Comparing conditions betweem exiting competition with not exiting competition, we come to conclusion that we can overrate the enterprise valuation if not considering the prelatic competition.
通过无竞争条件下和竞争条件下两种情况的对比分析,可以看出,果并购企业没有考虑成长期权中的预期竞争损失,就很可能高估了并购的实物期权价值。