Merge and aquisition has becomed a kind of daily means of resource distribution of listed company, which has put in the extensive use in our country. This text points out the limitation that only pays attention to the financial index when evaluate M&A performance at first, then set up index system of M&A performance appraisal, Have proposed that M&A performance shouold be evaluate from strategy, the financial affairs and social effect,then set up entropy-weighted extentic matter-element model according to index system characteristic, provide the example at last.