Study On Enterprise Value Evaluation Of Online Game Based On Binary Tree Model

As a component of digital economy,online game economy has witnessed rapid development in recent years.The booming development of the online game industry also accelerates the property rights transactions among enterprises,and mergers and acquisitions and reorganizations become increasingly frequent,attracting the attention of investors and putting forward higher requirements for the internal management and reasonable decision-making of enterprises.Therefore,how to reasonably evaluate the value of online game enterprises has become the key.This paper firstly analyzes the enterprise value of online games.This paper analyzes the development history and future potential of online games,discusses the characteristics and profit model of online game enterprises,summarizes the factors that affect the value of online game enterprises and sorts out the difficulties in value evaluation.Then,this paper constructs the online game enterprise value evaluation model,compares the applicability of cost method,income method and market method to the online game enterprise value evaluation,and analyzes the rationality and advantages of the binary tree model applied to the enterprise revenue forecast,and applies the binary tree model to the value evaluation of the online game enterprise.Finally,this paper selects Yoozoo as a case for analysis,predicts the future business income of Yoozoo through the binary tree model,calculates the enterprise value of the binary tree through the business income,and compares it with the value result obtained by the income method.Through analysis,the conclusions of this paper are as follows:(1)The uncertainty of online game enterprises brings poterntial income.The characteristics of online game products make online game enterprises uncertain.At the same time,enterprise managers must always pay attention to the dynamics of the entire game market and usually make strategic adjustments according to various situations they may face.Such internal choices may also bring additional income,which is often difficult to be reflected in financial statements and easy to be ignored.(2)The traditional enterprise value assessment method has some limitations on the valuation of online game enterprises,while the binary tree model is more applicable to the valuation of online game enterprises with greater uncertainty.Traditional evaluation methods focus more on financial indicators and may ignore the additional revenue brought by the uncertainty of online game enterprises.The advantage of the binary tree model is that its assumptions are more in line with the actual situation.By predicting the proportion and probability of the upstream and downstream of the business situation,the operating revenue can be obtained,and then the enterprise value can be calculated.This can solve the problem of difficult to predict future income and better reflect the value brought by future decisions.At the same time,the results obtained by adjusting the liquidation value of the binary tree of enterprise value are more convincing.(3)After the calculation and adjustment of the results,the overall enterprise value of the selected case of Yoozoo on the base date of evaluation is finally obtained as follows:the enterprise value calculated by the binary tree model is 12.646 billion yuan,and the enterprise value calculated by the income method is 11.418 billion ynan.The difference between the two methods is 1.228 billion yuan.Finally,the results of the binary tree model are selected as the evaluation conclusion of this paper,which provides a new choice and idea for the value evaluation method of game enterprises,and enriche and improves the theory of enterprise value evaluation.At the same time,reasonable valuation also provides a reference for the managers and investors of online game enterprises.