垂直整合指的是企業通過其業務關係與上游供應商和下游零售商的聯繫程度。然而，對於垂直整合如何影響企業績效知之甚少。本論文旨在分析垂直整合對企業績效的影響。利用一種新穎的基於文本的垂直整合衡量方法，本研究顯示垂直整合提高了企業的盈利能力和股票回報。此外，垂直整合幫助企業更快和更穩定地擴展。利用新冠疫情作為供應鏈的外生衝擊，本研究表明垂直整合程度較高的企業在疫情中表現較好。總體而言，本研究顯示了垂直整合對企業績效的積極影響。

Vertical integration refers to the degree to which firms connect with their upstream suppliers and downstream retailers through their business relationships. However, less is known how the vertical integration to suppliers and retailers affects the firm performance. This dissertation aims to analyze the effect of the vertical integration to the firm performance. Using a novel text-based measure of vertical integration, this study shows that the vertical integration improves the firm profitability and stock returns. Moreover, the vertical integration helps firms expand faster and more stable. Using the COVID-19 as an exogenous shock to the supply chain, this study shows that firms with higher vertical integration tend to have higher performance in the pandemic. Overall, this study shows a positive side of the vertical integration to the firm performance.