Export Flexibility And Currency Hedging*
研究出口灵活型企业在汇率不确定下的行为，发现分离定理和完全对冲定理仅在特定条件下成立，否则出口灵活性会引入凸性风险暴露，需用货币期权对冲。
This article studies the behavior of an export‐flexible firm under exchange rate uncertainty. We show that the separation theorem holds if selling exclusively in the domestic market is suboptimal even under the most unfavorable spot exchange rate. Otherwise, the firm's optimal output depends on its preferences and on the underlying uncertainty. We further show that the full‐hedging theorem holds only when the firm always finds it optimal to sell its entire output in the foreign market. Otherwise, export flexibility introduces a convexity into the firm's foreign exchange risk exposure, which calls for the use of currency options for hedging purposes.