| Since the 21 st century,with the nationwide popularization of the Internet and the rapid development of Internet application technology,the pursuit of economic and material has gradually been replaced by spiritual and cultural needs,becoming the most important needs of people at present.Under this development trend,China’s game industry has entered a period of rapid development,but also emerged a large number of excellent game enterprises.In 2020,the Chinese game industry is not because of the influence of the outbreak,but under the relevant national policy guidance,actively respond to challenges,adhere to the "combination of social and economic benefits","to the social benefit first" principle,continue to strengthen the protection of minors,intensify development of game products,to create high quality content,Promote the integration of the industry,so that China’s electronic game industry shows a green,prosperous,diversified development trend.With the booming development of the game industry,people from all walks of life have also attracted extensive attention.Among them,how to accurately evaluate the value of game enterprises,provide reasonable investment advice for investors,and promote the sustainable and healthy development of the game industry has become the focus.Existing evaluation methods mostly focus on how to use traditional evaluation methods to evaluate the value of Internet companies such as games.Traditional methods lack consideration of the characteristics of Internet enterprises in the application process and cannot reflect the development characteristics of Internet enterprises themselves.On the basis of existing research results,this paper chooses to use Ohlson model,A stock price model with mature foreign theoretical system.After reasonable analysis of the basic principle of Ohlson model and the applicability of evaluating game enterprises,it selects Sanqi Interactive Entertainment,A listed game company ranked first in A-share market.Its enterprise value as of December 31,2020 was evaluated using the case study method.In the evaluation process,the characteristics of the significant ratio of intangible assets and the benefit ability of intangible assets of Sanqi Mutual Entertainment enterprises are fully taken into account to avoid a large difference between the assessed value and the actual value.In addition,the combined model of P/E and P/B is used to calculate the residual income after the forecast period,which effectively improves the accuracy of the evaluation results.The final evaluation result of the enterprise value of Sanqi Interactive Entertainment by using the improved Ohlson model is 64.732 billion yuan,while the evaluation result of the improved model is 86.64 billion yuan.The actual market value of Sanqi Interactive Entertainment on that day is 65.966 billion yuan,and the evaluation result of the improved model is closer to the real value.The final case evaluation results fully verify the applicability of the improved Ohlson model in game enterprise value evaluation. |
