This paper investigates the impact of non-controlling shareholders’ network on the M&A efficiency. We find that the higher the network centrality of non-controlling shareholders, the lower the probability of launching M&A, but the higher quality of M&A performance, which supports the hypothesis of Coordination in Governance Effect. Further researches find that pressure resistant institutional investors’ network and individual investors’ network mainly contribute to the improvement in M&A efficiency; the non-controlling shareholders’ network improves the ability of M&A and mitigates the opportunistic behavior of controlling shareholders; the legal environment and ownership structure have the moderating effect.