Invoicing Currency and Financial Hedging
研究出口商选择发票货币与使用金融对冲工具之间的关系，发现大企业更可能使用对冲工具并以外币定价，且对冲工具的获取增加了以外币定价的概率。
Abstract We examine the link between exporters' currency choices and their use of financial hedging instruments. Large firms are more likely to use hedging instruments, especially those pricing in a foreign currency. We provide suggestive evidence that access to hedging instruments increases the probability of pricing in a foreign currency. A model of invoicing currency choice augmented with hedging can rationalize these facts. In the model, large firms that would have chosen to price in their own currency in the absence of hedging instruments can decide to set prices in a foreign currency if they have access to such instruments.