英国论文代写效率理论的M＆A 效率理论是指M＆A的目的是实现协同效应。在一般情况下，这些协同作用可分为三类：金融协同效应，经营协同效应，管理协同效应。金融的协同作用，使该公司获得较低的资金成本。公司可以在三个方面实现财务协同效应。首先，降低投资组合的风险由自己的业务不相关的投资;其次，公司可以得到更便宜的价格，以获得更多的资金形成较大的公司通过兼并和收购，更重要的是，更有效地为可以通过建立内部资本市场的资本配置。业务协同作用，可降低运营成本的企业部门，或使该公司能够提供独特的产品或服务。经营协同效应可以通过独立的部门的整合，也可以实现通过知识转移。管理协同效应产生的M＆A公司有一个更好的计划和监控系统操作，使目标公司能够受益于积极的一面。 2.1.3 M＆A财务效率的实证分析方法 交易成本理论 交易成本理论认为，企业替代市场机制和企业资源分配的手段。公司现有的内部交易成本低于市场交易成本（迈克，2009年）的原因。银行M＆A是降低交易成本。的情况下，这是毫无疑问的Lioyds银行集团的形成可以节省大量的交易成本在未来。
Efficiency theory of M&A Efficiency theory refers that M & A is intended to achieve synergies. In general, these synergies can be divided into three categories: financial synergies, operating synergies and management synergies. Financial synergies can make the company access to lower cost of capital. Companies can achieve financial synergies in three ways. First of all, reducing the risk of investment portfolio by investment not related to their own business; secondly, a company can get a cheaper price to get more capital by the formation of larger company through mergers and acquisitions; What is more, more efficiently for allocation of capital can be achieved through the establishment of an internal capital market. Operational synergies can reduce operating costs of the corporate sector or enable the company to offer a unique product or service. Operating synergies can be achieved through the integration of separate departments and can also be achieved through knowledge transfer. Management synergies arise from the active side of M & A companies having a better plan and monitor system so that the target company can benefit from the operation. 2.1.3 Empirical analysis methods of M&A financial efficiency Transaction cost theory Transaction costs theory believes that companies are substitutes of market mechanisms and companies are means of resource allocation. The reason of the existing of companies is internal transaction costs are less than market transaction costs (Mike, 2009). Bank M & A is to reduce the costs of transactions. And from the case, there is no doubt that the formation of Lioyds Banking Group can save a lot of transaction cost in the future.
Enterprise development theory Enterprise development theory believes that only sustainable development can maintain and strengthen the relative position in the market. One way of sustainable development is new investment to expand the operation scale and production capacity, the other way is through mergers and acquisitions to expand production capacity. Bank sector through mergers and acquisitions can develop much faster because mergers and acquisitions can reduce the uncertainty and risk of enterprise and reduce new trade barriers.