中文摘要：

文章从资本市场的市场反应和财务指标变动趋势来检验该并购的经济后果。研究发现，在并购公告期间中国平安的累计超额收益率跑赢了大市，投资者看好这次并购事件；从财务指标变动趋势发现，中国平安和深发展的盈利能力稳健，成长能力和营运能力逐渐增强，企业现金流顺畅，财务风险水平下降，长期将产生协同效应。并购双方达到了双赢的经济后果，利好双方。案例启示：并购为金融企业分散经营风险、实现综合经营和实现外延式增长提供机会；综合经营战略下我国金融企业可以适时稳健地开展并购在内的资本运作。

英文摘要：

This paper studies the case of Ping An Insurance （Group） Company of China buying Shenzhen Development Bank Limited Company. Firstly, the paper estimates the wealth effect from capital markets; Secondly, it confirms whether the M＆A improve the bank value from the financial indicators. Research found tilat its cumulative abnormal returns have outperformed the market. The change from the trend of financial indicators showed that Ping An Insurance （Group） Company of China and Shenzhen Development Bank Limited Company have strong profitability. The growth and operations capacity gradually in- creased, the company＇s cash flow running smoothly, the level of financial risk is relatively low. In the hmg term, Ping An Insurance （Group） Company of China will create synergies and greater value. At the same time, the two sides achieve Win-Win consequence. Finally, through the study it draws conclusions and gives three suggestions. First, the merger provides a chance for the city commercial bank to run a risk dispersedly, achieves the mixed operation and the outward growth. Second, the financial holding organization form under the diversified management, the financial industry can carry out capital manage ment which include the merger sanely in the right time.