Successful And Failed Experience To Performance Of Chinese Mnes

Since the beginning of the new century,with the gradual implementation of Chinese “going out”,Chinese enterprises have intensified their internationalization.However,compared with the developed countries' experience in overseas investment,China,as a rising developing country,faces the problems of late start and insufficient investment preparation in the process of overseas investment.Through absorbing the successful experiences of developed countries,technology,can realize the advantage,but in view of the differences between the political system and investment environment as well as the complex changes in the international environment,the overseas enterprises in the experience of other countries exist the wrong learning experience,leading to its overseas performance poor condition.So,how to find a suitable way for Chinese enterprises in overseas learning experience,have become the focus of this study.This paper collected 2000-2012 second-hand data of multinational subsidiaries overseas investment in stock of Shanghai.First of all,the article sort out the success,failed experience and performance in the process of overseas investment.The previous scholars have put forward the theory of linear or nonlinear theory relationship between experience and performance.Basing on these theory,from the perspective of multinational subsidiaries successful experience and failed in the host country,the article use the Logit model to test the effect between experience and performance,empirical results show that the there is an u-shaped correlation between failed experience and the performance of the multinational subsidiary.To verify the main effect between experience and performance,the article also gradually integrate into three variable,including the equity heterogeneity,scale heterogeneity and regional heterogeneity to verify whether the investment heterogeneity that consists of three variables will change the relationship between experience and performance,namely the difference of Multinational Subsidiary on the micro level that would have an impact on the U-shape between the learning experience and performance.The empirical results show that,from the perspective of failure experience,equity heterogeneity,regional heterogeneity,scale and heterogeneity between experience and performance have significant negative moderating effect,which indicates that the process of enterprises in the overseas investment,equity,region and scale should weaken the degree the heterogeneity,which is more conducive to the lessons learned from the experience of failure,enhance the future development of enterprise performance.From the perspective of successful experience,the positive U-shape relationship in the main effect has not been confirmed,and the empirical results show that there is a negative linear correlation between experience and performance.After adjusting for the heterogeneity of the investment,the moderating effects of the three adjustment variables in the empirical and the performance are different.First of all,this heterogeneity into equity adjustment variables,the U-shape between the successful experience and subsidiary performance is verified,while equity heterogeneity between the successful experience and performance has a significant negative moderating effect,then the scale of heterogeneity,between the successful experience with multinational subsidiary performance the regulation effect is not significant,further into the regional heterogeneity,between the successful experience with multinational subsidiary performance have significant negative role,but the success experience and performance U-shape have not been confirmed.Finally,based on the results of empirical analysis,combined with the actual situation of the overseas investment Chinese enterprises,the paper propose some measures that enterprise should adopt in the process of overseas investment to realize the development of profit and speed.