Abstract: The grouped development of enterprises not only brings greater production cooperation, but also facilitates internal financing within the group to cope with international uncertainty risks. The paper takes the international economic crisis in 2008 as the research object, and takes the subsidiaries of listed group companies as the experimental group to build the PSM-DID model. The paper studies whether the internal capital market of group companies can better help export enterprises cope with sudden international economic crisis. The results show that the export enterprises with the group's internal capital market have better export performance when facing the economic crisis. The wholly-owned and large subsidiaries of the group company have better export performance in the face of international economic crises. These results stay steady in changing the impact time, changing the control group samples, and using Bartik instrument variables. All these results show that the internal capital market can indeed help export enterprises cope with sudden crises and maintain business stability. So, we provide our suggestions. Firstly, small and medium-sized export enterprises need to strengthen internal cooperation, or establish international trade group companies to develop internal capital markets. Secondly, it is necessary to make adequate risk plans for sudden systemic risks of the international economy to ensure the smooth and healthy operation of enterprise exports.
