企业海外投资过程中累积的经验对其海外子公司的生存绩效具有重要影响，文章运用中国上市企业2002—2012 年的海外投资数据，研究了企业海外投资过程中的经验对海外子公司生存绩效的影响。实证研究结果表明：企业海外投资过程中的成功经验与海外子公司的生存绩效之间关系不显著，而失败经验与海外子公司的生存绩效之间学习效应显著，并呈现正 U 型关系，并且投资主体的异质性特征会削弱失败经验与子公司生存绩效之间的正 U 型关系。表现为多元化的股权投资结构、庞大的资本规模和多样化的东道国区位选择会削弱失败经验与与子公司生存绩效之间的正 U 型关系。

The experience accumulated in the process of enterprises' overseas investment has an important impact on the survival performance of their overseas subsidiaries. This paper uses the overseas investment data of Chinese listed companies from 2002 to 2012 to study the impact of the experience in the process of enterprises' overseas investment on the survival performance of overseas subsidiaries. The empirical results show that there is no significant relationship between the success experience and the survival performance of overseas subsidiaries, while the learning effect between the failure experience and the survival performance of overseas subsidiaries is significant, showing an U-shaped relationship, and the heterogeneity of investors will weaken the U-shaped relationship between the failure experience and the survival performance of subsidiaries. Diversified equity investment structure, large capital scale and diversified host country location choice will weaken the U-shaped relationship between failure experience and subsidiary survival performance.