近年來，併購（M＆A）在商業中變得越來越流行。在有關該主題的文獻研究中，最常見的併購動機是為了取得綜效;但從文獻中的研究證據顯示併購的成功紀錄並不多，因此這些綜效是否真的能夠達到作用仍有待商榷。特別是現今的研究很少著墨在併購後的綜效方面。因此本研究試圖回答行銷有效性和行銷效率如何影響公司績效，以及比較水平併購之前和之後的效果。

以2008年至2017年美國公司516個水平併購交易為樣本，我們發現 行銷效率與水平併購前後的公司績效呈正相關。此外，在進行水平併購之後，行銷有效性與公司績效之間的正相關關係更強。我們還發現 在進行水平併購交易之前，行銷效率與公司績效沒有顯著的關係;但是，在水平併購之後，行銷效率與公司績效之間的關係呈現正向。

Mergers and acquisitions (M&As) have become increasingly popular in business practice in recent years. The literature discussed the most common motive for M&As, which is the achievement of synergy. However, the findings in the research showed that M&As have a poor record of success which leaves the discussion to remain open to question whether synergies are achievable through M&A. Mainly, researchers are rarely focused on the comprehensive effect of M&A. This study aims to further investigate: how do marketing effectiveness and efficiency affect firm performance and how does the effect differs between before a horizontal M&A and after a horizontal M&A.

We developed a set of hypotheses, tested on a sample of 516 horizontal M&As from US firms in the period between 2008 to 2017. We found that marketing effectiveness has a positive relationship with firm performance for both before and after horizontal M&As. Further, the positive relationship between marketing effectiveness and firm performance is stronger after the horizontal M&A. Besides, we found that marketing efficiency has no relationship with firm performance before horizontal M&A deals. However, the relationship between marketing efficiency and firm performance becomes positive after horizontal M&A.

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