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 .%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。
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