Journal of Korea Game Society (한국게임학회 논문지)

Korea Game Society (한국게임학회)
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A Modified Real Options Valuation Model for Early Stage Start-Ups in the Game Industry

초기 게임개발사 특성을 고려한 가치평가 모형 연구

  • Yoo, Changsok (Dept. of Culture & Tourism Content, Kyung Hee University) ;
  • Poe, Baek (Dept. of Culture & Tourism Content, Kyung Hee University)
  • 유창석 (경희대학교 문화관광콘텐츠학과) ;
  • 부백 (경희대학교 문화관광콘텐츠학과)
  • Received : 2013.05.23
  • Accepted : 2013.06.13
  • Published : 2013.06.20
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Abstract

The financial value of early stage start-up has a tendency to depend more on the non-financial factors, but these are not efficiently reflected in the traditional valuation models. Therefore, most of valuation practices for early stage start-ups heavily relied on the guts of experts. To remedy this, this study suggests a model to directly reflect the non-financial factors especially for the real options approach. Actual process of valuation and the adjustment way were developed considering the characteristics of early stage start-ups in the game industry.

초기 온라인 게임 개발사의 기업가치는 재무적인 요인보다 비재무적인 요인이 가치에 더 큰 영향을 미치나, 이러한 요소들은 전문가의 경험에 기반하여 간접적으로 모형에 반영되어 초기 기업의 재무의사결정에 효과적으로 반영되지 못하고 있다. 본 모형에서는 가치평가 모형의 특성들을 고려하여 효과적으로 비재무적인 요인들을 고려할 수 있는 기준 가치평가 모형을 제안 하였으며, 여기에 비재무적인 요인들을 반영하는 방법에 대해 정량적으로 반영이 될 수 있는 절차를 제안하였다.

Keywords

References

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