工业技术经济2026，Vol.45Issue(2)：77-88,12.DOI:10.3969/j.issn.1004-910X.2026.02.008
制度理论视角下资本市场开放对跨国企业韧性的影响
The Impact of Capital Market Openness on the Resilience of Multinational Enterprises From the Perspective of Institutional Theory
摘要
Abstract
The transformation of the global political and economic landscape has exacerbated the uncertainty of the operating environment for multinational enterprises(MNEs),making how to enhance MNE resilience a critical research agenda.Based on the panel data of Chinese listed multinational companies spanning from 2007 to 2024,this paper employs the multi-period difference-in-differences(DID)method to explore the impact mechanism of capital market opening on MNE resilience.The findings indicate that capital market opening can significantly enhance MNE resilience.Mechanism analysis reveals that ESG performance and digital capabilities of MNEs exert a full mediating effect and a partial mediating effect respectively,while macro-environmental volatility attenuates this facilitating effect.Heterogeneity analysis shows that the policy effect is more pronounced in MNEs with state-owned equity,a high level of major shareholder expropriation,as well as labor-intensive and technology-intensive MNEs.Further re-search finds that the proportion of foreign shareholdings also has a significant positive impact on MNE resilience.Drawing on institu-tional theory,this paper systematically analyzes the influence mechanism of capital market opening on MNE resilience by construc-ting an analytical framework of"cross-border capital-capability reconstruction-resilience enhancement".It expands the theoretical system of MNE resilience and provides empirical evidence for risk governance of MNEs and policy optimization of capital markets.关键词
资本市场开放/企业韧性/宏观环境波动/企业数字化能力/ESG表现/跨国企业/制度理论/外资持股比例Key words
capital market openness/enterprise resilience/macro-environmental volatility/enterprise digital capabilities/ESG performance/multinational enterprises/institutional theory/foreign shareholding ratio分类
管理科学引用本文复制引用
王寅,李梦琦,贾翠雪,任柄坤..制度理论视角下资本市场开放对跨国企业韧性的影响[J].工业技术经济,2026,45(2):77-88,12.基金项目
天津市教委人文社科项目"中央创新区(CID)建设路径与政策研究"(项目编号:2023SK101). （CID）
