Aviation transportation industry as an important industry，has a significant influence on national economic growth，and the development of China’s airline industry has great potential. Since the 1980 s，the western developed countries gradually relax restrictions on air transport，lead to a huge increase in horizontal m&a. Industry marketization reform in our country，since the merger，acquisition and reorganization also gradually become an important means of management system reform and market structure adjustment，but due to the high degree of administrative interference in the process of mergers and acquisitions，therefore how m&a risk is worth further study.