The healthy development of the capital market is of great significance for promoting the transformation and upgrading of the real economy, optimizing resource allocation, and enhancing the overall competitiveness of the economy. As an important tool for integrating and optimizing capital market resources, mergers and acquisitions are playing an increasingly important role and becoming an indispensable and powerful force in the process of capital market reform. Firstly, mergers and acquisitions can play a role in gathering strength. In the traditional economic operation mode, resources are often dispersed among various enterprises, making it difficult to achieve efficient integration and collaborative development. Through mergers and acquisitions, high-quality enterprises have the opportunity to absorb and integrate enterprises with potential but low resource utilization efficiency, allowing various production factors such as capital, technology, and talent to flow and recombine on a larger scale. Secondly, mergers and acquisitions can become an important "catalyst" for corporate innovation and industrial upgrading. The competition between enterprises and industries is a comprehensive ability competition centered on technological innovation, and mergers and acquisitions provide a shortcut for enterprises to obtain external innovation resources. Enterprises can quickly enrich their innovation "gene pool" and accelerate technological iteration and product upgrades by acquiring companies with unique technological advantages or innovative research and development capabilities. Excellent merger and acquisition integration cases across enterprises and fields also demonstrate the potential to drive the optimization and upgrading of the entire industrial structure, which has a good "catalytic" effect on the rapid growth of emerging industries and the formation of internationally competitive industrial clusters. Once again, the high-quality development of current listed companies has become a consensus. For listed companies in traditional industries, they may face difficulties such as single business, declining performance, and weakened competitiveness during the development process. Reasonable merger and acquisition strategies can help these listed companies achieve diversified business expansion, improved asset quality, and enhanced profitability. Furthermore, it will strengthen its own sustainable development capabilities and lay a solid foundation for rewarding investors and attracting value investors. Finally, mergers and acquisitions also play a positive role in promoting the internationalization of the capital market. Through mergers and acquisitions, we can fully utilize the resources, technology, and brand advantages of the international market to enhance our international business level and global competitiveness. Overall, on the basis of ensuring fair trade, information symmetry, and protecting small and medium-sized investors, making good use of mergers and acquisitions as an important tool can continuously inject new impetus into the current capital market reform, leading listed companies and industries to develop rapidly, healthily, and sustainably. (New Society)