Abstract: International entrepreneurship is an effective way for enterprises to integrate international resources, find and evaluate international opportunities, and promote sustainable growth of enterprises. Research in the field of international entrepreneurship focuses on how enterprises survive and grow in the international market competition, but rarely discusses the role of entrepreneurs' decision logic in the process of international entrepreneurship. There are still some limitations in the existing research on effectuation. First of all, the existing studies mainly stay at entrepreneurship in the domestic environment, and lack of empirical research in the context of international entrepreneurship. However, international entrepreneurship does not simply extend domestic entrepreneurial experience to overseas markets, so it is necessary to explore whether effectuation is applicable to international entrepreneurship and its impact on international entrepreneurial performance. Secondly, the existing empirical research focuses on discussing the impact of external environment uncertainty on the relationship between entrepreneurial decision logic and firm performance, pays less attention to the internal formation mechanism, and fails to fundamentally solve how enterprises achieve excellent performance through effectuation, and ignores the important role of external knowledge acquisition, international opportunity identification and other capabilities effect. Therefore, based on effectuation theory and resource-based theory, this paper constructs a theoretical model of effectuation, external knowledge acquisition, international opportunity identification and international entrepreneurial performance. Through empirical analysis of 278 samples, the results show that: (1) effectuation has a significant positive impact on international entrepreneurial performance; (2) External knowledge acquisition plays a mediating role between effectuation and international entrepreneurial performance; (3) International opportunity identification plays a mediating role between effectuation and international entrepreneurial performance; external knowledge acquisition and international opportunity identification play a chain mediating role between effectuation and international entrepreneurial performance. This study has three theoretical contributions. First, this study starts from a new research perspective, emphasizing the impact of entrepreneurs' decision logic on international entrepreneurial performance. The empirical results show that effectuation decision logic is suitable for enterprises to carry out international entrepreneurial activities, and effectuation decision logic is not only used by new ventures in the face of environmental uncertainty, but also suitable for international entrepreneurial enterprises. Second, this study verifies that external knowledge acquisition and international opportunity identification are the transmission channels of effectuation influencing international entrepreneurial performance. Third, external knowledge acquisition and international opportunity identification play a chain mediating role between effectuation and international entrepreneurial performance. Different from previous studies focusing on the moderating effect of external environmental factors on the relationship between effectuation and firm performance, this study introduces the specific path of external knowledge acquisition and international opportunity identification when constructing the relationship between effectuation and international entrepreneurial performance, opens the black box of the mechanism of effectuation on international entrepreneurial performance, and further improves the international entrepreneurial research. This study has important implications for enterprises in the context of international entrepreneurship not only the question whether it is suitable to use effectuation decision logic but also how to use it to improve international entrepreneurial performance. At the same time, it also has the following limitations. First, all variables in this study are measured at the same time point, so it is impossible to obtain the dynamic process involved in the process of external knowledge acquisition. Therefore, the focus of future research can adopt longitudinal research design to deeply explore the dynamic change of knowledge acquisition to internal transformation. Second, this paper does not make a further distinction between the research objects, such as new enterprises and mature enterprises, or traditional industries and emerging industries. Therefore, the research conclusion has certain universal significance. But in the future, we can make a further comparative study on the differences between new enterprises and mature enterprises or enterprises in different industries in the path of international entrepreneurship. Finally, based on resource-based theory, this study focuses on the mediating role of external knowledge acquisition and international opportunity identification between effectuation and international entrepreneurship performance. In the future, we can further explore other moderating conditions, such as the impact of institutional environment and cultural distance on international entrepreneurship.