中文摘要：

与以往通过资产专用性研究纵向一体化（纵向并购）的视角不同,文章以研发投入作为资产专用性的替代变量,研究在不同产品竞争市场环境下,资产专用性对横向并购行为与绩效的影响。研究发现,随着产品市场竞争程度和资产专用性的增加,上市公司横向并购的可能性呈现先升后降的特点;进一步研究发现,产品市场竞争程度越高,横向并购越有利于提升企业价值,尤其在高专用性资产投入的企业中更为显著。本研究为企业的并购和资产专用性投资决策提供了新的经验证据。

英文摘要：

The existing domestic and foreign literature, which based on research paradigm of the incomplete contract theory, investigates the relationship between the degree of asset specificity and the en- terprise vertical mergers. The asset specificity and the opportunist behavior were regarded as the important motivation of the enterprise vertical integration. However, as an mainstream form of mergers and acquisitions, scholars mainly use synergy theory （including operating synergy and financial synergy） and market advantage theory to explain horizontal mergers. The literature from the asset specificity theory is almost blank. In fact, highly dynamic competitive environment, rapid technological change, increasing R＆D investment and risk will force enterprise to horizontal mergers as an approach of important external innovation. Different from the previous papers which only focus on ver- tical integration from the point of asset specificity, using research and development intensity as asset specificity variables, and the listed com- panies in Shanghai and Shenzhen stock exchanges from 2007 to 2012 as our research sample, we discuss the impact of asset specificity on horizontal mergers and performance in different competitive market en- vironment. The results show that as the degree of competition in prod- uct markets and asset specificity increases, the possibility of horizontal mergers first rises then falls. Furthermore, we also find that the higher the degree of market competition, the more the horizontal mergers can improve the performance of enterprises, and this phenomenon will be- come more apparently in the high-specific assets invested enterprises. This research not only further enriches and expands the enterprises hor- izontal merger documents, but also clarifies the mechanism between the internal and external corporate governance from a new perspective. In addition, this paper will improve the enterprise＇s decision of M＆A and asset specificity investment, and help enterprises to obtain sustainable co