In M&A, payment risk is closely related to financing risk. Choosing the appropriate payment method is crucial for both parties; and abuse of the single payment method will lead to a rapidly increasing risk of payment. For example, pure cash payments can inhibit liquidity, while overuse of equity payments can dilute shareholders' interests and even lead to loss of control. If M&A companies do not fully consider their investment objectives and their own actual conditions, reasonable design of M&A payment plans, it is likely to produce a relatively serious payment risk. However, no matter which payment method is used, it will bring corresponding financial risks. Merger and acquisition enterprises should choose a reasonable payment method according to the current economic environment and their own financial situation, to control the payment risk within a certain range, and achieve the desired goal of merger and acquisition, in order to maximize the value of merger and acquisition enterprises and target enterprises.