In the period of economic adjustment, listed companies choose mergers and acquisitions (M&A) to achieve the transformation and upgrading and improve performance. This paper choose M & A events during 2005-2015 in manufacturing listed companies，empirically tests whether corporate capital performance and financial performance change before and after the merger and acquisition, comparatively analyzes the difference between M&A technological-type companies and M&A non-technological-type companies, and further analyzes the main factors that may affect the performance change. The results show that M & A makes the corporate stock price (capital performance) rise in short term, but their net assets return rate and net profit rate (financial performance) decline. The main factors leading to changes in capital performance is stock market and investors motivation, and the main factors leading to changes in financial performance are M &A scale and enterprise financial leverage. The higher M &A scale is, the higher the financial leverage ratio is, both lead the performance decreased significantly. The difference between M&A technological-type enterprises and non-technological-type enterprises is mainly embodied in financial performance, the financial performance of M &A traditional enterprises declines obviously but that of M&A technological-type enterprises can make enterprise performance decline gently. M&A enterprises should choose those enterprises which can bring new technology and management experience and which can really produce scale.