The impact of economic policy uncertainty on M&A performance was examined. Taking the M&A data of A-share listed companies from 2007 to 2023 as the study sample, it is found that the impact is negative and statistically significant, and the moderating effect factor investor sentiment exacerbates this impact. Further analysis shows that during economic upturns, economic policy uncertainty has the greater significant negative effect on M&A performance compared with the economic downturns. The similar condition happens in the enterprises with non-concentrated institutional investor holdings. But economic policy uncertainty does not seem to influence the M&A performance of the enterprises with green M&A type or located in first-tier or new first-tier cities.

economic policy uncertainty  /  investor sentiment  /  M&A performance