Research On The Influencing Factors Of China's Direct Investment Enterprise Performance In Southeast Asia

Southeast Asian countries have become China's main destination for deepening international capacity cooperation,undertaking eastern industrial transfer,and foreign investment cooperation.However,from the existing literature research,most enterprises have lower investment returns than expected,and some enterprises have low investment returns.Based on the actual research and analysis of the actual development of investment companies in Southeast Asia,the paper analyzes the current situation of investment in Southeast Asian countries and the actual problems faced by foreign companies.It finds that the company's profitability is weak,and the performance of core competitiveness and performance level is open to question.There are four main reasons for this.First,the external disadvantages and policy benefits brought about by the institutional environment of the host country coexist;secondly,the competitive squeeze and challenges of the industry caused by foreign capital agglomeration coexist;third,the ownership advantages of the company's international management capabilities and human capital are not prominent;fourth,it is the performance of social responsibility under the pressure of local people's demands and host government regulation needs to be strengthened.Based on this,this paper uses the DEA-Tobit two-stage method,based on the institutional foundation,industry foundation,resource base view and stakeholder theory,to analyze the influencing factors affecting the performance of Chinese investment institutions in Southeast Asia from four dimensions.In the first stage,the DEA model is used to measure the comprehensive efficiency of the enterprise as the explanatory variable,and the second stage uses the Tobit model to estimate the factors affecting the efficiency of the enterprise.The research finds that: First,the efficiency of Chinese enterprises investing in Southeast Asia is generally low.The vast majority of overseas Chinese enterprises investing in Southeast Asia have not reached the frontier of optimal efficiency.The low efficiency of pure technology is the main reason for the low efficiency of enterprises,reflecting the inefficient use of input factors of enterprises.From the perspective of the industry,the manufacturing efficiency of manufacturing enterprises is second only to the mining industry.The technological efficiency growth of Chinese enterprises still has a large development space and growth potential,indicating that the enterprise management system and innovation capability need to be improved.Second,the test of the influencing factors of enterprise performance shows that the unofficial payment frequency in the investment environment dimension,the external knowledge acquisition ability,the employee quality structure and the asset return rate of the enterprise's own dimension are the main influencing factors for improving the overall efficiency of Chinese enterprises.It can effectively promote the improvement of the overall efficiency of Chinese enterprises.Third,the taxation policy in the investment environment dimension,the fixed asset ratio of the enterprise's own dimension and the corporate social responsibility of the externally related dimension have a significant negative impact on corporate performance.The degree of industry competition in the dimensions of government governance and industrial organization in the investment environment dimension has not had a significant impact on the efficiency of Chinese enterprises.In this regard,Chinese enterprises should rationally allocate resources,accumulate strategic assets,form a virtuous cycle of technological advancement and continuous optimization of resources.Chinese enterprises also should improve their own competitiveness and build a network of high-value external resources,thereby effectively improving the performance of foreign investment.The government should promote the construction of bilateral mechanisms to further improve the degree of investment facilitation;give private enterprises and SMEs more support for foreign investment,.The government also should optimize enterprises' external investment information services,guide and standardize the direction of foreign investment to effectively improve the investment performance of Chinese enterprises.