2.4.1 Cost synergy

◆ Economies of scale

fixed operating and administrative costs being spread over a larger production volume. use of space capacity, increased buyer power

◆ Economies of scope

may occur in marketing as a result of joint advertising and common distribution.

◆ Elimination of inefficiency

if the 'victim' company in a takeover is badly managed its performance and hence is value can be improved by the elimination of inefficiencies.

Cost synergy is easier to identify and quantify but would be more short-lived.

主要產(chǎn)生于水平并購(gòu)， 最易識(shí)別及量化，但效應(yīng)較短暫(注意結(jié)合案例分析)。