期刊名称：Dresden Discussion Paper Series in Economics / Dresden University of Technology, Faculty of Business Management and Economics
印刷版ISSN：0945-4829
出版年度：2008
卷号：1
出版社：Dresden
摘要：Given that a multinational enterprise can react flexibly upon exchange rate movements, international trade flows may
be interpreted as an option. An enterprise will opt to export if the profits obtained from exporting under given exchange
rate developments are greater than if foreign subsidiary sales were opted. Naturally, given negative exchange rate
scenario situations, an enterprise will choose not to export. By virtue of a favorable exchange rate situation it may be
more advantageous to implement the flexibility given by the inherent option exercise privilege. Interestingly, even
taking account of entrepreneurial risk aversion aspects of enterprises, it is demonstrated that situations characterized by
enhanced exchange rate volatility may still lead to greater export trade volumes.
关键词：Export, Exchange Rate Volatility, Risk Aversion, Real Option
