Along with the proposal of "The Belt and Road", Chinese enterprises go out of the pace of accelerating, showing the rapid development momentum. In the case of many mergers and acquisitions, there are large state-owned enterprises or private enterprise mergers and acquisitions of foreign companies, while many relatively weak companies to acquire foreign giants. is the lion eating the sheep or the snake? The research on the influencing factors of cross-border merger and acquisition performance can make enterprises further aware of the issues that should be paid attention to in the process of cross-border mergers and acquisitions, and provide certain empirical evidence for cross-border mergers and acquisitions. This paper is based on the empirical analysis of 48 mergers and acquisitions cases.