Using conditional Logit model, the paper discusses the influence of institutional distance on Chinese enterprises’ cross-border mergers and acquisitions location choice respectively from formal and informal perspectives. The results show that: Chinese enterprises tend to generally enter into countries who have larger institutional distance. This paper also finds that Chinese enterprises prefer to choose to invest in developed countries who have larger formal institutional distance and developing countries who are closer to formal institutional distance; but after 2009, Chinese enterprises more and more prefer to invest in countries who have large gap of informal institutional distance compared with that before 2008.