Government　affiliation　is　a　very　important　factor　to　consider　when　studying　multinational　corporations　(MNCs)　in　emerging　markets.　However,　the　role　of　government　affiliation　in　the　completion　of　cross-border　M&As　conducted　by　emerging　market　MNCs　is　little　understood.　This　gap　is　significant　because　half　of　publicly　announced　cross-border　M&As　are　never　completed.　To　fill　this　gap,　we　study　how　government　affiliation　affects　the　likelihood　of　M&A　completion.　Considering　cross-border　M&A　data　on　Chinese　multinationals,　we　find　a　negative　relationship　between　government　affiliation　and　acquisition　completion.　Further　integrating　data　on　Chinese　MNCs＇　foreign　subsidiaries　shows　that　SOEs　with　previous　business　operations　in　the　host　country,　or　operations　in　the　same　industry　in　other　foreign　countries,　are　more　likely　to　complete　cross-border　M&As.　However,　when　a　large　number　of　SOEs　enter　a　foreign　country　simultaneously,　the　host　country　will　feel　threatened　instead　of　feeling　that　the　SOEs　are　credible　or　legitimate.　Therefore,　the　likelihood　of　M&A　completion　will　be　reduced.