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基于实物期权理论,根据企业出口具有期权的特点构建汇率波动影响企业价值的模型。采用定性分析,论证汇率波动与企业价值的关系,推导出价格接受、风险厌恶型企业采取出口决策的汇率临界值。结果表明:企业价值与汇率成反向关系;企业价值与汇率波动性也成反向关系。
Based on the real option theory, the model of the exchange rate volatility affecting the enterprise value is constructed according to the characteristics of the enterprise export. Using qualitative analysis, this paper demonstrates the relationship between exchange rate volatility and enterprise value, and deduces the exchange rate threshold of the price acceptance and risk aversion enterprises adopting export decision. The results show that the corporate value and the exchange rate have a negative relationship, and the corporate value and the exchange rate volatility also have a reverse relationship.