1. Revenue synergy 收入的協(xié)同效應(yīng):收購后,總收入更高,Equity 回報率更高,或者維持一個長期的增長。
2. Revenue synergy exists when the acquisition of the target company will result in higher revenues for the acquiring company, higher return on equity or a longer period of growth. Revenue synergies arise from:
a) Increased market power 提高市場上的話語權(quán)/占有率
b) Marketing synergies 市場效應(yīng)
c) Strategic synergies 戰(zhàn)略效應(yīng)
3. Cost synergy 成本協(xié)同效應(yīng):規(guī)模效應(yīng)導(dǎo)致了成本節(jié)約。經(jīng)營規(guī)模的擴大, 會讓邊際成本降低,利潤率更好。這種規(guī)模效應(yīng)應(yīng)常常是可持續(xù)的。
4. A cost synergy results primarily from the existence of economies of scale. As the level of operation increases, the marginal cost falls and this will be manifested in greater operating margins for the combined entity. The resulting costs from economies of scale are normally estimated to be substantial.
5. Financial synergy 財務(wù)協(xié)同效應(yīng):一家公司有盈余現(xiàn)金,另一家公司有好項目但缺乏資金,則這種合并可以創(chuàng)造價值。一家公司賺錢交很多稅,一家公司虧錢不能享受稅收減免政策,這種合作也可以建立稅收上的好處。一家公司信用評級很好,另一家公司則沒有融資能力,這種合并可以提升公司的舉債能力,創(chuàng)造價值。多樣化是一種可以提升融資能力,提升公司價值的方式。
1) cash slack 現(xiàn)金松弛:When a firm with significant excess cash acquires a firm, with great projects but insufficient capital, the combination can create value.
2) Tax benefits 稅收效益: The tax paid by two firms combined together may be lower than the taxes paid by them as individual firms. If one of the firms has tax deductions that it cannot use because it is losing money, while the other firm has income on which it pays significant taxes, the combining of the two firms can lead to tax benefits that can be shared by the two firms
3) Debt capacity 舉債能力:By combing two firms, each of which has little or no capacity to carry debt, it is possible to create a firm that may have the capacity to borrow money and create value. Diversification will lead to an increase in debt capacity and an increase in the value of the firm.