随着国际多元化的发展，中国企业在海外遇到严峻挑战。但目前国内研究对企业国际多元化与绩效的关系还探讨不足。本文通过对2002-2014年制造业上市公司的面板数据进行分析，试图进一步探索中国企业国际多元化与绩效间的关系，并检验企业性质的影响。研究表明：中国企业国际多元化与绩效间存在四阶段倒M型关系；国有企业国际多元化的绩效显著优于民营企业。

With the development of international diversification, China’s firms encounter severe challenges abroad. However, the research on the relationship between international diversification and performance of China’s firms has been underexplored. Using the 2002-2014 panel data of China’s listed manufacturing firms, we explore the effects of international diversification on performance of China’s firms, and examine the role of firm’s ownership. The results show that there is an inverted-M relationship between international diversification and performance; the performance of state-owned enterprises is significantly better than that of private firms during the process of international diversification.