p我们发展了一套关于集团并购的理论，可以解释由一站式购买效应导致的消费协同。我们识别/p p了并购导致的产品组合差异化可能具有的潜在伤害。并购行为通常能够对从并购企业购买多个/p p商品的一站式购买者有益，但会伤害多站式消费者，他们往往会从不同的企业购买不同的产品。/p p我们发现，当并购公司从事纯捆绑销售时，并购会减少总消费者剩余，而在混合捆绑销售中，则/p p可以增加消费者剩余。我们的分析为关于集团并购案例的产业竞争政策提供了可验证的建议。/p

pWe develop a theory of conglomerate mergers that accounts for consumption synergy due to one­stop/p pshopping effect. We identify the potential harm resulting from product portfolio differentiation due to/p pmerger. A merger typically benefits one­stop shoppers who purchase multiple products from the merged/p pfirm, but can hurt multi­stop shoppers who mix­and­match with the products of other firms. We find that/p pa merger can reduce total consumer surplus when the merged firm engages in pure bundling and increase/p pconsumer surplus under mixed bundling. Our analysis provides testable implications for competition/p ppolicy on conglomerate merger cases./p