本文探討公司財務結構如何影響公司出口決策。分析模型採用實質選擇權方法並假設隨機本國市場需求、國外市場需求、隨機匯率、與廠商生產力差異以探討這些因素如何影響廠商何時出口。Berman and Héricourt (2009)實證發現公司財務結構是公司出口決策的決定因素，而Helpman, Melitz, and Yeaple (2003)中所提及的公司生產力因素只有在公司財務結構健全時才符合預期。因此本研究的分析架構提供了理論基礎以解釋 Berman and Héricourt (2009)的實證結果，並進而提出一些可驗證的理論假說。This research uses real option approach to examine the firm’s exporting decision in the presence of domestic market demand shock, foreign market demand shock, exchange rate uncertainty, and productivity heterogeneity. This research complements Berman and Héricourt (2009) and provides a theoretical background for their empirical evidences. In addition, the theoretical prediction of this paper can provide a few more testable hypotheses for future empirical study. 研究期間：10008 ~ 10107
