Taking 560 investment events of Chinese listed enterprises in countries along “the Belt and Road” from 2006 to 2017 as research samples, this paper empirically explores the influence of institutional environment of “the Belt and Road” host country on performance of Chinese enterprises, and analyzes the moderating effects of overseas economic and trade cooperation zone, specific advantages of home country and enterprise age from the perspective of competitive advantages. The results show that “the Belt and Road” host country institutional environment has a negative impact on the investment performance of Chinese enterprises, yet foreign economic and trade cooperation zone, country specific advantage and enterprise age weaken the above negative effects. The effect of competitive advantage shows heterogeneity between stateowned and private enterprises. The research findings will provide countermeasures and suggestions for Chinese enterprises to carry out high-quality location investment in countries  along “the Belt and Road”.