The Valuation Models of Intangible Assets: The Case of Online Gane Industry
Date Issued
2008
Date
2008
Author(s)
Wu, Chia-Yuan
Abstract
This thesis presents valuation models using real options and Monte Carlo simulation to evaluate the investment feasibility of online game licensing project, from the stand point of a local online game operator, for a ready-to-launch online game title to be operated in Taiwan. I examine the investment feasibility with the reasonable range of licensing fee associated with the license payment terms using real figures generated from an existing online game being operated in Taiwan for three years. I also examine the correlation between game revenue and the UID and CCU to find out the major indications for online game operation.ith the analysis Ran Online case in Taiwan, I conclude that, by simulating the major variables of revenue function and cost function, the reasonable range of licensing fee can be generated. As for the risk factors evaluation, Binomial Matrices method is used. Along with the proceeding of the licensing project, various degrees of risk are indentified. The results confirm that the early stages of the licensing project, before Open Beta Testing, tend to have higher risk and, for in favor of the local online game operator, they should negotiate to pay the terms less than 16% of the total licensing fee.
Subjects
Online Game
Real Option
Monte Carlo Simulation
Binomial Matrices
Type
thesis
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