在制度理论和资源基础观视角下，基于A股上市的中国跨国企业样本，运用Cox比例风险模型，分析国际化广度、深度与海外子公司生存风险的关系，并进一步探讨数字化转型在以上关系中的调节作用。研究表明，国际化广度与海外子公司生存风险呈倒U形关系，国际化深度与海外子公司生存风险呈U形关系，数字化转型削弱了以上两组关系。异质性分析发现，低持股比例企业的国际化广度对海外子公司生存风险的影响大于高持股比例企业；在高持股比例企业和非“一带一路”国家中，国际化深度对海外子公司生存风险的影响显著，但在低持股比例企业和“一带一路”国家中不显著。

From the perspectives of institutional theory and resource-based view，this study examines the link between the breadth and depth of internationalization and the survival risk of foreign subsidiaries, using a sample of Chinese multinationals listed on the A-share market. It employs the Cox proportional hazard model to analyze these relationships and explores how digital transformation moderates them. Findings indicate that there exists an inverted U-shaped relationship between international breadth and survival risk, and a U-shaped one between international depth and risk, with digital transformation diminishing both. Further, international breadth has a stronger impact on foreign subsidiaries’ survival risk in low-equity firms than in high-equity ones. International depth significantly affects survival risk in high-equity firms and non-“Belt and Road” countries, but not in low-equity firms and “Belt and Road” countries.