We study the implications of foreign investments for firm performance. Using a panel sample of publicly listed non-financial firms in 17 countries in Asia Pacific from 1990 to 2016, we examine whether firms with larger foreign investments perform better than those with smaller foreign investments and whether cost efficiency and revenue growth mediate the effect of foreign investments on firm performance. The IV-2SLS results show that firms with larger foreign investments tend to have poorer firm performance than firms with smaller foreign investments at both short and long horizons. The results further show that foreign investments are negatively associated with revenue growth and cost efficiency. We find no evidence that cost efficiency mediates the effect of foreign investments on firm performance; however, our findings provide some evidence that revenue growth partially mediates the relationship between foreign investments and firm performance.

我们研究了外国投资对公司绩效的影响。我们使用1990年至2016年间亚太地区17个国家/地区的公开上市非金融公司的面板样本，研究了外资规模较大的公司的业绩是否优于外资规模较小的公司，以及成本效率和收入增长是否会调解外资的影响投资于公司绩效。IV-2SLS结果表明，无论短期还是长期，外国投资较大的公司的业绩往往要比外国投资较小的公司的业绩差。结果还表明，外国投资与收入增长和成本效率负相关。我们发现没有证据表明成本效率可以调节外国投资对公司绩效的影响。然而，