中文摘要：

本文结合DEA—Malmquist指数模型测度中国商业银行2006--2015年的全要素生产效率（TFP）及其分解，并通过其与互联网金融指数的回归结果发现，商业银行亟需寻求一种有效的战略途径应对互联网金融带来的业务冲击和技术溢出。本文引入并购重组选择的虚拟变量及其与互联网金融指数的交互项．利用修正面板模型对其与三类商业银行效率进行分类回归．得出选择并购重组的商业银行能在互联网金融发展环境下获得更高的技术进步和全要素生产效率．且大型商业银行能更好地发挥此模式带来的技术优势，中小型商业银行的并购重组选择则会对其原有的技术吸收能力产生抑制作用。最后，根据理论与实证结果．对各类商业银行及政策当局提出建议。

英文摘要：

This paper adopted the Chinese commercial banks＂ TFP data from 2006 to 2015 by using DEA-Malmquist index model and found that Chinese banks were in urgent need of a strategic choice to reverse the lower efficiency of input and output which were influenced by the technology development. Moreover, this paper applied the amended Panel Data Analysis to test the regression of different banks＂ TFP with internet finance index and M＆A dummy variables as well as the interaction items of both. Based on that, the paper concluded that M＆A benefited from the technology development rather than the scale efficiency, which enhanced commercial banks＂ TFP efficiency with the development of internet finance. The large commercial banks can see greater technology spillover effect through M＆A scale adjustment, while small and medium sized banks＂ M＆A may restrain their absorption capacity of Internet Finance. Finally, according to the result of M＆A choice by different Chinese commercial banks against the background of Interact Finance Development, this paper put forward the corresponding strategic and policy recommendations to Chinese commercial banks and Policy Authorities.