| China put forward the strategy of "going out" since 2000, foreign direct investment has also been developed rapidly. However, with the rapid development and expansion of multinational companies, multinational business performance began to appear problems. Chinese enterprises in the process of "going out" has come across a setback. Therefore, further study on the influencing factors of multinational enterprises operating performance has very important practical significance.Articles on this basis, by combining the ministry of commerce provides the list of foreign investment enterprises(institutions) and China’s industrial enterprise database to build a new data set, and using the foreign direct investment theory and performance theory as the theoretical basis, adopting micro enterprise level data from 2006 to 2009, and Propensity score matching method is used to systematically evaluate the outward foreign direct investment(OFDI) effect on the performance of Chinese enterprises, at the same time, we also discuss if there is a different impact on enterprise performance when we invest to different host countries(different economy, institution and culture). The results showed that:(1) Foreign direct investment can indeed improve enterprise performance, also has a certain lag;(2) When Chinese companies invest to foreign countries, the performance is higher in the countries which has developed economy, better institution and bigger cultural differences, and also the lag effect is obvious. Finally, on the basis of PSM, we conducted regression analysis with the successful matching samples, and find similar conclusions, which indicates that this result is robust. This study provides a micro level empirical evidence for the objective assessment of the effectiveness of OFDI in Chinese enterprises. And, it provides targeted national and enterprise investment strategies for China’s carrying out direct investment to different types of host countries, in order to improve the OFDI performance. |
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