房地产估价的收益法应用研究

发布时间：2018-06-13 01:01

本文选题：收益性房地产 + 估价　；参考：《安徽财经大学》2014年硕士论文

【摘要】：随着我国房地产市场的不断发展,房地产的价格成为人们普遍关注的焦点,房地产估价也越来越受到人们的重视。收益法是一种首先对委估资产的未来净收益进行预测,然后通过选择使用恰当的资本化率或者说是报酬率将预期净收益转化为求取的估价对象价值的估价方法。相比较于房地产估价的其他方法,将收益法应用于估价中不仅可以中立地测算出待估房地产的公允价值,还可以说明该价值的来源：待估房地产未来净现金流量的现值之和。因而受到了国内外评估行业的青睐。我国《房地产估价规范》中明确规定,在有条件的地方必须运用收益法来评估房地产的价格。然而,从目前一些地方运用收益法对商业用房估价的情况看,其评估结果往往与实际成交价格存在很大差异,究其原因是多方面的,收益法自身缺陷导致评估结果精确度不高是一条重要原因。基于此,本文选题收益性房地产估价中收益法应用研究,以期改进优化收益法在收益性房地产估价中的运用。本文首先分析了收益性房地产估价的理论基础与法律依据以及收益性房地产估价的必要性和估价原则。考量了收益性房地产估价的成本法、收益法和市场比较法；然后通过以河南省郑州市金水区的1-2层某商用房地产和一座大型商品批发市场估价过程为例,比较系统的归纳梳理了收益法中存在的诸如净收益难以准确量化,报酬率求取的主观性大,只适用于能产生经济效益的房地产等问题,并在此基础上比较深入地分析了存在问题的诸多原因；提出了改进的建议,引入无风险利率加风险调整法对收益法进行应用研究,建立了资产资本定价模型；最后将改进后的收益法运用于郑州市某汽车站抵押贷款估价中,得出改进后的收益法评估结果较之原来的收益法评估结果更贴近于实际,评估结果精确度更高。
[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.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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