Abstract: Focusing on M&A took place among listed companies during 2009, this paper examines the impact of payment methods on corporate performance after acquisition by adopting two methods, event study and financial indicator analysis respectively. The inspection result shows that, different from abroad research, listed companies using stock in acquisition gains a significant abnormal stock return in contrast with those adopting cash, who obtains only a normal return. One thing to be noted is that when examining acquisition performance, event study and financial indicator analysis have presented consistent results.