20世纪90年代以来全球银行业风云变幻，随着金融全球化的发展，金融自由化程度日益加深，激烈的国际金融竞争需要及时分享技术、人才、资源和保持技术领先优势，同时，各国对银行业限制的逐步减少，又为银行并购提供了较为宽松的宏观环境。美、日、欧首先抓住机遇，率先发起了银行并购的浪潮，银行并购案层出不穷。在这新的一轮全球银行业并购浪潮中，越来越多地呈现出规模大、全能化、范围广、跨国化等显著特征。随着中国金融业的全面开放，我国银行业面临着较大的机遇和挑战，中国的银行业市场已经和正在发生着深刻的变革。特别是在新的金融环境下，我国股份制商业银行在发展的过程中遇到规模偏小、业务创新能力不足、核心竞争力缺乏等诸多问题。在这样的新形势下，我国股份制商业银行需要通过并购来发展壮大自己。通过市场化的银行并购，可以实现并购的微观效应，即并购的规模经济、范围经济和协同效应。所以，我们有需要也有必要借鉴西方发达国家先进成熟的并购经验，指导我国股份制商业银行进行有效的银行并购，由此看来，研究银行并购的微观效应对我国具有十分重要的现实意义。那么，并购是否为我国股份制商业银行带来了微观效应，是否能实现我国股份制商业银行规模快速扩张，是否能成为在新的越来越开放的金融环境下提升竞争力的有效途径呢。本文正是立足于对银行并购最根本的驱动力——银行并购的微观效应的理论探讨，并对我国股份制商业银行并购行为带来的微观效应进行实证研究。本文在内容上安排上首先引出本文研究的对象，其次对银行并购的微观效应进行理论分析，然后回顾全球银行业并购的发展历程，再分析我国股份制商业银行的发展状况和并购情况，最后对我国股份制商业银行并购的微观效应进行实证研究，并提出了一些建议。本文在研究方法上采取理论和实证相结合，在实证研究中，考虑到各种实证研究方法的适用性和缺陷，以及数据的可得行，采用财务指标法进行我国股份制商业银行并购效率实证分析。在财务指标选取方面，为了衡量微观效应的实现，主要选取最能反映银行盈利效率、成本效率、资产质量及范围经济的几个比率指标，包括资产回报率ROA、净资产收益率ROE、成本收入比率CIR、不良贷款比率NPL/GL、非利息净收入占比NIIR等。在案例选择上，采用招商银行并购盘锦城信社和兴业银行并购佛山市商行两个案例，对这两起案例的实证结果均显示出并购带来了显著的微观效应，实现了规模经济。

Since the 1990s， the global banking industry has changed much. With the development of financial globalization and the increasing degree of financial liberalization, the fierce international financial competition needs timely to share technology, talents, resources and to maintain a leading superiority of technology. At the same time, most countries gradually reduce the restrictions on the banking industry, which provides a more liberal macroeconomic environment for the bank M&A. The United States, Japan and Europe seize opportunities first of all to take the lead in launching a wave of bank M&A. Thus, the bank M&A cases emerge in an endless stream. In this new round of global bank M&A, it more and more shows such notable features as a large scale, diversification, a wide range and multinationalization.As the banking industry fully opened in China, it faces great opportunities and challenges. Great changes have been taking place in the banking market. Especially in the new financial environment, the joint-stock commercial banks in China have smaller scale, lack of innovations in business, lack of core competitiveness and many other issues in the course of development. In this new situation, the joint-stock commercial banks should apply the method of M&A to strong themselves. Through market-oriented bank M&A, they can achieve the micro-effects of M&A, including scale economy, scope economy and synergy effects. Therefore, we should learn from the advanced experiences of bank M&A in developed countries in order to guide our joint-stock commercial banks. In this view, it has very important practical significance to study the micro-effects of bank M&A in China.Then, whether the M&A takes the micro-effects to joint-stock commercial banks in China? Whether the M&A can realize rapid expansion of their scale? Whether the M&A can upgrade their competitiveness in the new opening financial environment? This paper is based on the micro-effects of bank M&A which is the most fundamental driving force of bank M&A and makes an empirical research on the bank M&A micro-effects of joint-stock commercial bank in China. The content of this paper is as follows: First of all, this paper raises the object of study. Secondly, this paper gives the theoretical analysis of micro-effects of the bank M&A. Thirdly, this paper reviews the history of global bank M&A. Fourthly, this paper analyses the development status and the M&A situation of joint-stock commercial banks in China. Finally, this paper makes an empirical research on the micro-effects of bank M&A of the joint-stock commercial banks and gives some suggestion. Finally, this paper points out that joint-stock commercial banks should carry out M&A actively and makes some suggestion on the moderate issue which they should focus on in the process of M&A, This paper combines the theoretical analysis and empirical analysis. In the empirical research, this paper adopts the method of financial indexes taking into account the applicability and defects of all the tools as well as the availability of data. In order to measure the achievement of micro-effects, it selects the indexes that can best reflect profitability, cost efficiency, asset quality and scope economy, including ROA, ROE, CIR, NPL/GL, NII etc. This paper selects two cases: China Merchants Bank merged with Panjin City Credit Cooperative and the Industrial Bank merged with Foshan City Commercial Bank The empirical research on the above two cases shows that the M&A has brought significant micro-effects and achieved scale economy.