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Aiming at studying the impact of different payment methods on M&A performance, this paper conducts empirical research using panel data of 2009--2013 Shanghai and Shenzhen A-share Market. The results show that, the difference of payment terms does not have a significant impact on the M&A performance in the overall regression. Further grouping regression shows that, for enterprises of mature industry, if they use cash payment terms in the M&A activity, their shareholders’ earning power is significantly lower than other enterprises, but the profitability is significantly lower, and if they use stock payment terms in the M&A activity, their operating capacity is significantly higher than other companies; for enterprises of growing industry, whether they use cash payment terms or not has no significant impact on the M&A performance, and if they use stock payment terms, the profitability is significantly higher than other enterprises; for enterprises of recession industry, the difference of payment methods does not affect the M&A performance.