基于市场法的投资性房地产价值评估问题研究

发布时间：2018-04-27 10:49

本文选题：投资性房地产评估 + 市场法　；参考：《江西财经大学》2017年硕士论文

【摘要】：随着市场化改革的深入,房地产评估伴随着国内房地产行业的繁荣逐渐发展起来。房地产评估是专业的评估师依据特定目的对房地产特定权益在某一特定时点的价值进行估算的行为。在该过程中,投资性房地产和其他类型房地产的评估有较大的差异。投资性房地产指企业为了对建筑物进行出租而收取租金或为了资本增值,或二者兼而有之而持有的房地产。在评估实务中经常使用到的评估方法有市场法、成本法及收益法,由于投资性房地产市场价值波动较大,成本法一般不适合应用于投资性房地产的价值评估,收益法由于受到估值参数的影响较大也不适合应用于投资性房地产的评估,所以在投资性房地产评估中经常使用的方法是市场法。本文在论述投资性房地产价值评估相关理论的基础上,系统分析了市场法的基本原理并阐述了市场法在投资性房地产价值评估中的应用,进而通过分析投资性房地产评估中的具体案例,并结合投资性房地产评估的特殊性进行了影响因素调整,最后根据市场法的评估步骤得出评估结果。但是市场法中的因素修正主要依赖于评估师的经验与判断,没有考虑到各因素的权重,所以为弥补市场法的不足,本文在对案例调查和研究的基础上,从众多影响因素中选取与待估对象相关的影响因素,在此基础上建立和完善指标体系,然后用专家打分法给这些指标打分使其量化,最后用层次分析法计算出这些指标的权重并得出相应的评估结果。结果发现利用层次分析法以及量化打分方法对市场法系数权重修正后,评估结果的误差更小。本文第一部分对文章的研究背景和意义进行了概括性论述,分析了全文的思路、框架、贡献及不足。第二、三部分讨论了投资性房地产的相关理论、市场法的基本原理及在投资性房地产评估中的应用,为文章案例分析部分奠定了理论基础。第四部分是一个具体案例研究,为了将理论运用于实践,本章选择一个投资性房地产评估的具体案例,采用改进之后的市场法进行了案例评估,并对评估结果进行了比较和分析。第五部分为本文主要结论与政策建议,本部分综合文章的研究成果,得到本文主要的研究结论同时提出政策建议。本文的创新之处有两点:一是结合评估对象的行业特征对投资性房地产价值评估中各参数进行了系统修正,有助于实务中的具体应用;二是将层次分析法引入市场法的具体应用中并取得了较好的评估结果,有助于后续的推广应用。
[Abstract]:With the deepening of market-oriented reform, real estate evaluation is gradually developing along with the prosperity of domestic real estate industry. Real estate evaluation is the behavior of professional appraisers to estimate the value of real estate rights and interests at a certain time. In this process, the evaluation of investment real estate and other types of real estate has great differences. Investment real estate refers to the real estate that enterprises hold in order to rent the buildings or to increase the value of capital or both. The evaluation methods often used in evaluation practice include market method, cost method and income method. Because the market value of investment real estate fluctuates greatly, cost method is not suitable for the value evaluation of investment real estate. The income method is often used in the evaluation of investment real estate because it is influenced greatly by the valuation parameters and is not suitable for the evaluation of investment real estate. On the basis of discussing the relevant theories of investment real estate value evaluation, this paper systematically analyzes the basic principle of market method and expounds the application of market method in investment real estate value evaluation. Then through analyzing the concrete case of investment real estate evaluation and combining the particularity of investment real estate evaluation, this paper adjusts the influencing factors, and finally obtains the evaluation result according to the evaluation steps of market method. However, the correction of factors in the market method mainly depends on the experience and judgment of the appraiser, and does not take into account the weight of each factor, so it can make up for the deficiency of the market method. This paper makes up for the deficiency of the market method. This paper selects the influential factors related to the object to be evaluated from many influential factors, establishes and consummates the index system on this basis, and then uses the expert scoring method to mark these indicators to make them quantificational. Finally, the weights of these indexes are calculated by AHP and the corresponding evaluation results are obtained. The results show that the error of the evaluation results is smaller after the weight of the market method coefficient is modified by the AHP and the quantitative scoring method. In the first part of this paper, the research background and significance of the article are discussed, and the ideas, framework, contributions and shortcomings of the full text are analyzed. Second, the third part discusses the related theories of investment real estate, the basic principle of market method and its application in the investment real estate evaluation, which lays a theoretical foundation for the case analysis of the article. The fourth part is a specific case study, in order to apply the theory to practice, this chapter selects a specific case of investment real estate evaluation, using the improved market method to evaluate the case. The evaluation results are compared and analyzed. The fifth part is the main conclusions and policy recommendations. The innovation of this paper has two points: first, the parameters of the investment real estate value evaluation are systematically revised in combination with the industry characteristics of the evaluation object, which is helpful to the concrete application in practice; Secondly, the analytic hierarchy process is introduced into the concrete application of the market method, and good evaluation results are obtained, which is helpful to the further popularization and application.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.23

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