According to the digestion and absorption mechanism, in this paper we develop constructs of pace and irregularity of foreign entry and analyze their moderate effects on domestic enterprise performance and how the moderating role of the process of foreign entry is influenced by the imitation ability of domestic firms. The results show that: the pace and irregularity of foreign entry has negative moderate effects while firms having stronger imitation ability are easier to adapt to the fast and irregular entry of foreign direct investment; for western capital we get the similar results while for Hong Kong,Macao and Taiwan capital the moderate effect is not. The paper has expanded the analysis framework of spillover effects and the findings have important policy implications.