This article has systematically studied the M&A efficiency of listed companies and analyzed the macro-micro M&A efficiency of listed companies completely thoroughly. It focused on the M&A system and the government intervention on the impact of M&A efficiency and proposed the M&A system optimization plan with the M&A marketability tendency. At first it uses the method of Normative analysis to build the theoretical analysis frame; then it uses the method of historical analysis and comparative analysis to study the Chinese and foreign M&A course and the system evolution course. Next it uses the empirical methods and the principle of equilibrium analysis to study the M&A macro-micro efficiency and it uses the game theory principle to analyze the M&A efficiency improvement condition in the full circulation time. Then it uses the normative analysis to analyze system factor on the impact of the M&A efficiency. Finally based on efficiency judgment and M&A system vicissitude experience of western developed country and combined with the actual situation of China's M&A, from the new institutional economics perspective it proposes the M&A system's reform path and the system optimization strategy of china’s listed companies during the transition period.

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