中文摘要：

国内银行通过海外并购的经验继续并购以实施战略布局和整合资源。但是国内银行进行海外并购的能力和价值创造如何？文章从并购能力出发，从市场反应和财务绩效研究工商银行连续并购东亚银行的价值创造；结果发现，工商银行和东亚银行均跑赢恒指，但工商银行略微跑输上证指数；工行盈利能力稳健，每股经营现金流有所下降，资产负债质量持续上升，偿还债务能力保持合理，融资能力增强，长期看将产生协同效应。最后，为我国商业银行提升并购能力和完善学习机制提出建议。

英文摘要：

Domestic commercial banks hopes to implementation of continuous M＆A based on the overseas experience. However, how is their ability of overseas M＆A and value creation？ This article analyzes the value ereation of tile continuous M＆A of ICBC （Industrial and Commercial Bank of China） with BEA （Bank of East Asia） from the aspects of market reaction and financial performance. The findings show that both ICBC and BEA have outperformed the Hang Seng Index. flowew, ICBC anderperformed the Shanghai Index slightly, while ICBC owns a stable profitability, with the deereasing operational cash flow per share, the increasing quality of assets and dehts, reasonable ability to pay back its debt and good financing ability, in the long term, synergistic effect will be produced. Finally, some suggestions to enhance abilities in M＆ A and to improve the learning mechanis,n are raised.