In order to explore the impact of managers having an MBA or EMBA educational experience on Chinese enterprises and the impact mechanism, this paper uses the data of 1685 Chinese private listed enterprises from 2003 to 2015 to conduct empirical research. The results are shown as follows. When managers have a MBA or EMBA educational experience, they will choose more M&A to develop enterprises, but the performance of enterprises has not significantly improved. When managers have a MBA or EMBA educational experience, their own personal salaries and the possibility of implementing “tunneling” will increase significantly. An overseas MBA or EMBA educational experience not only increases the possibility of M&A and tunneling behavior, but also greatly raises the salary of enterprise managers, leading to worse enterprise performance.