RESEARCH ON THE EFFECT OF OUTWARD FOREIGN DIRECT INVESTMENT AND INNOVATION INVESTMENTS ON ENTERPRISE PERFORMANCE

Based on the resource-based theory, reverse technology spillover theory and institution-based theory, this paper centers on the research of core issues of the influence mechanism of Chinese enterprises’ outward foreign direct investment (OFDI) in ASEAN on the enterprise performance. Meantime, with innovation input as an intermediary variable and the institutional distance between China and the ten ASEAN countries as an adjustment variable, it analyzes their impact on the relationship between OFDI acts and the enterprise performance. Taking 173 Chinese listed companies of OFDI in ASEAN 2009 to 2020, it studies relevant assumptions with the statistical analysis software Stata16.0. The results show that the enterprises’ OFDI in ASEAN serves as an incentive for the enterprise performance but there is also some hysteresis; innovation input has a positive impact on the enterprise performance; innovation input plays an intermediary role between OFDI and enterprise performance; the formal institutional distance between China and the host country negatively regulates the relationship between OFDI and enterprise performance.