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  本文選題：假設(shè)開發(fā)法 + 傳統(tǒng)計息核算模型　； 參考：《湖南大學》2014年碩士論文

【摘要】：房地產(chǎn)行業(yè)作為我國國民經(jīng)濟的支柱性產(chǎn)業(yè)，在快速發(fā)展的同時，正面臨著需求萎縮、現(xiàn)金流短缺等困難，與此同時，我國中小房地產(chǎn)企業(yè)整合、兼并、重組步伐開始加快。因此，房地產(chǎn)價值，特別是在建項目價值評估需求日益劇增�，F(xiàn)有對房地產(chǎn)在建項目的評估一般采用假設(shè)開發(fā)法，而評估實務(wù)界對于該方法的使用只是停留在簡單套用公式的階段，，缺乏科學的評估思路與合理的參數(shù)選取，使得房地產(chǎn)價值無法得以有效準確的體現(xiàn)。因此如何合理的使用評估方法科學地確定房地產(chǎn)的價值成為一個愈加重要的問題。 本文首先從地租理論與土地定價、土地區(qū)位理論與商品房定價兩個理論出發(fā)，論證了假設(shè)開發(fā)法的理論基礎(chǔ)以及采用假設(shè)開發(fā)法作為在建項目評估方法的理論依據(jù)。其次，本文結(jié)合金灣項目評估的實際案例，選取某評估公司業(yè)已完成的評估結(jié)果為分析對象，指出其在評估思路與參數(shù)選取上存在的問題，并從銷售費用、土地增值稅、續(xù)建投入的利潤、企業(yè)所得稅等四個方面對評估過程和評估結(jié)果予以修正。最后，為了檢驗修正后評估結(jié)果的準確性，我們還運用假設(shè)開發(fā)法下的現(xiàn)金流量折現(xiàn)模型對傳統(tǒng)計息核算模型修正結(jié)果予以驗證。用對傳統(tǒng)計息核算模型中的評估過程進行改進和參數(shù)計算進行修正后得出的金灣項目的評估價值為62091107.82元，運用現(xiàn)金流量折現(xiàn)模型評估價值為62069556.91元，相差為0.0347%，此兩評估價值基本一致。這一結(jié)果表明，只要運用得當，假設(shè)開發(fā)法的傳統(tǒng)計息核算模型與現(xiàn)金流量折現(xiàn)模型都能對房地產(chǎn)項目進行有效的價值評估。 本文的主要貢獻在于從實務(wù)的角度對假設(shè)開發(fā)法進行了完善，主要表現(xiàn)為：一方面根據(jù)現(xiàn)有房地產(chǎn)開發(fā)的法律法規(guī)，規(guī)范了高層建筑與別墅的分開核算和分開評估的評估基礎(chǔ)；另一方面通過運用假設(shè)開發(fā)法下不同的模型對同一被評估對象的評估結(jié)果予以了驗證，提高了評估結(jié)果的合理性，以期達到同房同價的評估結(jié)果。
[Abstract]:As the pillar industry of our national economy, the real estate industry is facing the difficulties of shrinking demand and shortage of cash flow while developing rapidly. At the same time, the pace of integration, merger and reorganization of small and medium-sized real estate enterprises in our country has begun to accelerate. Therefore, the value of real estate, especially the value of projects under construction demand is increasing. At present, the evaluation of real estate projects under construction generally adopts the hypothetical development method, but the use of this method in the evaluation practice only stays in the stage of simple application formula, and lacks the scientific evaluation idea and reasonable parameter selection. So that the real estate value can not be effectively and accurately reflected. Therefore, how to use the evaluation method scientifically to determine the value of real estate has become an increasingly important issue. Based on the land rent theory and land pricing theory, land location theory and commercial housing pricing theory, this paper demonstrates the theoretical basis of the hypothetical development method and uses the hypothetical development method as the theoretical basis of the evaluation method of the project under construction. Secondly, combined with the actual case of Jinwan project evaluation, this paper selects the evaluation results of a certain evaluation company as the analysis object, points out the problems existing in the selection of evaluation ideas and parameters, and points out the problems in the selection of the evaluation ideas and parameters, and from the sales costs, land value-added tax, The evaluation process and evaluation results are revised from four aspects: the profit of the continued investment and the enterprise income tax. Finally, in order to verify the accuracy of the revised assessment results, we also use the cash flow discounted model under the hypothesis development method to verify the modified results of the traditional interest accounting model. The evaluation value of the Jinwan project is 62091107.82 yuan by improving the evaluation process and modifying the parameter calculation of the traditional interest calculation model. The evaluation value of the Jinwan project using the cash flow discount model is 62069556.91 yuan. The difference was 0.034 7, and the value of these two assessments was basically the same. The results show that both the traditional interest-bearing accounting model and the cash flow discount model of the hypothetical development method can effectively evaluate the value of real estate projects. The main contribution of this paper is to perfect the hypothetical development method from the perspective of practice. On the one hand, according to the existing laws and regulations of real estate development, the paper standardizes the basis of separate accounting and evaluation of high-rise buildings and villas; On the other hand, by using different models under the hypothesis development method, the evaluation results of the same object are verified, and the rationality of the evaluation results is improved, in order to achieve the evaluation results of the same room and the same price.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.23

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