In recent years, China has vigorously promoted the digital strategy, and some listed enterprises have increased their market share and enhanced their core competitiveness through mergers and acquisitions. However, there are problems in both the traditional business model and merger model, and how digital enterprises adapt to the development trend of The Times through mergers and acquisitions has become the primary issue. This paper studies the m&a performance of listed companies in China. Starting from the transformation and upgrading of enterprises through M&A under the digital strategy, it selects the data of some Chinese A‐share listed companies in the five years from 2016 to 2021 and makes an empirical analysis on the m&a transformation performance of domestic enterprises by sorting out the relevant data of the second year after m&a to draw conclusions.