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The Case Study On The Enterprise Value Evaluation Of ZQ Mobile Game Company Based On Compound Options

Posted on:2022-06-20Degree:MasterType:Thesis
Country:ChinaCandidate:M L PanFull Text:PDF
GTID:2507306314993729Subject:Asset assessment
Abstract/Summary:PDF Full Text Request
Since the advent of apple 4 mobile phone in 2010,the domestic mobile game industry has entered a new era.With the external technology of mobile phone products and the industrial innovation of game developers,the mobile game industry has ushered in continuous progress and development.Mobile game companies set off a high premium and high goodwill acquisition boom in the domestic equity trading market,which makes the capital market have more demand for the value evaluation of mobile game enterprises.However,the domestic model method used in the evaluation of enterprise value is more suitable for mature and stable manufacturing enterprises.It is difficult to quantify the particularity of the business model and the instability of the industry environment of mobile game companies into specific data,so there is a lack of a perfect system to evaluate the enterprise value of mobile game companies.How to improve the existing evaluation methods to evaluate the objective and accurate evaluation value has become a major problem.Based on the excellent experience of predecessors,this paper summarizes the risks and options characteristics of mobile game enterprises,so the traditional evaluation method is not suitable for mobile game enterprises with management flexibility and strategic choice.By considering the binomial tree model of real option method,the options faced by enterprises in the process of production and operation are regarded as real options,and the options existing in mobile game enterprises are divided into expansion options,contraction options and abandonment options.The three options are integrated into the binomial tree model at the same time,and the compound option binomial tree model is established to evaluate the value of mobile game enterprises,The improvement of this method has guiding and reference significance for the theory and practice of the value evaluation of mobile game enterprises.In this paper,the traditional evaluation method income method and the binary tree model with three options are used to evaluate the value of ZQ company.The calculation results of the two methods are compared with the market value of ZQ company on the benchmark date.It is concluded that the traditional method will underestimate the enterprise value when calculating the enterprise value of mobile games,and the evaluation value after adding the real option value is basically consistent with the market value,which meets the objective accuracy requirements of the evaluation results for the evaluation subject.The conclusion also verifies the applicability and operability of the improved compound option binary tree model.The main innovation of this paper is to improve the binary tree model on the basis of previous research.This paper abandons the possibility of using only one option as a reference basis in the past,and takes all three options that may appear in the production and operation of ZQ company as a reference basis.When calculating the option value of each period,the change ratio linked with the option is used to adjust the value of the exercise cost,thus affecting the accuracy of the option value.This paper is also an innovative discussion on the enterprise value evaluation of mobile game companies.Finally,the advantages and disadvantages of the evaluation methods used in this paper are summarized,and the direction of follow-up research is proposed.
Keywords/Search Tags:Mobile game company, Equity value, Compound option, Binary tree model
PDF Full Text Request
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