With　globalization,　the　cases　of　Chinese　enterprises＇　cross-border　mergers　and　acquisitions　(M&A)　are　increasing　rapidly.　The　institutional　environment　of　the　host　country　has　become　an　important　factor　influencing　M&A　performance,　which　has　a　profound　impact　on　the　success　or　failure　of　cross-border　M&A.　Based　on　this,　for　our　study,　we　selected　cases　of　cross-border　M&A　of　listed　companies　in　China　from　2007　to　2018　as　research　samples　to　empirically　test　the　impact　of　the　host　country＇s　governance　capacity　on　the　cross-border　M&A　performance　of　acquirers.　It　was　found　that　the　host　country＇s　governance　capacity　has　a　negative　effect　on　the　M&A　performance　in　the　short　term,　but　in　the　long　term,　it　can　effectively　improve　the　cross-border　M&A　performance　of　acquirers.　At　the　same　time,　specific　to　the　relationship　between　the　governmental　governance　capacity　of　six　different　dimensions　and　long-term　M&A　performance,　the　government　effectiveness,　regulation　quality,　and　rule　of　law　have　the　most　significant　promotional　effect　on　long-term　M&A　performance.　This　implies　that　acquirers　should　focus　on　the　long-term　impact　of　governmental　governance　capacity　on　M&A,　and　consciously　lean　toward　countries　with　strong　governance　capacity　in　order　to　obtain　long-term　value　growth　when　arranging　overseas　M&A　activities.　The　conclusion　of　this　paper　provides　a　reliable　basis　on　which　for　companies　to　achieve　sustainable　growth　in　complex　economic　activities.