도여병구효응성반비，이유내부소수상동시소수량충산품시，산품차이화정도여병구효응성정비；당삼여병구적공응련균집중결책시，대병구방유리，산품차이화정도여병구효응성반비。
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 .