Abstract: Based on the data of listed companies with major asset reconstruction in 2015, and taking economic value added (EVA) as the indicator of opportunity cost into the performance evaluation of M&A, a comprehensive evaluation system is constructed by using factor analysis method, to make an empirical study on the relationship among equity ratio, M&A mode and M&A performance. The results show that, when EVA is included in the M&A performance, the higher the equity ratio of the target company, the better the performance of M&A; the performance of diversified M&A is better than that of peers; the effect of M&A experience on M&A performance is not significant. At the same time, the results of robustness test and multiple regression analysis are consistent. The conclusion provides an empirical basis for listed companies to improve M&A performance with the consideration of opportunity cost.

Key words: listed companies, M&A performance, opportunity cost, equity ratio