The pursuit of business growth is unquestionable. However, there are many ways to achieve the growth. In recent years, the number of mergers and acquisitions has risen, in order to achieve the effect of rapid growth, but M & A behavior cannot always guarantee positive business performance. Therefore, this study refers to the literature presented, with year 2000 to 2010 as the scope of study, to look deeply into the influences caused by main characters, differences in corporate culture and industry factors on M & A performance. We expect to construct the relationship between different factors and performance of acquisition. This research uses multiple-regression model which has five independent variables-company scale, management ability, Growth opportunities, cultural differences and industry factors. This research also applies 3 dependent variables to compare different aspects of performance, which are CAR, EPS after taxes and unit employee output value. The result shows that the Company scale indeed has a positive effect on the performance of acquisition. On the other hand, the company's growth opportunities are negatively correlated with the performance of M, thus our assumption is false. In addition, the study has assumed, beforehand, that all differences in organizational culture and industry factors have significant influence on acquisition performance, but the result shows that it is not necessarily true in all cases, which reflects that different factors introduce different effects to the performance of mergers and acquisitions.