A Research Value Assessment Of Internet Games Enterprise

In recent years,the rapid development of Internet technology and the continuous improvement of economic level make the scale of game industry expand rapidly,and the Internet game industry has a broad space for development.In this context,industry investment,M&A and other transaction activities are frequent,and the determination of transaction prices in transaction activities is a key concern for enterprises.The Internet game enterprises have the characteristics of high risk and high growth,and the proportion of intangible assets to total assets is high,which makes it difficult to assess the value of Internet game enterprises.In order to facilitate investors to allocate investment funds reasonably according to the value of Internet game enterprises,appraisal agencies and appraisers to assess the value of Internet game enterprises scientifically,and managers to make strategies and decisions,it is especially important to choose an objective and accurate method to evaluate the value of Internet game enterprises.Based on this,this thesis combines Gray Markov Model and Monte Carlo Simulation to improve the income method,and takes the listed company G-bits as an example to evaluate the value of Internet game enterprises and explore the specific implementation plan of the improved income method in the value assessment of Internet game enterprises.This thesis firstly introduces the theory of Internet game enterprise value assessment and the theory related to Gray Markov Method,describes the current situation of the Internet game industry,analyzes the policy environment,technical environment and competitive environment of the Internet game industry,and analyzes the industry chain,operation mode and profitability mode of the Internet game industry.Secondly,this thesis elaborates on the characteristics,value influencing factors and valuation difficulties of Internet game enterprises,among which the value influencing factors include industry development trend,industry position of enterprises,R&D and innovation ability and financial status.In terms of valuation methods,this thesis analyzes the limitations of the three traditional valuation methods and the DEVA method,optimizes the valuation model of income method,and illustrates the applicability of the Gray Markov Method and Monte Carlo Simulation.In this thesis,G-bits is selected as the case enterprise,the Gray Markov Method is optimized by introducing the idea of metabolism,and the model is used to predict the operating income of the case enterprise.The future free cash flow of the enterprise is obtained based on the predicted value of operating income and the analysis of historical financial data.On the basis of determining the probability distribution of parameters,the discount rate and sustainable growth rate are determined by Monte Carlo Simulation,then get the overall value of the enterprise under the average level and a certain confidence level.Finally,this thesis compares the valuation results of the income method with the market value to verify the applicability of the improved income method for assessing the value of Internet game enterprises.The conclusion of the study shows that in the valuation of Internet game enterprises,by introducing the Gray Markov Method and Monte Carlo Simulation to optimize the determination methods of specific parameters such as operating income and discount rate in the income method,the accuracy and reasonableness of the valuation results can be improved,providing stakeholders with a reference basis for decision making,helping to expand the application scope of the Gray Markov Method and providing new ideas for the valuation of Internet game enterprises.It can help expand the scope of application of Gray Markov Method and provide new ideas for the value assessment of Internet game enterprises.