Based on the financial report data from 2007 to 2014 reported by non-financial listing Corporations which listed on China's A shares, studying the impact the M&As' goodwill on the corporation performance and analyzing the regulation effects the acquirer’s property right played on the relationship between the goodwill and the company performance. We found that M&As' goodwill has significant effects on the performance of the combined party in current and lagged period, with no obvious correlation between the company's performance of the second, three or four and five period, but in the sixth period both have a significant negative correlation. Further studies have found that comparing with state-owned enterprises, the goodwill cost paid by the private listed enterprises has a bigger impact to improve the performance of the acquire.