prelatic

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比分析，可以看出，果并购企业没有长期权中预期竞争损失，就很可能高估了并购实物期权价值。