Based on the analysis of the data of cross-border M&A of listed companies in China from 2010 to 2017, an empirical study has been conducted on the impact of cross-border M&A on the innovation performance. The results show that cross-border M&A has a positive impact on enterprise innovation performance, while institutional distance has a negative regulatory effect on it. Cross-border M&A helps to improve enterprise innovation performance by improving its productivity. In addition, compared with non-state-owned enterprises, M&A enterprises in developed countries and M&A enterprises with large scale, cross-border M&A of state-owned enterprises, M&A enterprises in non-developed countries and M&A enterprises with a small scale exert a greater impact on enterprise innovation.