本文選題：收益性房地產(chǎn) + 估價�。� 參考：《安徽財經(jīng)大學(xué)》2014年碩士論文

【摘要】：隨著我國房地產(chǎn)市場的不斷發(fā)展,房地產(chǎn)的價格成為人們普遍關(guān)注的焦點,房地產(chǎn)估價也越來越受到人們的重視。收益法是一種首先對委估資產(chǎn)的未來凈收益進(jìn)行預(yù)測,然后通過選擇使用恰當(dāng)?shù)馁Y本化率或者說是報酬率將預(yù)期凈收益轉(zhuǎn)化為求取的估價對象價值的估價方法。相比較于房地產(chǎn)估價的其他方法,將收益法應(yīng)用于估價中不僅可以中立地測算出待估房地產(chǎn)的公允價值,還可以說明該價值的來源：待估房地產(chǎn)未來凈現(xiàn)金流量的現(xiàn)值之和。因而受到了國內(nèi)外評估行業(yè)的青睞。我國《房地產(chǎn)估價規(guī)范》中明確規(guī)定,在有條件的地方必須運用收益法來評估房地產(chǎn)的價格。然而,從目前一些地方運用收益法對商業(yè)用房估價的情況看,其評估結(jié)果往往與實際成交價格存在很大差異,究其原因是多方面的,收益法自身缺陷導(dǎo)致評估結(jié)果精確度不高是一條重要原因�；诖�,本文選題收益性房地產(chǎn)估價中收益法應(yīng)用研究,以期改進(jìn)優(yōu)化收益法在收益性房地產(chǎn)估價中的運用。 本文首先分析了收益性房地產(chǎn)估價的理論基礎(chǔ)與法律依據(jù)以及收益性房地產(chǎn)估價的必要性和估價原則。考量了收益性房地產(chǎn)估價的成本法、收益法和市場比較法；然后通過以河南省鄭州市金水區(qū)的1-2層某商用房地產(chǎn)和一座大型商品批發(fā)市場估價過程為例,比較系統(tǒng)的歸納梳理了收益法中存在的諸如凈收益難以準(zhǔn)確量化,報酬率求取的主觀性大,只適用于能產(chǎn)生經(jīng)濟(jì)效益的房地產(chǎn)等問題,并在此基礎(chǔ)上比較深入地分析了存在問題的諸多原因；提出了改進(jìn)的建議,引入無風(fēng)險利率加風(fēng)險調(diào)整法對收益法進(jìn)行應(yīng)用研究,建立了資產(chǎn)資本定價模型；最后將改進(jìn)后的收益法運用于鄭州市某汽車站抵押貸款估價中,得出改進(jìn)后的收益法評估結(jié)果較之原來的收益法評估結(jié)果更貼近于實際,評估結(jié)果精確度更高。
[Abstract]:With the development of the real estate market in our country, the price of real estate has become the focus of attention, and the valuation of real estate has been paid more and more attention. Income approach is a kind of valuation method which first forecasts the future net income of the appraised assets and then converts the expected net income into the value of the target value by using the appropriate capitalization rate or the return rate. Compared with other methods of real estate valuation, the income method can not only measure the fair value of the real estate but also explain the source of the value: the sum of the present value of the future net cash flow of the real estate. As a result, it is favored by the domestic and foreign evaluation industry. China's Real Estate valuation Code clearly stipulates that the real estate price must be evaluated by the income method where conditions exist. However, from the current situation of using the income method to evaluate commercial houses in some places, the evaluation results are often very different from the actual transaction prices, and the reasons are various. It is an important reason that the accuracy of the evaluation results is not high due to the defects of the income approach itself. Based on this, this paper studies the application of income method in income real estate valuation in order to improve the application of optimal income method in income real estate valuation. This paper first analyzes the theoretical basis and legal basis of income real estate valuation, as well as the necessity and principle of income real estate valuation. Considering the cost method, income method and market comparison method of income real estate valuation, and then taking the evaluation process of a commercial real estate and a large wholesale market in Jinshui District, Zhengzhou City, Henan Province as an example. This paper systematically summarizes the problems existing in the income method, such as the difficulty of quantifying the net income accurately, the subjectivity of the rate of return, and so on, which can only be applied to the real estate which can produce economic benefits. On the basis of this, the author analyzes the causes of the existing problems, puts forward some suggestions for improvement, introduces the risk-free interest rate plus risk adjustment method to study the application of the income method, and establishes the asset capital pricing model. Finally, the improved income method is applied to the mortgage loan evaluation of a bus station in Zhengzhou. The result of the improved income method is closer to the reality than the original one, and the accuracy of the evaluation results is higher.
【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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