Financial gearing may be another reason.

财务杠杆可能是另一原因。

Financial gearing is a measure of the extent to which debt is used in the capital structure.

财务杠杆计量的是资本结构中债务资本所长的比重。

But in a much tougher financial climate, transactions will have to pass those two tests: they must generate big cost savings and they must leave the combined firm with low gearing.

然而，在一个相对更艰苦的金融环境下，交易需要过两道关卡：拥有大量成本节余而且合并后的公司运转不能很快。