Abstract: Taking the cross-border mergers and acquisitions (M&As) implemented by China’s A-share listed companies from 2008 to 2018 as a sample， the ensemble empirical mode decomposition (EEMD) model is used to examine the relationship between the macroeconomic environment and cross-border M & As from two time scales: short-term and long-term. The results show that in recent years， the sustained and high-speed development of China’s macro-economy is the main reason for the long-term fluctuations in cross-border M&As， and the rising uncertainty of domestic economic policies will also promote it. Short-term fluctuations in the stock market and economic policy adjustments are important factors driving short-term fluctuations in cross-border M&As. Regardless of the long-term and short-term scales， economic expectations have a negative inhibitory effect on the fluctuation of cross-border M&As. When the domestic stock market index is at a high level and future economic expectations deteriorate or economic policy uncertainty rises， it is more likely for Chinese companies to conduct cross-border M&As.

Key words: cross-border mergers and acquisitions (M&As); stock market fluctuation; economic expectation; economic policy uncertainty; ensemble empirical mode decomposition (EEMD)