Due to the strong national support for the development of digital economy, the industrial scale of digital economy is gradually expanding and digital economy enterprises have fully developed. M&A restructuring is a common method for digital economy enterprises to expand their scale of company, but most of them are not completely successful. This paper adopts the F-score model and selects enterprises that have completed M&A restructuring in 2016 or 2017 for empirical analysis. It is found that the financial risk of enterprises significantly increases in the year after the completion of M&A restructuring, and the level of financial risk of enterprises decreases in the fourth year after the M&A, but it does not significantly improve in a short period of time.