Abstract: The article changes the traditional view and adopts the perspective of earnings management behavior of the target company to evaluate the earnings management in the process of mergers and acquisitions by using correlation analysis and principal component analysis. Combining with the surplus management model, it analyzes how a company’s earnings management behavior impacts M&A performance and re-examines whether M&A can actually bring real benefits to the target company. The research results show that there is a significantly different change of the target company earnings management behavior in the related years, earnings management and performance evaluation of M&A has a strong correlation and a positive correlation, and perhaps the M&A cannot bring the real improvement of evaluation.