Value Evaluation Of Growing Internet Game Enterprises

"The 14 th Five-Year Plan" proposes to strengthen the construction of "digital China",which promotes the innovation and structural adjustment of the game industry,and establishes a sound development mode of the featured game industry.The investment and financing,merger and reorganization and other capital activities of Internet game enterprises in the market are increasingly frequent,which increases the demand for the value evaluation of Internet game enterprises.The characteristics of intangible assets of Internet game enterprises,such as large proportion of intangible assets,high technology,high income and high risk,make the application of traditional enterprise value assessment methods greatly restricted.In the assessment practice,the traditional valuation method represented by discounted cash flow method adopts static and single forecast of income,ignoring the risk and value characteristics of such enterprises.It can not reasonably reflect the real intrinsic value of Internet game enterprises.Therefore,this paper attempts to introduce the Schwartz-Moon model to study the value evaluation of Internet game enterprises,in order to explore a feasible value evaluation path.The paper firstly introduces the industry characteristics of the Internet game in our country and the status quo of the traditional evaluation method evaluation,and expounds that the Internet game industry has the uncertainty of development,there is a large number of potential non-usualvalue,the dynamic characteristics of the decision making.The traditional evaluation method can not take into account the influence of these aspects on the uncertainty of business operation.By comparing with traditional methods,this paper holds that the Schwartz-Moon model considers the uncertainty and growth of enterprises more comprehensively.Therefore,this paper chooses the Schwartz-Moon model to evaluate the value of the growing Internet game enterprises,takes Xiamen Gigabit Technology Co.,LTD.(Gigabit for short)as the case study object,and further discusses its applicability.First,this paper from the model application feasibility analysis,model parameter value,and Monte Carlo simulation operation.Secondly,through the comparative analysis of the valuation results of the Schwartz-Moon model and the traditional FCFF model on the base date of evaluation,the validity of the Schwartz-Moon model in the valuation of growing Internet game enterprises is verified to a certain extent.Finally,based on the model design idea and valuation application practice,this paper analyzes the limitations of the model application.This paper actively explores the value assessment methods of growing Internet game enterprises and enriches the evaluation methods and value theories of Internet game enterprises.In practice,it provides reference for the value assessment of growing Internet game enterprises and helps enterprise management and investors to have a deeper understanding of the value of Internet game enterprises.