中文摘要：

目前国内商业银行趋向于选择通过海外并购来增强自身的综合化与国际化经营能力。本文以招商银行并购永隆银行为例，从资本市场和财务指标两个角度检验并购的经济后果。研究发现，从招商银行发布并购公告的市场反应来看，其累积超额收益率跑输市场，原因是投资者认为收购价过高：从财务指标变动趋势发现，招商银行盈利能力稳健，竞争力逐年增强，风险水平下降，长期来看将产生协同效应。最后，作者总结三点启示：采取由近及远的并购战略；适时稳健地开展并购在内的资本运作；政府要在市场规则下维护公众利益、规范监督行为。

英文摘要：

Currently, domestic commercial banks generally incline to strengthen their integrated and international operation by overseas M＆A. This article analyzes the economic consequence of M＆A from the angles of capital market and financial indicators, with the case of China Merchants Bank （CMB） in the acquisition of Wing Lund bank. On the one hand, since the publication of M＆A announcement, the accumulative abnormal return of CMB stocks has underperformed the market due to the exorbitantly high acquisition price in the eyes of investors. On the other hand, given CMB＇s stable profitablility, growing competitiveness and constantly decreasing risks, the M＆A will achieve synergy in the long run. Finally, the paper summa- rizes three inspirations as follows： carrying out a step-by-step M＆A strategy, timely and steadily developing capital opera- tion, and giving full play to the regulation and supervision function of the government to protect the public interest under market rules.