This paper investigates the past merger and acquisition cases of public listed companies in Taiwan, and also considers the bilateral company types to explore the relationship between different counterparty combinations and the company's short-term stock market performance. The results of the study found that when a family acquires a non-family company, it has higher short-term returns to both the acquiring company and the target company, implying that the advantage of a family company M A is more obvious when acquiring a non-family company. This study also found that the merger and acquisition of the same group company and the short-term stock performance were negatively correlated, and the degree of deviation between the ultimate controller's seat control and the cash flow right was positively correlated with the short-term performance.