diff --git a/packages/babel-helpers/src/helpers.js b/packages/babel-helpers/src/helpers.js
index e54dd64445..32cbee4fc0 100644
--- a/packages/babel-helpers/src/helpers.js
+++ b/packages/babel-helpers/src/helpers.js
@@ -620,6 +620,10 @@ helpers.interopRequireWildcard = helper("7.0.0-beta.0")`
       return obj;
     }
 
+    if (obj === null || (typeof obj !== "object" && typeof obj !== "function")) {
+      return { default: obj }
+    }
+
     var cache = _getRequireWildcardCache();
     if (cache && cache.has(obj)) {
       return cache.get(obj);
diff --git a/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/exec.js b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/exec.js
new file mode 100644
index 0000000000..a1d2711151
--- /dev/null
+++ b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/exec.js
@@ -0,0 +1,3 @@
+return import("./mod.js").then(({ default: def }) => {
+  expect(def).toBe(null);
+});
diff --git a/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/mod.js b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/mod.js
new file mode 100644
index 0000000000..c8a9c8ebee
--- /dev/null
+++ b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/mod.js
@@ -0,0 +1 @@
+module.exports = null;
\ No newline at end of file
diff --git a/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/options.json b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/options.json
new file mode 100644
index 0000000000..eeebc1a577
--- /dev/null
+++ b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-null/options.json
@@ -0,0 +1,5 @@
+{
+  "parserOpts": {
+    "allowReturnOutsideFunction": true
+  }
+}
diff --git a/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/exec.js b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/exec.js
new file mode 100644
index 0000000000..e228b3fbc3
--- /dev/null
+++ b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/exec.js
@@ -0,0 +1,3 @@
+return import("./mod.js").then(({ default: def }) => {
+  expect(def).toBe("data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mP8z8BQDwAEhQGAhKmMIQAAAABJRU5ErkJggg==");
+});
diff --git a/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/mod.js b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/mod.js
new file mode 100644
index 0000000000..bfd0466f4c
--- /dev/null
+++ b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/mod.js
@@ -0,0 +1 @@
+module.exports = "data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mP8z8BQDwAEhQGAhKmMIQAAAABJRU5ErkJggg==";
\ No newline at end of file
diff --git a/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/options.json b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/options.json
new file mode 100644
index 0000000000..eeebc1a577
--- /dev/null
+++ b/packages/babel-plugin-proposal-dynamic-import/test/fixtures/commonjs/exec-interop-string/options.json
@@ -0,0 +1,5 @@
+{
+  "parserOpts": {
+    "allowReturnOutsideFunction": true
+  }
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/misc/copy-getters-setters-star/output.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/misc/copy-getters-setters-star/output.js
index 90b458ba8d..f17e16f9da 100644
--- a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/misc/copy-getters-setters-star/output.js
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/misc/copy-getters-setters-star/output.js
@@ -11,4 +11,4 @@ exports.foo = foo;
 
 function _getRequireWildcardCache() { if (typeof WeakMap !== "function") return null; var cache = new WeakMap(); _getRequireWildcardCache = function () { return cache; }; return cache; }
 
-function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj.default = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
+function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } if (obj === null || typeof obj !== "object" && typeof obj !== "function") { return { default: obj }; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj.default = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
diff --git a/packages/babel-preset-env/test/fixtures/dynamic-import/auto-esm-unsupported-import-unsupported/output.js b/packages/babel-preset-env/test/fixtures/dynamic-import/auto-esm-unsupported-import-unsupported/output.js
index b49aa8ea3b..d71f23bfef 100644
--- a/packages/babel-preset-env/test/fixtures/dynamic-import/auto-esm-unsupported-import-unsupported/output.js
+++ b/packages/babel-preset-env/test/fixtures/dynamic-import/auto-esm-unsupported-import-unsupported/output.js
@@ -1,8 +1,10 @@
 "use strict";
 
