| At the end of the 20 th century,the rapid development of the Internet industry has led to profound changes in the business model and social structure of countries around the world.Under the guidance of technology,the Internet industry has become more and more integrated with people’s lives,and has become one of the pillar economic industries of various countries.With the development of Internet technology,various industries relying on Internet technology are also gradually emerging,and internet entertainment is one of them.With the popularity of mobile terminals,users are becoming younger,the online game industry is developing rapidly,capital is pouring in,more and more listed companies are coming,and equity transactions are becoming more and more frequent.Internal and cross industry enterprise cooperation requires reliable evaluation of enterprise value,Value evaluation becomes the focus.At present,there are few scientific and universal methods for the value evaluation of online game companies,and the evaluation results are quite different.Therefore,this paper takes the value evaluation of online game companies as the research object.Taking sqhy online game company as an example,based on the idea of "theoretical analysis-model selection-model application",a combination value evaluation model with strong practicability is found in the process of sorting out literature.In view of the entity value and potential value of the enterprise,combined with the free cash flow theory which is highly recognized by the academic circles and the real option theory which is widely used in practice,this paper has realized the value evaluation method which integrates the two theories into one model,which is highly innovative.In order to better obtain the accuracy of the value evaluation method,this paper estimates the company’s future revenue and expenditure based on the historical financial data currently published by sqhy online game company,and evaluates the company’s existing entity value in combination with what we have learned,which is also the application of free cash flow theory in this paper.After that,under the guidance of real option theory,combined with the existing real option related data of sqhy online game company,the potential value of sqhy online game company was estimated by using professional evaluation model,and finally the potential value of the company was estimated.The current value and potential value of the online game company are integrated to obtain the overall value of the company.At the same time,in order to more intuitively explain the accuracy of the portfolio valuation,several other common methods are simply used to evaluate the enterprise value.Finally,the value data obtained are compared with the market value of the enterprise on the evaluation date one by one.It is found that the error of the result of the valuation method combining cash flow discount and real options is significantly less than that of the single use of cash flow discount method and market method.It can be seen that the online game enterprise portfolio valuation method based on real option method and discounted cash flow method constructed in this study is effective. |
