If you want to change weapon, armor, horse or item stats, you must download Morgh's M&B Editor. Now, when you start editor, go to TXT compiled files I think, this is on bottom, and find your mount and blade module. Than ok, than ok again. So module config are saved. Now go to items, and choose what you want stats to edit. Example: Find arrows change name, and on right side you can edit cost of arrows, damage, weight, gravity... When you start editing you will see. When. finish every item or anything go on update item or something like that on right top. When you finish editing class which you choose go to save changes and twice click yes. When you finish at all. Go start new game and changes will be loaded. If you load previous what you saved Edited items or whatever won't be loaded.
This is link of editor: http://www.mountandblade.mircon.de/wp/morghs-mb-wbwfas-editor/morghs-mount-blade-wbwfas-editor-en/