【作者】 陈静；

【导师】 计国君；

【作者基本信息】 厦门大学 ， 管理科学与工程， 2018， 博士

【摘要】 中国经济环境的日益成熟和行业的持续性整合成为企业并购的主要驱动力,零售行业的并购事件频频发生,成为市场的一个热切关注点。同时,传统渠道和电子渠道并存也成为供应链市场结构的常态,跨渠道冲突成为随之而来的管理难题。一些制造商和零售商通过渠道差异化来缓解跨渠道冲突,但若决策不当可能引发新的矛盾,甚至加大跨渠道冲突。本文通过建立三种不同模式下的双渠道供应链零售商横向并购博弈模型,探讨并购效应及影响因素,对并购决策进行分析。主要研究结论如下:在制造商自建电子渠道的双渠道供应链环境下,研究发现:(1)若使得并购后的利益大于并购前,各方对成本协同的要求由低到高分别是:传统零售商、社会总福利、制造商、消费者剩余。(2)达到一定水平的成本协同时,并购有利于缓解渠道冲突并使各方受益。(3)传统渠道和电子渠道的差异程度与传统零售商、制造商、消费者和社会总福利是否从并购中获利无关;传统渠道之间的差异程度提高和电子渠道市场份额的增长有利于制造商、消费者和社会总福利从并购中获利,反之则有利于传统零售商在并购中获利。针对存在电子商务零售商的双渠道供应链环境下,研究发现:(1)若使得并购后的利益大于并购前,各方对成本协同的要求由低到高分别是:电子商务零售商、传统零售商、社会总福利、制造商、消费者剩余。(2)在一定水平的成本协同范围内,并购有利于缓解渠道冲突并使传统零售商、电子商务零售商、制造商和社会总福利受益;超过这个成本协同水平的阈值,消费者会从中获利,而电子商务零售商则利益受损。(3)传统渠道之间的差异程度提高、传统渠道和电子渠道的差异程度提高、以及电子渠道市场份额的增长有利于制造商、消费者和社会总福利从并购中获利;反之则有利于电子商务零售商和传统零售商在并购中获利。(4)传统渠道之间的差异程度的变化相比传统渠道和电子渠道的差异程度的变化对并购效应的影响更大。考虑存在多渠道零售商的双渠道供应链环境下,研究发现:(1)若使得并购后的利益大于并购前,各方对协同的要求由低到高分别是:多渠道零售商、社会总福利、制造商、消费者剩余;达到较高水平的成本协同方能使各利益主体通过并购获利。(2)成本协同的增加有利于多渠道零售商、制造商、消费者及社会总福利各利益主体从并购中获利,不利于多渠道零售商和制造商从电子渠道中获利。(3)传统渠道(电子渠道)之间的差异程度提高、传统渠道和电子渠道的差异程度提高有利于制造商、消费者和社会总福利从并购中获利,反之则有利于多渠道零售商在并购中获利。(4)电子渠道市场份额的增长不利于消费者和社会福利从并购中获利,与制造商是否获利无关,在电子渠道市场份额小于传统渠道市场份额时则有利于多渠道零售商从并购中获利。最后,对三种不同模式下双渠道供应链中零售商横向并购效应及影响因素进行了综合比较,本文结论不仅为双渠道供应链中零售商横向并购时上下游企业的管理决策提供理论依据,也为缓解跨渠道冲突提供决策支持。更多还原

【Abstract】 The sustainable industry consolidation brought by the gradual mature economy of China becomes a main driving force in the corporate merger.The merger incidents occur frequently in retail industry,and become a heated issue.In the meanwhile,the Co-existence of traditional channel and electronic channel becomes a normal state in the market construction of supply chain,thus the conflicts in cross-channel turn into a management problem.Manufacturers and retailers can relieve the cross-channel conflicts by means of channel differentiation,while a false decision may cause a new contradiction even enlarge the cross-channel conflicts.This thesis tries to set up three different models of retailer’s horizontal merger in a dual-channel supply chain,this thesis discuss merger effects and influential factors,and also further analyze the decision of merger.The main research conclusions are as follows:Under the circumstance of the electronic channel of dual-channel supply chain built by manufacturer,our conclusions reflect:firstly,if a bigger profit is pursued after merger,the threshold of cost synergy from lower to higher level is:traditional retailers,social welfare,manufacturer and consumer surplus.Secondly,when the cost synergy reaches a certain positive threshold,the merger will help to ease the channel conflict and benefit all parties.Thirdly,the differentiation degree between traditional channel and electronic channel do not have a relation with the profit which traditional retailers,manufacturer,consumer surplus and the social welfare make from a merger.And the increase of the differentiation degree between traditional channels and the electronic channel market share will be beneficial for the manufacturer,consumer surplus and social welfare to make a profit in the merger.While a contrary situation will benefit the traditional retailers.As far as the electronic channel of dual-channel supply chain built by electronic business retailer are concerned,our conclusions show:firstly,if a bigger profit is pursued after merger,the threshold of cost synergy from lower to higher level is:electronic business retailer,traditional retailers,social welfare,manufacturer and consumer surplus.Secondly,in a certain range of positive threshold of cost synergy,the merger will help to ease the channel conflict and benefit electronic business retailer,traditional retailers,social welfare and manufacturer,exceeding this threshold of cost synergy will benefit consumer surplus and result in the electronic business retailer loss.Thirdly,the boost of the differentiation degree between traditional channels,of the differentiation degree between traditional channel and electronic channel and the increase of electronic channel market share will be beneficial for the manufacturer,consumer surplus and social welfare to make a profit in the merger.While a contrary situation will benefit the traditional retailers and the electronic business retailer.Fourthly,the changes of the differentiation degree between traditional channels have a greater impact on merger effect than the changes of the differentiation degree between traditional channel and electronic channel.In view of the existence of the electronic channel of dual-channel supply chain built by multi-channel retailers,the findings are as follows.Firstly,if a bigger profit is pursued after merger,the threshold of cost synergy from lower to higher level is:multi-channel retailers,social welfare,manufacturer and consumer surplus.Only by attaining a higher level of cost synergy can benefit all parties.Secondly,the increase of the cost synergy will help multi-channel retailers,manufacturer,consumer surplus and the social welfare benefit from merger,but will not help the multi-channel retailers and the manufacturer benefit from the electronic channel.Thirdly,the increase of the differentiation degree between traditional channels(electronic channels)and the differentiation degree between traditional channel and electronic channel will be beneficial for the manufacturer,consumer surplus and social welfare to make a profit in the merger.While a contrary situation will benefit the multi-channel retailers.Fourthly,the increase of the electronic channel market share will benefit multi-channel retailers when the electronic channel’s market share is smaller than the traditional channel’s market share,but will not help the consumer surplus and the social welfare benefit from the merger,and it do not have a relation with whether the manufacturer benefit from the merger.Finally,with the comparison of the effects of retailer’s horizontal merger and the influential factors in a dual-channel supply chain under three different models,this paper not only offers theoretical guidance for management decision-making of upstream and downstream firms when retailer ’s horizontal merger in a dual-channel supply chain,but also provides decision support to mitigate the cross-channel conflict.更多还原