他山之石，可以攻玉：政策不确定性和跨国公司多市场接触

摘要/Abstract

摘要： 跨国公司的海外经营实践面临复杂多变的政策和制度环境，现有针对政策不确定性及其经济后果的相关研究尚未明确公司能否借助跨市场的力量来缓解政策不确定性问题。本文利用2013—2022年全球移动手机行业的面板数据进行实证检验。研究发现：东道国政策不确定性和多市场接触水平呈倒U型关系，在中等的政策不确定性下，跨国公司利用多市场接触来与当地竞争对手形成相互克制，从而缓解东道国市场的不确定性。东道国媒体治理和母国政策不确定性强化了东道国政策不确定性与多市场接触的倒U型关系。本文为跨国公司应对动荡的国际经营环境提供了重要的实践启示。

关键词: 政策不确定性, 多市场接触, 相互克制, 跨国公司

Abstract: The overseas business practices of multinational enterprises are faced with changing policies and complex institutional environment. Previous studies on policy uncertainty and its economic consequences fail to clarify whether companies can use cross-market forces to alleviate policy uncertainty. This paper uses the panel data of the global mobile phone industry from 2013 to 2022 to empirically test the relationship between policy uncertainty and multimarket contact. The results show that there is an inverted U-shaped relationship between host country policy uncertainty and multimarket contact. Specifically, under medium extent of institutional uncertainty, multinational enterprises could use multimarket contact to form mutual forbearance with local competitors, thereby alleviating the uncertainty of the host country market. Media governance in host countries and policy uncertainty in home countries amplify the inverted U-shaped relationship between policy uncertainty and multimarket contact. This paper provides important practical enlightenment for multinational enterprises to cope with the turbulent international business environment.

Key words: policy uncertainty, multimarket contact, mutual forbearance, multinational enterprises

邓新明, 覃谊, 何久睿, 钟乐嘉, 林诗琦. 他山之石，可以攻玉：政策不确定性和跨国公司多市场接触[J]. 管理评论, 2026, 38(2): 3-14.

Deng Xinming, Qin Yi, He Jiurui, Zhong Lejia, Lin Shiqi. Foreign Stones can Polish Jade: Policy Uncertainty and Multinational Enterprises’ Multimarket Contact[J]. Management Review, 2026, 38(2): 3-14.

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