Based on BVD-Zephyr global M&A transaction database,this paper analyzes the impact of intellectual property right protection intensity and cluster degree of the host country on equity selection in cross-border M&A of Chinese enterprises by using cross-border M&A transaction database during 2008-2017.Besides,this paper studies whether the adjustment effect of industry relatedness has any influence on the equity selection of Chinese enterprises’cross-border mergers and acquisitions.The results show that the host country’s intellectual property right protection intensity is strong,Chinese companies’cross-border mergers tend to have a higher proportion of equity.Then,the host country’s clustering degree is higher,Chinese companies’cross-border mergers tend to have a higher proportion of equity.From an industry perspective,industry relevance has no regulatory effect on the strength of intellectual property right protection and equity selection in the host country,while industry relevance plays a negative role in regulating the degree of clustering and equity selection in the host country.