Research On The Application Of Modified FCFF Method In Enterprise Value Assessment Of Online Games

In the modern social development,China's game industry development level is higher,the film,all kinds of variety show,the game industry gradually became an important part of the economic development of our country,especially the rise of e-sports industry chain and improvement of the influx of more investment and the massive user base,prompting the entire gaming industry benign development.E-sports is a competitive confrontation activity derived from video games.In 2018,e-sports project will be included in the Jakarta Asian games.The successive reports of CCTV news and news daily have gained extensive attention and praise.This trend has promoted the vigorous development of China's game industry,but also lifted the boom of property rights transactions between Chinese game enterprises.As a new type of entertainment industry,games are becoming more and more important in the Internet economy.Only an objective and reasonable evaluation of the value of the game enterprise can make the economic affairs of the game enterprise develop smoothly.Therefore,more attention and analysis should be paid to the relevant methods of the evaluation of the value of the game enterprise,which is of practical significance.Yet little on the study of network game enterprise value evaluation,most of the games industry analysis,based on current development situation and development prospect,and on this basis,this thesis mainly to network game enterprise as the main object of study,put forward the relevant evaluation methods and strategies of network game enterprise value,also for the network game enterprise value at a deeper level analysis,through analysis and explanation for the characteristics of the network enterprise,combined with the network game enterprise evaluation compared with the general corporate entities of the particularity of the traditional three evaluation methods,respectively,analyzed the applicability,Finally,the FCFF evaluation model in the income method is selected to evaluate the value of such enterprises.At the same time,the determination of basic parameters in the FCFF model is explored and improved.Based on the combination of theory and case,this paper puts forward some Suggestions on how to use revenue approach to evaluate the value of online game enterprises,which is of certain significance to the application of enhanced revenue method in evaluating online game enterprises.This paper mainly introduces in detail from five parts.The first part is the introduction,which mainly analyzes the background and significance of the research.It also draws on the research theories and literatures at home and abroad.The second part has carried on the theory matting,on the net game enterprise and the enterprise value appraisal most basic principle carries on the elaboration.Firstly,it briefly analyzes the development status of online game industry and the particularity of online game enterprises.Second,in-depth study of the value of online game enterprises,to explore the factors that will affect the value of online games.Thirdly,three traditional evaluation methods and application conditions are introduced respectively.Through analysis,it is believed that the revenue method can reflect the competitive ability of enterprises by using the future revenue ability as the calculation basis,which is more in line with the characteristics of game enterprises.Finally,the revenue approach is selected for the value evaluation of such enterprises.The third part analyzes in detail how the FCFF method can be used in the evaluation of the enterprise value of online games,and according to the cyclical characteristics of the game product revenue of online game enterprises,the parameter prediction in the FCFF model is modified and improved reasonably,so as to improve the scientificity of the evaluation value.In the fourth part,the theory is applied to practical cases,and the specific problems of the revised FCFF method in the evaluation practice are comprehensively analyzed by combining the evaluation example of Y company.This paper explores how to determine the parameters and puts forward some Suggestions for improvement.The fifth part summarizes the research results of this paper,points out the shortcomings of this paper,and puts forward Suggestions and prospects for the evaluation of the enterprise value of online games.