This study investigates the affection of Merger and Acquisition(M&A) experiences on the ownership of Cross-border Merger and Acquisition(CBMA) of Chinese Enterprises. In addition, it also examines the moderating effects of the cultural distance (CD) and the R&D capability. Based on the second-hand data of the CBMA events of Chinese enterprises, it is found that M&A experience as a type of the decision-making experience has contextual boundaries. The overseas M&A experience is negatively related to the CBMA equity share ratio, while there is no significant correlation between the domestic M&A experience and the CBMA equity share ratio. As CD becomes greater, enterprises with the same overseas M&A experience are likely to choose lower CBMA equity share rates. The R&D capability of the acquirer does not have significant moderating effect on the relationship between overseas experience and the CBMA equity rates, but regarding to those enterprises with relatively high domestic M&A experience, enterprises with weaker R&D capability prefer to have higher CBMA equity shares.