| Summary: | 碩士 === 輔仁大學 === 金融研究所 === 92 === The Valuation and Financing Mechanism in On-line Game Industry
Student：Hsing-Jung Lin Advisor：Dr. Shang-Chiu Kung
Graduate Institute of Finance, Fu-Jen Catholic University
ABSTRACT
”Digital content” is one of blossoming industries in the new century. The digital content consists of intangible assets, it results in the difficulty of valuation and financing. A fitting valuation model is essential to promote the digital content industry. This thesis focuses on “on-line game” to investigate the determinant of valuation in the industry. A real-world case study identifies constraints of traditional valuation model (income and market approaches).
This thesis highlights the significance of constructing a valuation model for “digital content”. With a fitting valuation model, a financing mechanism can be set up in such a way that finance house is to make loans accordingly. Empirical study shows that R&D expense is a significant indicator of on-line game value. By using traditional approaches, since there are a lot of constraints as well as assumptions, the real value of on-line game industry is biased.
A fitting valuation model is prerequisite to make a loan for digital content industry. However, at present time, combining traditional approach with expertise to deal with the uncertainties is an alternative. With the consistence of rewards and risks, other means including government support, equity financing, direct financing are also considerable. To achieving the financing goal, associated criteria must be regulated.
Keywords：On-line Game, Intangible Assets, Valuation, Financing Mechanism, R&D Expense
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