The 238 enterprises taken as empirical objects in this paper are all headquartered in Zhejiang province and launch distant investment in different market. This paper investigates the effect of entry mode, regional industrial environment and business characteristics on the business performance of enterprises in Zhejiang province in different market of China by empirical methods including multivariate analysis of variance and GLM regression analysis etc. The results show that: (1) when the small and medium-sized enterprises enter a different market, the enterprises with majority share holding perform the best in the comprehensive performance, enterprises with sole proprietorship the second, followed by enterprises with equal stakes in the third, and enterprises with minority stakes perform the worst; (2) the regional industrial environment has significant effects on the business performance of enterprises in different markets. In an industrial environment with advantages in supply chain, cost or marketing intensity, enterprises are easier to perform better, but it shows no differentiated features in the region with high intensity of R&D; (3) the business characteristics of enterprises have obvious effects on business performance of enterprises in different markets. The enterprises with better control ability and marketing ability are easier to obtain better performance.