房地产估价资本化率的国内外比较分析及启示

Comparative Analyses on Capitalization Rate between Domestic and External Valuation of the RealEstate

随着房地产业的发展,估价业务量的增多,对估价方法的规范要求亦越来越高。作为三大估价方法之一的收益法,由于资本化率的确定存在技术上的难点,以致于错用、乱用现象时有发生。而资本化率取值高低的很小差异,就会造成估价结果极大的误差。本文通过对资本化率的含义、实质、构成及确定方法的国内外比较分析,以澄清认识误区,给人们以启示。

The appraisal approaches call for more standardized with the developing ofreal estate and valuation market. The Income Approach, as one of the threemain approaches of valuation, could be wrongly or randomly used whichcaused by technical difficulties to determine the capitalization rate. Evensmall difference of capitalization rates would be serious. The article claritiesthe error realization on capitalization rate through analysis and comparesthe definition, crux, composition and determines in domestic and abroad.