Since 2008, the financial crisis has provided a good opportunity for Chinese companies to outbound cross-border M&A. Many Chinese listed companies have continuously joined the wave of cross-border M&A. Outbound cross-border M&A account for an increase in the proportion of Chinese companies’ foreign investment, in order to obtain the technology, resources or market development of target enterprises, many Chinese companies have chosen cross-border M&A; making cross-border M&A become a hot topic in the government and business circles in recent years. This paper takes the listed companies that participated in and completed cross-border mergers and acquisitions from 2008 to 2015 as a sample, using accounting research method, using factor analysis to construct a comprehensive score model for enterprise performance evaluation, from four aspects: corporate profitability, operating capability, solvency and development capability, select the earnings per share, return on total assets, rate of return on common stockholders’ equity, total assets turnover, receivables turnover ratio, inventory turnover ratio, current ratio, acid-test ratio, debt asset ratio, operating profit growth, net profit growth rate and total asset growth rate; analyze the changes in the comprehensive performance of listed companies before and after the merger, and then compare the overall sample by group. The results show that, the comprehensive performance of the year of merger and acquisition and the comprehensive performance of the two years after the merger have been improved. As a whole, outbound cross-border M&As have not significantly improved the comprehensive performance of Chinese companies; from a group perspective, the comprehensive performance of private companies after outbound cross-border mergers has improved compared to state-owned enterprises; outbound cross-border M&A manufacturing, the comprehensive performance improvement effect of enterprises is not obvious, non-manufacturing M&A performance has not improved; the performance of horizontal M&A enterprises after outbound cross-border M&A has been improved, while the performance of vertical M&A enterprises and mixed M&A enterprises after outbound cross border M&A has not improved. Finally, based on the research results, relevant recommendations were made to both the enterprise and the government.