金湾房地产开发项目评估改进研究

发布时间：2018-05-12 23:16

本文选题：假设开发法 + 传统计息核算模型　；参考：《湖南大学》2014年硕士论文

【摘要】：房地产行业作为我国国民经济的支柱性产业，在快速发展的同时，正面临着需求萎缩、现金流短缺等困难，与此同时，我国中小房地产企业整合、兼并、重组步伐开始加快。因此，房地产价值，特别是在建项目价值评估需求日益剧增。现有对房地产在建项目的评估一般采用假设开发法，而评估实务界对于该方法的使用只是停留在简单套用公式的阶段，，缺乏科学的评估思路与合理的参数选取，使得房地产价值无法得以有效准确的体现。因此如何合理的使用评估方法科学地确定房地产的价值成为一个愈加重要的问题。本文首先从地租理论与土地定价、土地区位理论与商品房定价两个理论出发，论证了假设开发法的理论基础以及采用假设开发法作为在建项目评估方法的理论依据。其次，本文结合金湾项目评估的实际案例，选取某评估公司业已完成的评估结果为分析对象，指出其在评估思路与参数选取上存在的问题，并从销售费用、土地增值税、续建投入的利润、企业所得税等四个方面对评估过程和评估结果予以修正。最后，为了检验修正后评估结果的准确性，我们还运用假设开发法下的现金流量折现模型对传统计息核算模型修正结果予以验证。用对传统计息核算模型中的评估过程进行改进和参数计算进行修正后得出的金湾项目的评估价值为62091107.82元，运用现金流量折现模型评估价值为62069556.91元，相差为0.0347%，此两评估价值基本一致。这一结果表明，只要运用得当，假设开发法的传统计息核算模型与现金流量折现模型都能对房地产项目进行有效的价值评估。本文的主要贡献在于从实务的角度对假设开发法进行了完善，主要表现为：一方面根据现有房地产开发的法律法规，规范了高层建筑与别墅的分开核算和分开评估的评估基础；另一方面通过运用假设开发法下不同的模型对同一被评估对象的评估结果予以了验证，提高了评估结果的合理性，以期达到同房同价的评估结果。
[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.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23

【参考文献】