中文摘要：

海外保险机构希望选择通过并购国内基金公司来增强自身综合化与国际化经营能力,但其前景如何？以宏利人寿保险并购国内泰达荷银基金管理为例,分别从市场反应和财务绩效两个方面来研究宏利人寿并购产生的财富效应。在并购公告的市场反应来看,其累积超常收益率都跑赢了市场;从财务指标变动趋势发现,宏利人寿盈利能力稳健,成长能力逐年增强,风险水平比较低,抵御风险能力较强,长期来看将产生协同效应,创造价值。从而对宏利金融管理人员、宏利金融公司股东、证券监管者、保险监管者等提出了一些建议。

英文摘要：

Overseas insurance institutions want to choose by the sea d domestic fund mergers and acquisitions to strengthen its integration capacity and international operations. but the insurance company mergers and acquisitions of domestic funds overseas, the com- pany＇s outlook will happen？ In this paper. Manullfo （International） Limited M ＆ do- mestic ABN AM110 TEDA Fund Management Co. Ltd. case, respectively, from the follow- inS two aspects of Man.ire （International） Limited M ＆ wealth effect generated by first. using !he capital market Empirical data and changes in financial indicators＇. Found that announced M ＆ A market in the reaction, the cumulatiye abnormal returns have outper- formed the market; change from the trend of financial indicators was found, Manulife （international） Limited solid profitability and growth capacity gradually increased the level of risk is relatively low. and greater ability to withstand risks, the long term will generate synergies and create value. Finally. the full text of the conclusions and proposed acquisi- tions overseas insurance institutions on the management d Manulife Financial, Manulife Financial Corporstlon shareholders, securities regulators, insurance regulatoos in four areas of recommendations.