Taking advantage of the unique and advantageous scene of reform and opening up, this paper analyzes the impact of growth experience in prosperous times and career experience on CEOs" M＆A decisions and the relevant economic consequences for companies. First，we find Reform and Opening CEOs have stronger M＆A preference, and prefer innovative, inter-regional, and cross-border M＆A. Second, considering the regional differences and time process in the reform and opening up, we find that the growth experience of CEOs in regions where the reform and opening up process is fast has a more significant impact on M&A and the two big events, market-oriented reform and accession to the WTO, have significantly enhanced the impact of Reform and Opening CEOs on M&A. Third, after distinguishing the career paths of CEOs, we find that Business Sector CEOs conduct more intra-industry M＆A and have better performance in intra-industry M＆A, while Public Sector CEOs conduct more diversified M＆A and have better performance in diversified M＆A. The results not only the breakthrough in the traditional research of depression experience, helping us better understand the impact of CEOs with growth experience in prosperous times on firms" decisions, but also have important enlightenment to how to give full play to the functions of the entrepreneur in the processes of deepening the reform of enterprises.