本文選題：假設(shè)開發(fā)法 + 傳統(tǒng)計(jì)息核算模型��； 參考：《湖南大學(xué)》2014年碩士論文

【摘要】：房地產(chǎn)行業(yè)作為我國國民經(jīng)濟(jì)的支柱性產(chǎn)業(yè)，在快速發(fā)展的同時(shí)，正面臨著需求萎縮、現(xiàn)金流短缺等困難，與此同時(shí)，我國中小房地產(chǎn)企業(yè)整合、兼并、重組步伐開始加快。因此，房地產(chǎn)價(jià)值，特別是在建項(xiàng)目價(jià)值評(píng)估需求日益劇增�，F(xiàn)有對(duì)房地產(chǎn)在建項(xiàng)目的評(píng)估一般采用假設(shè)開發(fā)法，而評(píng)估實(shí)務(wù)界對(duì)于該方法的使用只是停留在簡單套用公式的階段，，缺乏科學(xué)的評(píng)估思路與合理的參數(shù)選取，使得房地產(chǎn)價(jià)值無法得以有效準(zhǔn)確的體現(xiàn)。因此如何合理的使用評(píng)估方法科學(xué)地確定房地產(chǎn)的價(jià)值成為一個(gè)愈加重要的問題。 本文首先從地租理論與土地定價(jià)、土地區(qū)位理論與商品房定價(jià)兩個(gè)理論出發(fā)，論證了假設(shè)開發(fā)法的理論基礎(chǔ)以及采用假設(shè)開發(fā)法作為在建項(xiàng)目評(píng)估方法的理論依據(jù)。其次，本文結(jié)合金灣項(xiàng)目評(píng)估的實(shí)際案例，選取某評(píng)估公司業(yè)已完成的評(píng)估結(jié)果為分析對(duì)象，指出其在評(píng)估思路與參數(shù)選取上存在的問題，并從銷售費(fèi)用、土地增值稅、續(xù)建投入的利潤、企業(yè)所得稅等四個(gè)方面對(duì)評(píng)估過程和評(píng)估結(jié)果予以修正。最后，為了檢驗(yàn)修正后評(píng)估結(jié)果的準(zhǔn)確性，我們還運(yùn)用假設(shè)開發(fā)法下的現(xiàn)金流量折現(xiàn)模型對(duì)傳統(tǒng)計(jì)息核算模型修正結(jié)果予以驗(yàn)證。用對(duì)傳統(tǒng)計(jì)息核算模型中的評(píng)估過程進(jìn)行改進(jìn)和參數(shù)計(jì)算進(jìn)行修正后得出的金灣項(xiàng)目的評(píng)估價(jià)值為62091107.82元，運(yùn)用現(xiàn)金流量折現(xiàn)模型評(píng)估價(jià)值為62069556.91元，相差為0.0347%，此兩評(píng)估價(jià)值基本一致。這一結(jié)果表明，只要運(yùn)用得當(dāng)，假設(shè)開發(fā)法的傳統(tǒng)計(jì)息核算模型與現(xiàn)金流量折現(xiàn)模型都能對(duì)房地產(chǎn)項(xiàng)目進(jìn)行有效的價(jià)值評(píng)估。 本文的主要貢獻(xiàn)在于從實(shí)務(wù)的角度對(duì)假設(shè)開發(fā)法進(jìn)行了完善，主要表現(xiàn)為：一方面根據(jù)現(xiàn)有房地產(chǎn)開發(fā)的法律法規(guī)，規(guī)范了高層建筑與別墅的分開核算和分開評(píng)估的評(píng)估基礎(chǔ)；另一方面通過運(yùn)用假設(shè)開發(fā)法下不同的模型對(duì)同一被評(píng)估對(duì)象的評(píng)估結(jié)果予以了驗(yàn)證，提高了評(píng)估結(jié)果的合理性，以期達(dá)到同房同價(jià)的評(píng)估結(jié)果。
[Abstract]:As the pillar industry of our national economy, the real estate industry is facing the difficulties of shrinking demand and shortage of cash flow while developing rapidly. At the same time, the pace of integration, merger and reorganization of small and medium-sized real estate enterprises in our country has begun to accelerate. Therefore, the value of real estate, especially the value of projects under construction demand is increasing. At present, the evaluation of real estate projects under construction generally adopts the hypothetical development method, but the use of this method in the evaluation practice only stays in the stage of simple application formula, and lacks the scientific evaluation idea and reasonable parameter selection. So that the real estate value can not be effectively and accurately reflected. Therefore, how to use the evaluation method scientifically to determine the value of real estate has become an increasingly important issue. Based on the land rent theory and land pricing theory, land location theory and commercial housing pricing theory, this paper demonstrates the theoretical basis of the hypothetical development method and uses the hypothetical development method as the theoretical basis of the evaluation method of the project under construction. Secondly, combined with the actual case of Jinwan project evaluation, this paper selects the evaluation results of a certain evaluation company as the analysis object, points out the problems existing in the selection of evaluation ideas and parameters, and points out the problems in the selection of the evaluation ideas and parameters, and from the sales costs, land value-added tax, The evaluation process and evaluation results are revised from four aspects: the profit of the continued investment and the enterprise income tax. Finally, in order to verify the accuracy of the revised assessment results, we also use the cash flow discounted model under the hypothesis development method to verify the modified results of the traditional interest accounting model. The evaluation value of the Jinwan project is 62091107.82 yuan by improving the evaluation process and modifying the parameter calculation of the traditional interest calculation model. The evaluation value of the Jinwan project using the cash flow discount model is 62069556.91 yuan. The difference was 0.034 7, and the value of these two assessments was basically the same. The results show that both the traditional interest-bearing accounting model and the cash flow discount model of the hypothetical development method can effectively evaluate the value of real estate projects. The main contribution of this paper is to perfect the hypothetical development method from the perspective of practice. On the one hand, according to the existing laws and regulations of real estate development, the paper standardizes the basis of separate accounting and evaluation of high-rise buildings and villas; On the other hand, by using different models under the hypothesis development method, the evaluation results of the same object are verified, and the rationality of the evaluation results is improved, in order to achieve the evaluation results of the same room and the same price.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.23

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