Research On Enterprise Value Evaluation Of Online Game Based On Improved CLV Model

With the development of digital technology and the continuous advancement of electronization,the state has vigorously promoted the development of digital consumer market,and the online game industry has burst into amazing vitality.In just a few years,a series of online game enterprises represented by Tencent,Netea.com and Perfect World have reached hundreds of millions of monthly active users,and the number of users and market scale are still rising.It not only drives the development of digital entertainment market,but also attracts the attention of more investors.In our country’s Shanghai and Shenzhen stock markets and the New Third Board,the online game enterprises’ listing,merger,acquisition,reorganization and other transactions are more frequent.In this context,it is imperative to promote the research on improving the accuracy of network enterprise valuation.Online game enterprises have obvious characteristics of light assets,high growth,fast development speed and so on.Compared with traditional enterprises,user resources are the core factors affecting the value of online game enterprises.These value characteristics increase the difficulty of valuation of online game enterprises,so it is necessary to find a suitable valuation method.Firstly,on the basis of many researches on the value evaluation of online game enterprises,combined with the value characteristics and valuation difficulties of online game enterprises,this thesis points out that the core of the valuation of online game enterprises lies in its user value.Secondly,the CLV model is constructed and improved.Combined with user resources,the core driving factor of online game enterprise value,the CLV model based on user value is improved from four aspects: user retention rate,unit user contribution value,realization factor and grey prediction model to predict the number of future active users.It also analyzes the applicability of the improved CLV model to the valuation of online game enterprises.Finally,this thesis selects Chuangmengtiandi as a case,uses the improved CLV model and FCFF model to evaluate the enterprise,and finally compares and analyzes the valuation results of the two with the market value on the base date of evaluation.According to the comparison results,it is more reasonable to apply the improved CLV model to online game enterprises.