本文主要利用中国制造业上市公司2011年的数据进行实证检验，探究企业的国际化程度与企业绩效（包括会计绩效和市场价值）的关系；同时，考虑到中西方企业在国际化扩张中的最大差异之一在于其所有制类型，故本文引入企业所有制作为调节变量，检验了它对二者关系的影响。纵观当今世界，经济全球化正深入发展，势不可挡。为了实现基业长青、永续发展，几乎所有的国家及企业都无可避免地参与到全球化的竞争中。对他们来说，走出国门或者迎接海外企业的竞争，既是机遇，又是一种挑战。近年来，发展中国家以新兴市场的姿态聚焦了国际市场的关注。中国企业作为其中的代表，正以积极的心态“走出去”，充分利用国际市场提供的更大的生存空间。研究其国际化和企业绩效的关系对于理解中国企业的国际化发展十分必要。尽管西方已有不少对国际化程度和企业绩效关系的理论和实证研究，但它们绝大多数都是以发达国家的国际企业为研究对象进行的论述，很少涉及发展中国家。此外，国内的研究特别是实证研究比较少，且变量指标和关系研究单一，难以全面反映中国企业进行国际化对企业绩效产生的影响。因此，本文旨在探讨我国企业国际化程度和企业绩效（包括会计绩效和市场价值）的关系，并研究其在不同的所有制情境下的关系特征。为此，本文选择了794家中国制造业上市公司，通过对其国际化程度、会计绩效、市场价值、企业所有制类型的数据进行研究后发现：（1）企业国际化程度和企业绩效（会计绩效和市场价值）呈现出“U”型关系；（2）所有制类型对二者关系产生一定的调节作用，国有企业的国际化程度对会计绩效的影响大于民营企业国际化程度对会计绩效的影响。但所有制类型对国际化程度和市场价值的关系不存在调节作用。对于上述研究结果，本文进行了分析和讨论，认为在中国的特殊背景下，企业应理性认识和正确对待自身国际化程度和企业绩效的关系，制定最佳的国际化扩张战略，形成企业强有力的竞争优势；国际化既给国有企业带来了压力，也带来了改革以重获生机的动力，因此，国有企业应该学习合理配置资源、提高竞争能力，同样，国际化促进民营企业发展的同时也使其弱势显现，需要政府提供公共服务和相关支持。尽管国有企业有着强势的背景，但从长期来看，不论是国有企业还是民营企业，都面临着相同的国际市场的检验，它们都应该不断增强自身的竞争能力。同时，本研究以新的数据研究丰富和支持了国际化相关理论。

This paper studies the relationship between degree of internationalization and performance (including accounting-based financial performance and market value), using data of Chinese listed companies from manufacturing industry in 2011. Besides, companies’ ownership works as a moderator.Nowadays, economic globalization has become an irresistible trend. In order to achieve a sustainable development, nations and companies should face with opportunities and challenges with an active mindset and a global view. International market offers great opportunities for Chinese companies’ survival and development. They embrace this trend with incredible endeavor. It is necessary to study the relationship between degree of internationalization and performance for better understanding Chinese companies’ internationalization. Although there are many empirical researches on this topic, most of them focus on western developed countries instead of developing ones. Moreover, Chinese scholars pay little attention to this topic. And most of these studies use single measures and didn’t take moderators into consideration. Therefore, this paper aims to discuss the impact of Chinese companies’ internationalization on their performance which is measured by accounting-based financial performance and market value, which is not tested before. Also, this paper will test the moderating role of ownership in Chinese context.This paper selects 794 listed companies from manufacturing industry. Finally, the following results have been achieved: (1) there is a U relationship between degree of internationalization and performance of Chinese companies. (2) the degree of internalization of state-owned companies has stronger effects on their accounting-based financial performance than those of private companies. But ownership has no moderating role in internationalization-market value relationship. According to these results, this paper gives an analysis. Generally, in Chinese context, Chinese companies should recognize the relationship between degree of internationalization and performance so that they can make right decisions about international expansion and finally achieve competitive advantage. Internationalization provides state-owned enterprises (SOE) with pressure and also a driving force to reform. SOEs should learn to allocate resources and adapt to international environment. Meanwhile, private firms’ weakness appears during their internationalization, thus they need more public service and support given by government so as to gain competence in the global race. Despite SOEs’ advantages, facing the same international environment, both SOEs and private firms should improve their competence in the long run. This study will enrich internationalization theories with new data as well.