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China's market segmentation has led to companies facing national and regional competition in domestic market after merger and acquisition. This paper adopts empirical study to explore the mediating role of synergy in the influence of competitive behavior on performance after Chinese enterprises mergers and acquisitions. The study finds that the complexity of the national competition strategy has positive impact on enterprise performance, while the regional competition inertia has a significant positive effect on enterprise performance. Operational synergy plays a full mediating role in the influence of competition strategy complexity on enterprise performance at the national level. At the same time, operational synergy, sales synergy and financial synergy have a complete mediating effect on regional competition inertia. Operational synergy has the greatest impact on enterprise performance, reflecting to some extent the resource orientation behind Chinese M&A activities. Keywords—Merger and Acquisition(M&A); Competitive behavior; Enterprise performance; Synergy effect; Mediating role

Mediating Role of Synergy Effect of Merger and Acquisition in the Influence of Competitive Behavior on Enterprise Performance