直接资本化法中自有资本收益率的算法探讨

Research on the Arithmetic of the Equity Capitalization Rate in Direct Capitalization Approach

在分析我国房地产自有资本收益率操作中所存在问题的基础上,论述了自有资本收益率的实质是自有资金直接资本化率,并在房地产持有期小于抵押贷款期以及房地产持有期和土地批租年限相同的两种情况下,推导出了与土地有限期使用制度相适应的房地产资本化率和自有资本收益率的计算方法,提出了利用债务保障比率的取值范围检验资本化率合理性的基本公式.

Based on the analysis to the problem of ascertaining equity rate of real estate return in China, by discussing that the essential of equity rate of return is the equity capitalization rate, this paper is mainly about the arithmetic of the overall capitalization rate and the equity capitalization rate in accordance with holding period less than mortagage period or equal to limited lease period. At the end of the paper, a formula is provided for verifying the capitalization rate by using debt coverage rate.