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
，可以看出，
果并购企业
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。
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