制度理论视角下资本市场开放对跨国企业韧性的影响OA

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.