Research On Enterprise Value Evaluation Of Online Games Based On Modified DEVA Model

With the continuous development of online game enterprises,the online game industry has shown a good development trend from scratch and from disorder to order.In its development process,how to manage the value of online game enterprises to help investors make more effective investment decisions has become a hot topic in the capital market.Based on the analysis of the characteristics and business models of online game enterprises,this paper comprehensively combs out the influencing factors of online game enterprise valuation,and points out that the core of online game enterprise valuation lies in the user value.Therefore,based on the traditional DEVA valuation model,combined with the relevant characteristics of online game enterprises,this paper introduces the number of monthly paid users,market share and other parameters to refine the model,and constructs a revised DEVA online game enterprise valuation model.In order to verify the effectiveness of the model in evaluating online game companies,Shenzhen Zhong Qingbao interactive network co.,ltd.(hereinafter referred to as "Zhong Qingbao"),which is the online game company with the earliest listing time in the local capital market,is selected as the evaluation object.The revised DEVA valuation model and the traditional DEVA valuation model are used to evaluate the company respectively,and their valuation results are compared with the market value on the benchmark date.The study holds that the application of the revised DEVA valuation model to the valuation of online game enterprises can take into account non-financial data that cannot be measured in the statements and the potential value generated by future uncertainties,which can more scientifically and accurately reflect the intrinsic value of online game enterprises.