| With the continuous advancement of China’s opening-up strategy,Chinese enterprises have ushered in new historical opportunities to "go global",and overseas direct investment has developed steadily and healthily.However,under the increasingly severe domestic and international economic situation,international organizations and major countries are paying increasing attention to corporate compliance,and Chinese enterprises are facing increasing operational pressure in the process of "going out".This is mainly due to the weak awareness of compliance and legality,improper handling of labor relations,and poor internal management of Chinese enterprises in the process of foreign operation and investment.The report of the 19 th National Congress of the Communist Party of China pointed out that the image of enterprises is related to the image of the country,and enterprises should tell China’s story well.In 2018,the Ministry of Commerce and others formulated the Guidelines for the Compliance Management of Enterprises’ Overseas Operations for enterprises’ reference,aiming to promote the compliance of Chinese enterprises’ overseas operations,and then promote Chinese enterprises to better "go global" and "go on".Based on the above practical background,this paper focuses on the impact of China’s compliance policies on the overseas direct investment performance of enterprises based on CSMAR "OFDI database",combined with policy basis and referring to the official website of enterprises,and using a combination of theoretical and empirical analysis methods.Firstly,this paper summarizes and organizes the relevant literature from the two directions of overseas direct investment and compliance policy research.On this basis,it is explained that the compliance policy will affect the performance of overseas investment through four ways:corporate reputation,organizational stigma,internal control and human resources.Secondly,the data on overseas direct investment from 2012 to 2021 are collated,and whether the enterprises have fulfilled operational compliance under the compliance policy.It also analyzes the current situation of China’s overseas direct investment and compliance development.Finally,the empirical research method of double difference model is used to analyze the impact of compliance policy on the performance of overseas direct investment of enterprises,and the heterogeneity analysis is carried out from the nature of enterprises and the development degree of the host country,and the moderating effect is tested from the perspective of the economic system environment and legal system environment of the host country.The results show that compliance performance can improve the performance of overseas direct investment,and through heterogeneity analysis,it is found that compliance performance of state-owned enterprises is more conducive to improving the investment performance of enterprises.The results of the moderating effect test show that both the economic and legal institutional environment of the host country can positively adjust the relationship between compliance policies and the performance of foreign direct investment.Based on the conclusions,make policy recommendations.First of all,the government should improve compliance policies and further promote industry standards.Second,enterprises should improve the governance structure and allocate the operation mechanism from the shareholders’ meeting,board of directors and management level.Finally,enterprises gradually improve the compliance system,from the construction of compliance culture,compliance risk prevention and control to emergency management construction,forming an integrated compliance construction. |
