摘要：国际化经营已成为中国企业普遍选择的扩张战略之一，成功的全球战略往往引起同行企业的模仿同构。然而，当企业面临更为紧迫的强制同构压力如退市压力时，是否会调整原有的国际化战略、减缓向外扩张的步伐?本文以中国特有的上市企业退市制度为背景，应用中国沪深上市企业2003—2020年的面板数据，对中国上市企业的退市压力与国际化程度之间的关系进行了实证检验，结果发现退市压力会使上市企业为了维持宝贵的“壳”资源而减少风险承担、降低国际化程度，即企业在面临冲突的制度压力时会优先应对强制同构压力。在此基础上本文进一步研究了企业面临的不确定性及自身应对不确定性的能力对上述退市压力-国际化关系的影响，结果显示市场不确定性加剧了上市企业退市压力对国际化程度的负向作用，而上市企业应对不确定性的能力则能有效缓解退市压力对国际化程度的负面影响。本文以制度理论解释了母国国内退市的强制同构压力如何大于全球扩张的模仿同构压力而对上市企业形成影响的机制，深化了两种压力并存且冲突的制度复杂性理论。本文同时阐明了市场不确定性、经济政策不确定性及企业应对不确定性能力对上述关系的调节机理。

Abstract: International operation has become one of the most common choices of expansion strategies for Chinese enterprises, and successful global strategies often lead to mimetic isomorphism among peer enterprises. However, when enterprises face more urgent coercive isomorphism pressure-such as delisting pressure, will they adjust their original internationalization strategy and slow down their outward expansion? Based on the unique delisting system of listed companies in China, we apply the panel data of listed companies in Shanghai and Shenzhen from 2003 to 2020, and empirically tests the relationship between delisting pressure and internationalization degree of Chinese listed companies. The results show that(1) delisting pressure will make listed companies reduce risk-taking and lower their internationalization degree in order to maintain the valuable “shell” resources. In other words, Chinese listing enterprises will give priority to coping with coercive isomorphism pressure when facing conflicting institutional pressures. On this basis, we further study the impact of the uncertainty faced by enterprises and their own ability to cope with uncertainty on the above-mentioned delisting pressure-internationalization degree relationship. The results show that(2) market uncertainty aggravates the negative effect of delisting pressure on internationalization degree of listed companies, while the ability of listed companies to cope with uncertainty can effectively alleviate the negative impact of delisting pressure on internationalization degree. This paper explains how the influence resulting from coercive isomorphism pressure of domestic delisting is greater than the mimetic isomorphism pressure of global expansion, leading to the mechanism that affects the listed companies' strategies based on institutional theory, contributing to the theory of institutional complexity where two coexisting and conflicting pressures exist. We also clarify the moderating mechanism of market uncertainty, economic policy uncertainty and enterprise's ability to cope with uncertainty on the relationship between “pacify interior” and “explore exterior”.