+function _typeof(obj) { if (typeof Symbol === "function" && typeof Symbol.iterator === "symbol") { _typeof = function _typeof(obj) { return typeof obj; }; } else { _typeof = function _typeof(obj) { return obj && typeof Symbol === "function" && obj.constructor === Symbol && obj !== Symbol.prototype ? "symbol" : typeof obj; }; } return _typeof(obj); }
+
 function _getRequireWildcardCache() { if (typeof WeakMap !== "function") return null; var cache = new WeakMap(); _getRequireWildcardCache = function _getRequireWildcardCache() { return cache; }; return cache; }
 
-function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj["default"] = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
+function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } if (obj === null || _typeof(obj) !== "object" && typeof obj !== "function") { return { "default": obj }; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj["default"] = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
 
 Promise.resolve().then(function () {
   return _interopRequireWildcard(require("foo"));
diff --git a/packages/babel-preset-env/test/fixtures/dynamic-import/modules-amd/output.js b/packages/babel-preset-env/test/fixtures/dynamic-import/modules-amd/output.js
index 7932f59244..000247047c 100644
--- a/packages/babel-preset-env/test/fixtures/dynamic-import/modules-amd/output.js
+++ b/packages/babel-preset-env/test/fixtures/dynamic-import/modules-amd/output.js
@@ -1,7 +1,9 @@
 define(["require"], function (_require) {
+  function _typeof(obj) { if (typeof Symbol === "function" && typeof Symbol.iterator === "symbol") { _typeof = function _typeof(obj) { return typeof obj; }; } else { _typeof = function _typeof(obj) { return obj && typeof Symbol === "function" && obj.constructor === Symbol && obj !== Symbol.prototype ? "symbol" : typeof obj; }; } return _typeof(obj); }
+
   function _getRequireWildcardCache() { if (typeof WeakMap !== "function") return null; var cache = new WeakMap(); _getRequireWildcardCache = function _getRequireWildcardCache() { return cache; }; return cache; }
 
-  function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj["default"] = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
+  function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } if (obj === null || _typeof(obj) !== "object" && typeof obj !== "function") { return { "default": obj }; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj["default"] = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
 
   new Promise(function (_resolve, _reject) {
     return _require(["foo"], function (imported) {
diff --git a/packages/babel-preset-env/test/fixtures/dynamic-import/modules-cjs/output.js b/packages/babel-preset-env/test/fixtures/dynamic-import/modules-cjs/output.js
index b49aa8ea3b..d71f23bfef 100644
--- a/packages/babel-preset-env/test/fixtures/dynamic-import/modules-cjs/output.js
+++ b/packages/babel-preset-env/test/fixtures/dynamic-import/modules-cjs/output.js
@@ -1,8 +1,10 @@
 "use strict";
 
+function _typeof(obj) { if (typeof Symbol === "function" && typeof Symbol.iterator === "symbol") { _typeof = function _typeof(obj) { return typeof obj; }; } else { _typeof = function _typeof(obj) { return obj && typeof Symbol === "function" && obj.constructor === Symbol && obj !== Symbol.prototype ? "symbol" : typeof obj; }; } return _typeof(obj); }
+
 function _getRequireWildcardCache() { if (typeof WeakMap !== "function") return null; var cache = new WeakMap(); _getRequireWildcardCache = function _getRequireWildcardCache() { return cache; }; return cache; }
 
-function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj["default"] = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
+function _interopRequireWildcard(obj) { if (obj && obj.__esModule) { return obj; } if (obj === null || _typeof(obj) !== "object" && typeof obj !== "function") { return { "default": obj }; } var cache = _getRequireWildcardCache(); if (cache && cache.has(obj)) { return cache.get(obj); } var newObj = {}; if (obj != null) { var hasPropertyDescriptor = Object.defineProperty && Object.getOwnPropertyDescriptor; for (var key in obj) { if (Object.prototype.hasOwnProperty.call(obj, key)) { var desc = hasPropertyDescriptor ? Object.getOwnPropertyDescriptor(obj, key) : null; if (desc && (desc.get || desc.set)) { Object.defineProperty(newObj, key, desc); } else { newObj[key] = obj[key]; } } } } newObj["default"] = obj; if (cache) { cache.set(obj, newObj); } return newObj; }
 
 Promise.resolve().then(function () {
   return _interopRequireWildcard(require("foo"));