An integrated model of multinational flexibility and financial hedging
构建了一个跨国企业模型，该企业在生产采购上具有灵活性，并能利用金融市场对冲汇率风险。资本结构产生的代理成本将财务政策与生产决策联系起来，对冲需求与灵活性程度直接相关，企业能否利用竞争优势取决于灵活性是否与适当的对冲策略相匹配。
We construct a model of a multinational firm with flexibility in sourcing its production and with the ability to use financial markets to hedge exchange rate risk. Agency costs generated by the firm's capital structure create a link between the firm's financial policy and its production decisions. The firm's need for hedging is directly related to the degree of flexibility, and the production plan it chooses is a function of the hedging strategy it employs. Consequently, the firm's ability to exploit its competitive position depends upon the degree to which its flexibility is matched by the construction of an appropriate hedging strategy.