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Abstract Crossborder M&A has become an important method of enterprises′ "going out strategy". With the rapid growth of crossborder M&A practice, researchers pay great attention on integrated effect and performance. However, the empirical researches show different or even opposite conclusions. The dependent variable in this research is the change of return on total assets (ROTA) two years ago and two years after the M&A. Based on 60 Chinese enterprises′ crossborder M&A events, this paper discusses institutional distance, international experience, knowledge absorptive capacity and ROTA, and then clarifies the mechanism that institutional distance affects crossborder M&A performance is clarified.
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