The spread of COVID-19 is still continuing, and the economies of various countries are experiencing fluctuations more or less. Governments of various countries have come up different kinds of policies to deal with economic fluctuations. It can be said that the economic environment and policies are volatile. In this context, the research attempts to study the relationship between economic policy uncertainty and M&A activities, and creatively takes the personal characteristics of the chairman into consideration. The result shows that economic policy uncertainty is strongly negatively associated with mergers and acquisitions (M&As). Moreover, this relationship is more pronounced when the of the chairmen are older or have higher degree. The research can help people understand newest conclusions of the relationship between economic policy uncertainty and M&As, and learn about what role the chairman's personal characteristics play in that relationship. It can not only enrich the literature about economic policy uncertainty and M&As, but also provide suggestions for corporates to invest and government to formulate and adjust economic policies.