This paper compares the internationalization-performance relationships between the Chinese 500 and Global 500 firms． The findings are: ( 1) As a whole，there is a positive slope between the degree of internationalization( DOI) and performance in the Global 500 firms，and a negative slope in Chinese 500 firms; ( 2) As for the cubic relationship，it shows a N shape in the relationship between the DOI and performance in the Global 500 firms，while it does not show a systematic characteristic in Chinese 500 firms; ( 3) The moderating effect of factor intensity is positive in Global 500 firms，and negative in Chinese 500 firms． This paper highlights the academic researches on the DOI-performance relationships and should help to improve the contribution of the DOI to the performance of Chinese firms．