With　the　global　value　chain　(GVC)　emerging　as　the　primary　mode　of　international　industrial　division,　occupying　a　high-end　position　within　the　GVC　has　become　a　significant　indicator　of　a　country＇s　industrial　development　and　upgrading　success.　For　emerging　markets,　which　are　currently　undergoing　a　reconstruction　of　the　global　industrial　chain,　the　ability　to　achieve　innovative　transformation　and　enhance　enterprise　performance　through　reverse　cross-border　mergers　and　acquisitions　(M&As)　in　high-end　GVC　industries　is　crucial　for　promoting　industrial　development　and　upgrading.　Based　on　the　cross-border　M&A　cases　of　Chinese　listed　companies　from　2007　to　2019,　this　paper　constructs　an　empirical　model　by　subdividing　the　GVC　status　of　the　industries　in　which　the　M&A　enterprises　and　the　acquired　enterprises　are　located　and　finds　that　the　more　the　GVC　status　of　the　industry　in　which　the　acquired　enterprise　in　the　host　country　is　located　is　higher　than　that　of　the　industry　in　which　the　M&A　enterprise　is　situated　in　the　home　country,　the　more　it　can　inspire　the　M&A　enterprises　in　the　home　country　to　promote　the　improvement　of　the　performance　of　cross-border　M&A.　The　enhancement　is　more　pronounced　in　the　case　of　the　home　country＇s　acquiring　firms　with　stronger　innovation　capacity.　This　mechanism,　although　lagging,　is　sustainable　and　robust.　Further　distinguishing　the　heterogeneity　of　the　sample,　the　above　empirical　findings　and　moderating　mechanism　are　more　obvious　when　the　M&A　firms　are　in　a　capital　market　with　good　performance,　belong　to　non-state-owned　enterprises,　and　are　in　a　tight　financing　environment.　This　conclusion　can　provide　a　decision-making　reference　for　emerging　markets　to　optimize　the　layout　of　overseas　investment,　guide　investment,　and　promote　enterprise　innovation　and　transformation.