中文摘要：

东道国政策风险与跨国企业对外直接投资绩效之间的关系一直是学术界与实务界关注的焦点。基于制度理论的能动性视角,以中国沪深A股上市公司在2004-2013年投资建立的海外子公司为样本进行实证检验,系统分析东道国政策风险对中国企业对外直接投资绩效的影响,同时探讨所有权性质与东道国经验对政策风险与对外直接投资绩效之间关系的调节作用。结果表明,东道国政策风险与中国企业对外直接投资绩效之间具有显著的正相关关系;中国企业的东道国经验对政策风险与对外直接投资绩效之间的关系存在正向调节作用;中国企业所有权性质的调节作用没有通过验证。结论深化和丰富了东道国政策风险与中国企业对外直接投资绩效之间关系的理论研究,同时也为中国企业如何在政策风险高的东道国获得高对外直接投资绩效提供了一定的实践指导,中国企业应该使得政治战略与市场战略协同配合共同发展。

英文摘要：

The relationship between policy risk and outward foreign direct investment（ OFDI） performance of multinational enterprises has always been the emphasis in the academic circle and business world.Based on agency perspective of institutional theory,overseas subsidiaries of listed companies in Shanghai and Shenzhen A share market from 2004 to 2013 are studied,this study uses STATA 12. 0 software to empirically analyze and examine. This paper analyzes effects of policy risk on OFDI performance of Chinese enterprises and also examines moderating effects of ownership property of Chinese enterprises and host country experience.The empirical results show that： policy risk of host country has a significantly positive correlation with OFDI performance of Chinese enterprises; Chinese enterprises＇ host country experience plays a positive role in the relationship between policy risk and OFDI performance; the moderating effect of ownership property of Chinese enterprises is not varied. This paper deepens and enriches the research findings about the relationship between policy risk of host country and OFDI performance of Chinese enterprises. The above-mentioned findings draw implications for Chinese enterprises in gaining higher OFDI performance when they enter country with high policy risk.