Journal of Korea Game Society (한국게임학회 논문지)

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

초기 게임개발사 가치평가 모형 사례 연구

  • Yoo, Changsok (Dept. of Culture & Tourism Content, KyungHee University) ;
  • Jung, Jaeki (FG Investment) ;
  • Poe, Baek (Dept. of Culture & Tourism Content, KyungHee University)
  • 유창석 (경희대학교 문화관광콘텐츠학과) ;
  • 정재기 (FG 인베스트먼트) ;
  • 부백 (경희대학교 문화관광콘텐츠학과)
  • Received : 2014.06.20
  • Accepted : 2014.07.18
  • Published : 2014.08.20
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Abstract

Real options valuation models are now proved as a effective valuation method both in Theoretically and empirically. However, to use real options model for early stage start-ups, additional non-financial information is crucial in the valuation process. Previous studies theoretically suggested the modified real options valuation model and process to use non-financial information in the valuation of early stage startups, but there is no empirical evidence on the suggested model. Therefore, this study investigated the effectiveness of the modified real options valuation model using a case study. The case study result showed that the modified real options valuation effectively reflect the non-financial information in early stage startups, and decrease the forecasting error in the valuation process.

초기 온라인 게임 개발사의 기업가치를 평가함에 있어서 실물옵션이 효과적이라는 것은 이론적으로나 실증적으로 이미 밝혀진 바가 있다. 하지만, 실물옵션 방법론 역시도 비재무정보를 효과적으로 반영하는 데에는 한계가 있기 때문에 이를 효과적으로 반영할 수 있는 수정 실물옵션 방법론이 이론적으로 제안된 바가 있다. 하지만, 이에 대한 실증 연구가 미비해서 그 효과성을 검증하는 데에는 한계가 있었다. 따라서 본 연구는 사례 연구를 통해 수정 실물옵션 방법론이 초기 게임 개발사의 가치를 효과적으로 측정할 수 있는지에 대해 검증하고자 하였다. 분석 결과, 수정 실물옵션 모형은 초기 단계의 게임 개발사의 비재무적 정보를 모형 내에 효과적으로 반영하며, 이로 인해 예측 오차를 크게 감소시키는 것을 확인할 수 있었다.

Keywords

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