線上遊戲商業加值策略之研究

高峰，特別是2020年的全球COVID-19疫情更加深線上遊戲宅經濟的爆發性成長。本研究以「線上遊戲商業加值策略」為題，探討第一項研究目的：線上遊戲如何以跨領域、跨產業來創造新型商業模式應用 (如：線上遊戲結合電商行業、教育加值或競賽娛樂)。第二項研究目的即從財務特性的獲利面與成長面來剖析台灣線上遊戲概念股之財務體質。最後，第三項研究目的則是觀察過去從2010年開始，台灣線上遊戲概念股的股價績效表現。本文採用案例分析與數據實證等方法獲得三項結論。第一，線上遊戲產業跨領域新型商業模式應用確有其商業加值契機。具體言之，線上遊戲結合電商行業 (如：蝦蝦果園) 將能夠有效強化強化消費者對於電商平台的黏著度；當線上遊戲結合教育學習 (如：PaGamO)，將可提高學生學習動機與促進學生學習專注度；最後，當線上遊戲結合競賽娛樂 (如：英雄聯盟)，將持續擴大全球線上遊戲產業的行銷曝光。第二，以12家台灣上市櫃公司的線上遊戲概念股為樣本，分析其2020年財務報表，本文發現線上遊戲概念股以鈊象(3293)為獲利王，主要是受惠其最為著名線上遊戲 (如：明星三缺一、滿貫大亨) 的穩健收益，造就其2020年股東報酬率高達58.47%、及其每股盈餘則高達48.38元。而泰偉(3064)可稱為成長王，主要是其遊戲經營模式已逐漸轉變為網路型態，造就其2020年營收成長率達140.68%。第三，觀察台灣線上遊戲概念股的股票報酬績效發現，2010年至2020年的11年期間，台灣遊戲遊戲概念股的平均年股票報酬為7.22%，高於同期的台灣加權股價指數的6.05%。分析疫情期間 (2020年04月至06月)，台灣線上遊戲概念股在此三個月累積報酬率高達52%，顯示全球COVID-19疫情對於線上遊戲宅經濟的顯著助益。本文主要研究貢獻在於從台灣線上遊戲市場的起源、演進與發展趨勢，提出三項跨領域新型商業模式，並完成台灣線上遊戲概念股之財務體質分析與其股票報酬績效分析。希冀本文研究成果能夠為台灣線上遊戲產業帶來更具深度與廣度的商業創新思維。

關鍵字

線上遊戲； COVID-19 ；商業模式；財務報表；股票績效

並列摘要

Beginning in 2010, the online game industry has gradually grown because of the introduction of global mobile devices. In particular, the global COVID-19 epidemic in 2020 has strengthened the explosive growth of home economy in terms of the online game industry. This paper focused on the topic of “the commercial value-added strategy on online game” and address three research issues. First, discuss how online games can create new business model applications across fields and industries (e.g., online games combined with e-commerce industry, education value-added or entertainment). Second, analyze the financial characteristics (e.g., profitability and growth) of Taiwan’s online game concept stocks. Third, observe the stock price performance of Taiwan’s online game concept stocks starting during a sample period of 2010-2020. Based on case study and financial data empirical methods, this paper obtains three conclusions. First, the application of new cross-domain business models in the online game industry does have opportunities for commercial value-added. Specifically, online games combined with e-commerce industries will effectively strengthen consumers’ adhesion to e-commerce platforms. When online games are combined with education system (such as PaGamO), it will improve students’ learning motivation. When online games are combined with entertainment, it will continue to expand the marketing exposure of the global online game industry. Second, using a sample of 12 Taiwanese listed companies of the online game concept stocks in 2020, this paper shows that the online game concept stocks are profitable by International Games System (IGS, 3293), which is mainly benefited from its most famous online game stocks. IGS’s ROE is 58.47% and EPS is NT$ 48.38 in 2020. In addition, compared to the other online game concept stocks, ASTRO (3064) experienced the highest revenue growth rate of 140.68% in 2020, mainly because its game business model has gradually changed to an online type. Third, observing the stock performance of Taiwan’s online game concept stocks from 2010 to 2020, this paper finds that their average annual stock return was 7.22%, which was higher than the 6.05% of the TAIEX stock index. During the COVID-19 epidemic period (from April to June in 2020), Taiwan’s online game concept stocks had a cumulative return of 52%, showing that the global COVID-19 epidemic has significantly strengthened the growth of home economy in terms of the online game industry. The main contribution of this paper is to propose three new cross-domain business models for Taiwan’s online game market, and complete the financial statement analysis and stock performance examination for Taiwan’s online game concept stocks. It is expected that this paper’s research results would bring more depth and breadth of business innovation thinking to Taiwan’s online game industry.