Abstract
By means of statistics and quantitative approach, taking overseas subsidiaries of Shanghai and Shenzhen listed companies as the sample of the research, which systematically studies the immanent logic and mechanism of the differences in investment performance and its dynamic changes from the perspective of comprehensive financial performance and efficiency of management. The results show that the overseas market-oriented strategy affects the investment performance and it is also indirectly adjusted by the access path. The investment performance of the M&A firms that adopt the domestic-oriented strategy is better than that of the newly established ones. The investment performance of M&A is particularly prominent. The investment performance of newly established firms that adopt the export-oriented strategy is better than that of the M & A ones, and the investment performance of newly-built wholly-owned enterprises is particularly prominent. This conclusion provides theoretical support for Chinese enterprises entering overseas to match the appropriate market strategy and mode of entry.