Valuation Of Online Game Enterprises Based On The Improved Discounted Model Of Free Cash Flow Of Enterprises

As one of the products of the rapid economic development,the Internet is not only improving its own infrastructure,but also making continuous efforts to enrich its branches.Online game enterprises,a powerful branch of the Internet,have shown great development potential with the explosive growth of the Internet industry.The rapid development of online game enterprises not only adds impetus to China's economic development,but also stimulates cultural innovation as the main force of cultural and creative industries.Nowadays,with the increasing popularity of online games,more and more capital tries to enter this industry.Many online game enterprises choose to go public in line with the market trend and national policy advantages,which makes the equity transactions of online game enterprises more and more frequent.At the same time,with the fierce competition in the online game industry,mergers and acquisitions of online game enterprises in the strategic group are also common.Under the condition that the state constantly attaches importance to the supervision of online game enterprises,the reasonable evaluation of the value of online game enterprises is crucial to the stability of the online game industry.To grasp this hot spot,this paper explores the model suitable for the value evaluation of online game enterprises by studying the evaluation methods of online game enterprises,combining theories and cases,and based on domestic and foreign research.This paper firstly sorts out the concepts related to Internet and online game enterprises and their enterprise values,analyzes the development status and characteristics of online game enterprises,summarizes the income sources of online game enterprises,and points out the influence of users on the value of online game enterprises.Secondly,it analyzes the applicability of the three traditional methods in the enterprise value assessment to the evaluation of the enterprise value of online games.Based on the characteristics of online game enterprises,it selects the income method to evaluate the enterprise value of online games.Then,the discounted model of free cash flow of enterprises is selected as the method to evaluate the value of online game enterprises,and the revenue forecast is improved from the perspective of users.In the improvement of income at the same time,combined with the network game enterprise product has the characteristics of periodic,cash flow volatility,the network game enterprise predictable period after periods of sustainable cash flow forecast was improved,using the Monte Carlo simulation to predict phase within the scope of sustainable cash flow experiment,in order to get more reasonable sustainable issue of the present value of cash flow.Finally,on the basis of the improved enterprise free cash flow discount model,the network game enterprise value assessment,the IGG and in appraisal base date the stock's closing price and the overall market price were analyzed in 2019,shows that the improved corporate discount cash flow model for evaluating the applicability of the network game enterprise value,and analyzes its defects.This article for the network game enterprise value assessment provides a certain theoretical basis,combining with the characteristics of online game companies themselves and improve the accuracy and rationality of value evaluation,reduced caused by unreasonable evaluation management risk and financial risk,for the network game enterprise investment decisions and financing decisions.