In prior literature, no consistent findings on the effect of corruption on cross-border mergers and acquisitions (CBM&As). To clarify the impact of corruption on CBM&As, this study examines how corruption distance influences the acquisition percentage of CBM&As and examines the moderating effects of corporate-government relations of Chinese acquirers. Using 393 completed deals out of 434 CBM&As launched by Chinese acquirers from 2014 to 2019, we found that corruption distance has a positive impact on the equity percentage of acquisitions. It is because the greater the corruption distance, the higher percentage of acquisition is preferred to reduce transaction costs and gain control over the target firm. In addition, if the Chinese acquirer is a state-owned company, due to the legitimacy problem, the positive effect of corruption distance on the acquisition percentage would be weakened. In contrast, the relationship between corruption distance and the acquisition percentage would be strengthened when the Chinese acquirer has managerial political connections with the Chinese government since the political ties are one of the strategic resources for the acquirer. Our finding of the opposite moderating effect of two types of corporate-government relations presents the dynamic impact of the corporate-government relations on CBM&As. The conclusion, theoretical and practical implications, limitations of this study, and suggestions for future research were discussed at the end of the paper.