Although literatures on the location of FDI are abundant, deficiencies can be found in researches on the determinants of the location choice of Chinese enterprises’cross-border mergers and acquisitions. Using data dated from January 1, 1997 to September 30, 2014, the paper analyzes the impacts of capital markets development, tax level and regional economic integration on the locational choice of Chinese enterprises’M&As. We find a comparatively developed capital market and institutional agreement on regional economic integration with China are important factors for Chinese enterprises’location decisions. Besides, a higher tax rate increases the opportunity of potential target countries being chosen.