The Research On Mobile Enterprise Value Evaluation Based On B-S Option Pricing Model

With the popularity of game terminals and the maturity of mobile game related technologies such as cloud services,it provides a good foundation for the rapid development of mobile games,and mobile games have gradually become an important part of life entertainment.The market prospect is broad,and capital will naturally chase.In recent years,the mobile game industry has become more and more economically active in listing and financing,restructuring and mergers and acquisitions.In the process of China's economic development from high speed to high quality,mobile game companies belong to the third service industry with large profit margin,high investment-output ratio and strong government support.These characteristics make mobile game companies M&A and restructuring have become the breakthrough point for expanding the scale of enterprises in various industries and entering high-profit industries.The value assessment of mobile game companies has become a key issue in economic activities such as M&A transactions and financing decisions.Of course,according to the market equilibrium theory,the high profits of the industry can only be maintained for a period of time.How to extend this period of time and how to maintain the rapid and healthy development of the mobile game industry and enterprises are all based on the correct scientific value of mobile game companies.Traditional evaluation methods have more or less ignored certain characteristics of mobile game companies.This paper will conduct research on this type of enterprise value assessment to enrich the current mobile game enterprise value assessment method.This paper will analyze the current status of the mobile game industry and the profitability of mobile game companies,and analyze the value composition and implementation of mobile game companies,so that the traditional evaluation methods are not suitable for the evaluation difficulties unique to this type of enterprise.Processing,the use of these methods alone has limitations.In order to solve these limitations,the real option theory was introduced and the B-S real option pricing model was introduced.According to the composition of enterprise value,the value of mobile game enterprise is divided into two parts: the stable income created by the existing assets of the enterprise and the uncertain income brought by the potential investment opportunities.Considering the characteristics of the two parts of the income and the characteristics of the mobile game enterprise,the DCF method and the BS option pricing model were used to evaluate the two parts of the value of the enterprise.The combined model was used to calculate the overall value of the mobile game enterprise and the combination was elaborated.Then,select the representative game network of the mobile game industry as a case,combine industry information and company financial data,and use the construction model to evaluate the uncertain income brought by the stable income and potential investment opportunities of the enterprise.Finally,the evaluation results of the network value of the tourists are obtained,and compared with the market value of the evaluation base date,the error is within an acceptable range.It is further proved that the constructed combined model can accurately assess the value of mobile game companies.Mobile game companies have real option characteristics,and traditional enterprise value assessment methods cannot confirm the real option value of mobile game companies.The DCF and B-S combination model is an improvement and correction of the traditional enterprise value assessment method.It can more fully consider the value of the mobile game enterprise,can deal with the uncertainty of the enterprise,and can confirm and reasonably measure the real option value of the mobile game enterprise.And then accurately assess the overall value of the company.