Seeking overseas strategic technology is the main motive of MNCs doing OFDI in emerging economies. This article takes China as an example and combines high order theory, based on the microdata of China’s Shanghai and Shenzhen listed manufacturing enterprises from 2005 to 2014, discusses the influence of cultural distance and returnee executives on the innovation performance of OFDI of multinational enterprises, and uses the survival analysis method to investigate the relationship between the cultural distance and the innovation duration of multinational firms. The results show: (1) Cultural distance prevents overseas subsidiaries from transferring technical knowledge to domestic parent companies, and checks the enterprise innovations. The returnee executives can effectively promote the innovation performance of multinational companies, and significantly extend the duration of OFDI enterprise innovation. (2) The adjustment of returnee executives on the influence of cultural distance on enterprise innovation performance and innovation duration is negative. That is, the returnee executives can effectively reduce the negative impact of cultural distance on enterprise innovation. Empirical results show that we should continue to increase cultural exchange with overseas countries, and attach great importance to the role of returnee executives in the OFDI process, so as to reduce the risk of innovation from the source and prolong the duration of OFDI innovation.