As　economic　globalization　drives　Chinese　enterprises　to　become　increasingly　active　in　cross-border　merger　and　acquisition　(M&A),　determining　how　to　optimize　M&A　performance　has　become　an　important　issue　in　the　study　of　cross-border　M&A　in　China.　With　the　increasingly　significant　impact　of　environmental　governance　on　the　sustainability　of　economic　development,　the　carbon　emission　levels　of　host　countries　have　also　become　an　important　factor　for　Chinese　enterprises　to　optimize　their　decision-making　related　to　overseas　mergers　and　acquisitions.　We　used　the　cases　of　cross-border　mergers　and　acquisitions　of　listed　enterprises　in　China　from　2007　to　2016　as　research　samples　to　empirically　test　the　impact　of　the　carbon　emission　level　of　the　host　country　on　the　M&A　performance　of　the　Chinese　acquirer.　The　empirical　results　draw　the　following　conclusions:　First,　the　carbon　emission　of　the　host　country　can　promote　the　short-term　M&A　performance.　However,　this　effect　is　not　sustainable,　and　it　has　gradually　disappeared　in　the　third　year.　Secondly,　as　the　per　capita　income　of　the　host　country　increases,　the　increase　in　the　carbon　emission　intensity　of　the　host　country　will　inhibit　the　cross-border　M&A　performance.　Finally,　as　the　environmental　vulnerability　of　the　host　country　increases,　the　increase　in　the　carbon　emission　intensity　of　the　host　country　will　inhibit　the　cross-border　M&A　performance.　This　conclusion　not　only　provides　ideas　to　help　Chinese　enterprises　optimize　the　distribution　of　their　overseas　investments,　but　also　provides　evidence　supporting　the　formation　of　an　endogenous　driving　force　for　the　benign　development　of　global　environmental　governance.　©　2021　Elsevier　Ltd