对房地产资本化理论的再认识

A Reconsideration of the Income Capitalization Theory in Property Valuation

房地产资本化理论在房地产估价学中占有重要地位。国内目前的房地产资本化主流理论虽然包含有不少合理的成份，并在房地产估价学的发展中起到一定的作用，但它存在着一定的缺陷，难以对实践作出正确、有效的指导。本文对目前的主流理论进行了修正和补充，提出了新的房地产资本化理论，试图解决资本化率。

Abstract The income capitalization theory plays an important role in the discipline of property valuation.Although it is sound at a number of points and has made contribution to the development of the property valuation industry in China,the current mainstream income capitalization theory in property valuation in China contains defects which prevent it from becoming a correct and effective guide to practice.This paper is to revise and compliment the mainstream theory by introducing a new capitalization theory,which solves,in particular,the problems on capitalization rate,capitalization methods and valuation of state offered leasehold interest in land.