| China’s Internet industry has a history of more than 20 years.According to the data,there are 153 Internet companies listed in China in 2019,with a year-on-year growth of 12.5%.Among them,online games account for the highest proportion,accounting for 23.9%.Meanwhile,in the top 100 Internet enterprises in 2019 released by the Ministry of industry and information technology,28 game companies were shortlisted,accounting for more than a quarter.The Internet game industry is gradually changing from demographic dividend to content dividend.With the emergence of new Internet traffic platforms,developers with excellent content and strong R ＆D strength will usher in opportunities.At this time,the industry leaders began to acquire small and medium-sized game enterprises to seize market share and expand enterprise scale.The rapid development of Internet game industry and the expansion of market investment and financing demand challenge the traditional valuation method.Based on the above background,this paper focuses on the issue of "Internet game enterprise value evaluation".On the basis of the theory of enterprise valuation and real option,this paper adopts the evaluation idea of combining real option method and income method,and takes the case enterprise "37 mutual entertainment" as the carrier to explore the adaptability of real option method in Internet game enterprise valuation,so as to put forward some suggestions for Internet game enterprise valuation Management decision of online game industry and suggestions on its valuation.This paper is divided into five chapters.Firstly,it introduces the research background and reviews the research status through the introduction.Secondly,it elaborates the theoretical basis of valuation and the real option method.Thirdly,based on the applicability analysis of the traditional method and the real option method in the Internet game industry,it comes to the conclusion that the characteristics of the Internet game enterprises lead to the fact that the traditional method is no longer applicable“ Taking "Sanqi mutual entertainment" as the case,this paper carries out the specific evaluation process of real option method,and extends the research conclusions to the two levels of industry and enterprise,and gives relevant suggestions.The results show that:（1）compared with the market value of Sanqi mutual entertainment,the premium rate calculated by the real option method is 3.39%,and the premium rate calculated by the traditional income method is-5.89%.Through the combination of FCFF model and B-S model,it is verified that there are flexible options and growth options in the case enterprise.（2）The R ＆D investment projects of Internet game enterprises have significant real option characteristics.（3）The traditional income method ignores the potential option value of investment projects,which leads to the undervaluation of Internet game enterprises.The real option method makes up for the defects of FCFF model.This study provides a new evaluation perspective for the management decision-making of Internet game developers in China,improves the accuracy of value judgment,and promotes the healthy and rapid development of Internet game industry. |
