中文摘要：

在基于利润分配的供应链多边谈判环境中，探讨了买方与部分供应商并购的谈判框架．首先，分析了买方与单个供应商并购的情形．结果给出两种框架下各方所获利润，并进一步给出未参与并购的供应商互动下的均衡．其次，分析了买方与多个供应商并购的谈判框架．在买方与多个供应商同时并购和依次并购两种情形下，结果分别给出三种不同框架下各方所获利润．结论表明，并购过程中的供应链网络结构和相关企业互动削弱了并购协同下的买方利润，从而企业应谨慎选取并购战略及其分析框架以实现并购的战略目标．

英文摘要：

The negotiation frameworks of mergers and acquisitions （M＆As） between a buyer and some of the suppliers are discussed in the environment of supply chain multilateral negotiations based on profit distribu- tion. First, the cases of M＆As between the buyer and a single supplier are analyzed. The result give each par- ty＇ s profit in the two frameworks, and further gives the equilibriums under the interactions of suppliers who do not participate in M＆As. Next, the frameworks of negotiations between the buyer and many suppliers are ana- lyzed. In two cases of simultaneous and sequential M＆As, the results give each party＇ s profits in three different frameworks respectively. It is illustrated that during the process of M＆As the network structure of the supply chain under M＆As and the interactions between relative firms undermines the buyer＇ s profit under M＆A synergy, and therefore firms should carefully choose M＆A strategy and its analytical framework to achieve the M＆A＇s strategic goal.