财务协同效应(Financial synergies)是指在企业兼并发生后,通过将收购企业的低资本成本的内部资金投资于被收购企业的高效益项目上,从而使兼并后的企业资金使用效益更为提高。那些发展时间较长,已进入成熟期或衰退期的企业,往往有相对富裕的现金流入,但是苦于没有适合的投资机会,而将资金用于股利的发放。长此以往,企业发展前景会更加黯淡,逐渐走向衰落,所以管理当局希望能从其他企业中找到有较高回报的投资机会,从而形成资金供给。与此同时,那些新兴企业增长速 Financial synergies refer to the more efficient use of funds after the merger by merging the internal funds with the low capital cost of the acquired enterprises into the highly-profitable projects of the acquired enterprises after the merger. Businesses that have been developing for a longer period of time and have entered a mature or recessionary period tend to have relatively rich cash inflows, but suffer from the lack of suitable investment opportunities and the use of funds for the distribution of dividends. Over time, the prospects for business development will be dimmer and gradually declining. Therefore, the regulatory authorities hope to find investment opportunities with higher returns from other enterprises so as to provide funding. At the same time, those emerging companies are growing faster