Abstract: Institutional environment is the key factor that affects the structure and behavior of enterprises, and institutional distance is very important for the choice of internationalization of enterprises.The empirical results show that: with the increase of institutional distance, the institutional environment becomes more difficult to identify, and the internationalization speed of enterprises tends to be gradual; from the perspective of strategic formation, the nature of enterprise ownership is the key factor, and with the increase of institutional distance, private enterprises are more inclined to speed up the pace of internationalization than national enterprises;in the case of bilateral investment agreements, with the increase of system distance surplus, state-owned enterprises are easier to speed up the pace of entering the overseas market than private enterprises.The test results reflect the characteristics of theoretical expression in the international stage, and conform to the viewpoints contained in the international entrepreneurship theory when considering the regulatory mechanism; the research conclusions help to improve the understanding of enterprise behavior, and have practical value and theoretical significance for understanding the “going global” problem of Chinese enterprises in the overall development period.

Key words: institutional distance, internationalization speed, progress step by step, fast forward